Mr. Lowe's horn is full to overflowing. It appears from
the last revenue returns of the year that the total expenditure was about £67,000,000, and the total receipts £75,000,000, leaving a surplus of £8,000,000, out of which, however, the Treasury had to pay the remainder of the Abyssinian expenses, supposed to exceed £4,000,000. It is calculated that the expenditure for 1870-71 will be only £66,500,000, and the revenue, if untouched, £72,000,000, leaving a surplus of £5,00,000, to be given, if need- ful, back to the taxpayers. It is probable, however, that a penny will be taken off the the Income-tax, making it 4d. ; but this will leave 4} millions, even if Mr. Lowe does not put on one or two penny stamp taxes. Is there any absolute reason why we should not have a Rating Budget also ? There might then be a chance of the rates, like the taxes, slowly melting away.
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