-+-------------+-------------
Five Years' | Schedule D. | All
Average. | | Schedules.
-------------+-------------+-------------
1870-74 | 210 | 490
1875-79 | 263 | 575
1880-84 | 268 | 601
1885-89 | 292 | 634
1890-94 | 350 | 699
-------------+-------------+-------------

The return from which the above figures are taken stops with the year
1894; but a somewhat similar comparison was brought up to date in the
last Budget speech of the Chancellor of the Exchequer. The following
table is taken from the "explanatory memorandum" that accompanied that
speech:--

YIELD PER PENNY OF THE INCOME TAX.

-------------+------------+-----------------------------------
| | Ten Years' Growth,
| | after allowing for alterations in
Year | Yield | the incidence of the tax.
Ending | per +-----------------+-----------------
March 31st. | Penny. | Amount of | Percentage of
| | Growth. | Growth.
-------------+------------+-----------------+-----------------
| Thousand | Thousand | Per Cent.
| L | L |
1876 | 1,978 | -- | --
1886 | 1,980 | 62 | 3.23
1896 | 2,012 | 207 | 11.47
-------------+------------+-----------------+-----------------

With such figures as these available it is difficult to understand how
people can continue to pour forth nonsense about the ruin of our
national industries. During the very decade in which the blight of
German competition was supposed to have destroyed the profits of our
manufacturers, it is clear from the above infallible test that the
incomes of our commercial, professional, and property-owning classes
have been growing with increasing rapidity.

REDUCTION OF NATIONAL DEBT.

Passing from taxation to the question of what has been done with the
taxes, it is sufficient to select one fact for comment--the enormous
reduction in the National Debt. Here are the figures:--

THE INDEBTEDNESS OF THE NATION.

----------+------------------------------+------------------------
| Aggregate Gross Liabilities. | Per Head of Population.
----------+------------------------------+------------------------
1876 |