NOTES OF THE MONTH.

Press, Volume XVIII, Issue 2551, 5 July 1871, Page 3

NOTES OF THE MONTH.

[From the Spectator.]

Mr Lowe brought- forward his budget on Thursday night, in a House not less crowded than usual; .but tho, speech, though amusing in parts, contaiued less clear exposition had .less interesting discussion of theoretic principle then ever Mr Lowe's previous speeches, and as compared 'with Mr Gladstone's budget speeches it was quite dull and lame. Tho Chancellor of the Exchequer had a very good account to give of last

year's revenue and expenditure, the revenue having amply covered even the excess of expenditure caused by tho European war and sanctioned by Parliament before it - rose in the autumn, without any fresh taxation. The receipts had exceeded the estimates by £2,311,220. The first estimated expenditure (estimate of the spring) had fallen short of the actual expenditure by £2,215.539, which, whs, however, lees (by £05,G51) than tho increase in revenue. As the original estimate counted on a surplus of £331,000, there was a total surplus fot* the last financial year of £390,G51. ! For the-future year""the" esti'mafe'd'''i3b--ficiency, supposing no new tax to bo I added," would be £2,713,000, which Mr Lowe propose to raise by. changes in the Probate and Succession duties, yielding £300,000 this year (aud £1,020.000 next j) ,by, a< duty on: matches stamp on boxes, of 100 woodehi .matches or less-, and Id. stamp on boxes of 100, or less, wax; matches, because they are " more aristocrat ie," or 100 fusees) estimated to yield in the first yenr £550,00 ); and an increase on the income-tax of slightly more than in the pound (really exactly 10a 8d per cent.),.to yield £1.950,000; which items being added together, give And as the estimated deficiency is ' only £2,713,000, the estimated surplus, if the; new taxes are granted, would bo £87,000.

The most amusing part of Mr Lowe's speech was his commendation of the stamp on matches, "not matrimonial engagements," which he pro-' posed to borrow; he said, from America, as a token of admiration of her finance and good-will towards herself. •The co?t of matches is co inappreciable that they are wasted in a most reckless and dangerous way, and aro often the cause of most serious fires, as when matches are flung down into areas in which dry straw from unpacked hampers is lying. The Ameri" cans who put o|d on every bundle of 100 matches, had realised £400,000 a year from the tax. In this country the number manufactured is quito incredible—no less than 560,000,000 boxes of wooden matches, and 45,000 000 of wax matches and fusees. Mr ' Low had devised a motto for tho new stamp, "Ex luce lucellum " (" Out of light a little profit "), —a joke not appreciated by the great majority of his hearers, who had evidently forgotten that tho diminutive of lucrum contains 'no r—-and he thought this would be more suitable to them than the " rather watery device '' of a Noah's ark which is usually found upon match-boxes. In America the tax is particularly easy to collect. ]r The following 4 is the exact estimate of jexpenditure and revenue (as proposed "by "Mr ' J Lpwe,V''lftciußj i iiig, of course, the new datieiji.QttMlcun'enfc year 1871-2:— .'Estimated Expenditure. Interest of Debt ... .... ... £26,910,000 Other Consojidated Fund ; Charges,..; .'. 1,820,000 Army, (including abolition of purchase) ■ 16.'i52,0fX? Navy; 0,7*6,000 Civil Service ... 10,726,000 Revenue Department 5,076,000 Packet Service ... ... ~. 1,1-18,000 Telegraphs ... ... ... 420,000 ':- ! Tk>tal Expenditure..; ... £72,308,000 ' ESTIMATED BEVENt/E. Customs'... ... ... ...£20,100,000 Excised- •... :..;.■ ' ...' ...22.420,000 Stamps 1 ... ... ... ... (1.G00.0D0 Taxes -.:.'■..;' --'.v. ... 2^0,000 Inconie-Tax , ;.. 8,050,000 Post Office... •■■..: ... ... 4,070,000 Teleghphs, ... .... ... 750,000 Crown Lands' *... ••■■-..'.<•''•'.-.. "875,000 Miscellaneous r .... ... ... 4,100,000

Total Reven«e...i £72,395,000 .Eatiihated-HBurplus, £87,000. Tho estimated revenue, without any change in the ••■- taxation, wonfd have~only jeachjed £69,595,000, with f a deficit of £2,713,000. Mr Lowe has estimated a decrease,on' almost every branch of the revenue, instead of the usual increase ';— professedly on the ground that the past-year baa -been so eiceptionally prosperous that we cannot count on its continuance,—really, we imagine, because 1872-3 will havo heavy special burdens of its owii, for which he ■ wants to smooth tho way.