Lynchburg Daily Virginian

The British Financial Statement

The chancellor of the English Exchequer has propounded his plan of financial operations for the coming year. The state of the revenue is prosperous, and but for the war expenditure would have admitted of a reduction of taxation.—The products of the various sources of revenue had been estimated at £52,990,000, and had in reality produced £54,025,000, being an enhancement on the year of £1,035,000. He estimated that the ways and means for the year 1854-5, would amount to £53,349,000, of which sum, £6,275,000 would be derivable from "income tax," at the present rate of that tax. But as the estimated expenditures would, on account of the war, show a war deficiency of £2,840,000, instead of (as he had hoped) a peace surplus of £1,660,000, he promised to raise the means by doubling the income tax. From this source he would derive an increase of receipts to the amount of £3,307,000 on the six months. Besides this, he would require to issue £1,750,000 in new exchequer bills, while waiting for the supplies to come in from the income tax, but would pay off that temporary loan when he got hold of the larger amount of tax. He further took occasion to mention that he would propose a reduction in the price of stamps for bills of exchange to 3d. for £25 on short bills, and 4d. for long dates. This proposal respecting stamps was not a measure of finance but of convenience to the public.