The balance-sheet of last year exhibits the deplorable fact, that there is an excess of expenditure over income to the amount of very nearly THREE MILLIONS. For such a result our readers must have been perfectly prepared. We have pointed out, over and over again, the disastrous effects which were certain to follow upon the adoption of the new theories; the depreciation of property, and the depression of industry, inevitable as the consequence of such measures: and the defalcation of the revenue is the best proof of the soundness and accuracy of our views. Not that such defalcation is to be taken in any degree as the measure of our loss. It is a mere trivial fraction of the injury sustained in consequence of misguided legislation; a little proof, but a sure one, that we have entered upon the path which we must retread, unless we are to move on deliberately towards ruin. Three millions is of itself an inconsiderable sum to be provided for by the British nation, if the exigency were only temporary, and the resources of the country augmenting. But three millions may be a serious matter, if the demand is to be annual and increasing, and if, withal, our means are dwindling and notoriously on the wane. We write at so late a period of the month, that our remarks must necessarily be contracted. Before these sheets can issue from the press, the debate will have commenced in earnest, and the proposed financial measures be thoroughly discussed in parliament. We have no wish at present to fall back upon the earlier question, or to resume consideration of the causes which have led to this extraordinary deficiency. We are content to take Lord John Russell's figures and apology as we find them. His estimates may very possibly be within the mark, and we believe he has been cautious in framing them. Warned by the experience of last year, he has not ventured to calculate upon any increase in the cardinal items of the customs and excise, thereby tacitly renouncing his faith in the realisation of the Cobdenite prophecies; and the result of the whole is, that the yearly revenue of the country, even including the present income-tax, will be, short of the expenditure by more than three millions. It may be right to subjoin Lord John Russell's own calculations. ESTIMATED ORDINARY REVENUE. Customs L.19,774,760 Excise 13,340,000 Stamps 7,150,000 Taxes 4,340,000 Property-tax 5,420,000 Post-office 923,000 Crown Lands 60,000 Miscellaneous 325,000 ------------- L.51,332,760 ESTIMATED EXPENDITURE.