Page 329 - clra62_0019-(GIPE)

A FINANCIAL RETROSPECT, 1861-19°1 321
in 1861, and 16 per cent. only in 1871, supplied in 1901
n() less than 3 I per cent. of the total. Customs and
Excise, on the other hand, which supplied 61 per cent.
in 18'61, and 63 per cent. in 1871, now supply 45 per
cent. only.
Summing up this analysis of revenue, and comparing
the results with the corresponding facts as to the growth
of expenditure already dealt with, we may conclude, I
believe, that the showink in some respects is not un-
satisfactory. It is unpleasant to have to spend so much
as we do on armaments, and to recognise that this ex-
penditure, or at least a large part of it, is of a per-
manent character, and is not coming to an end with a
definite closing ofthe South African war. It is never-
theless satisfactory so far that we can meet a high ex-
penditure-double and more than double the figures of
forty and even thirty years ago-as easily in reality as
the expenditure of those years was met. A Rip Van
Winkle of the early sixties, if he were to come back to
life now, would not find his imperial burdens any greater.
If he were a total abstainer and his income were below
the income tax level, he would find his burdens even
less than they were. A great change has been made in
the interval in the substitution of some taxes for others;
but we have only to do with substitution and not with
an increase of burdens. Opinions will of course differ as
to how far the substitution has been wise, and whether
the pressure of income tax and death duties on the com-
munity as a whole, is not more severe than the pressure
of the sugar and tea duties, which contributed a great
deal, and the corn, timber, and other duties which con-
tributed a little, to the revenue of thirty and forty years
ago; but this is the only point of dispute raised by the
present retrospect. As to the changes themselves and
the causes, and our ability to meet the increased ex-
penditure of the present time, with no real increase of
burden as compared with a recent date, ~e is abso-
lutely no dispute.

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