The object of the first of these great measures was twofold--to give a healthy and speedy but permanent stimulus to trade and commerce; and, at the same time, to effect such a reduction of price in the leading articles of consumption as should greatly reduce the cost of living--a boon, of course, inexpressibly precious to the poorer classes. Mark the moment at which this bold and critical line of policy was conceived and carried into execution--namely, a moment when the nation was plunged into such a depth of gloom and distress as had very nearly induced utter despair! when there was a deficiency of _five millions sterling in_ the revenue of the two preceding years, and a certainty of greatly augmented expenditure for the future, owing to our wars in the East and elsewhere. We say--_mark this_, in order to appreciate a display of the true genius of statesmanship. Foreseeing one effect of such a measure, namely, a serious reduction in the revenue derived from the customs, and which would commence with the bare _announcement_ of such a measure, the Government had to consider whether it would prove a permanent or only a temporary reduction, and to act accordingly. After profound consideration, they satisfied themselves (whether justly or not remains to be seen) that the diminution of revenue would prove only temporary; and to secure the _immediate_ benefits of the measure, they imposed a temporary income-tax, the onerous pressure of which was to cease as soon as matters should have come round again. That period they fixed at the expiration of three years. After an interval of two years, do their calculations appear to have been well or ill founded? Let us see. Early in March 1842 they announced the proposed new tariff, (instantly producing the effect on the customs duties which had been anticipated;) and succeeded in bringing it into operation on the 9th of the ensuing July. The deficiency of revenue which ensued was so very serious that it would have alarmed the whole country, but for their confidence in the firmness and sagacity of Ministers, particularly as evidenced by their announced measures. We have not at the present moment before us the earliest _quarterly_ revenue returns of the period referred to; but it will suffice to state, that such had been the extent of the reductions effected, that the deficiency on the _year_ ending on the 5th October 1843, amounted to no less a sum than L.1,136,000; the decrease on the _quarter_ ending on that day being L.414,000. Still, however, each succeeding quarter--or at least the latter quarters--gave more satisfactory indications of a rallying revenue; and we are enabled to announce the highly gratifying fact that, up to the 8th of the present month (December,) the customs duties returns _are of the most decisively improving character_. The receipts of duties for the port of London alone, during that period, exceeds the receipt on the corresponding period of last year by