The Sun. — London, England, 1852-07-31 00:00:00

THE INCOIII.E-TAX COMMITTEE. The following drafts of report and resolutions were respectively submitted for consideration by Mr. H u me, Mr. Sotheron, and Colonel Romilly to the Select Committee of last session on the income and property -tax : Draft of Report proposed (Mr. flume), brought up, and read a iirat time. Your Committee, which wax oppointed "to inquire into the present mode of assessing and collecting the in come and property-tax, and whether any other mode of levying the same, so as to render the tax more equitable, 'can be adopted," have proceeded in their inquiry, and have examined witnesses thereon, and have come to re solutions which they have agreed to report to the House. Your Committee began thbir inquiry in the examina tion of Mr. Pressly, the intelligent Commissioner of Inland Revenue, and of other public officers of that de partment, whose evidence will afford full details of the manner in which the income and property-tax has hitherto been assessed and collected. They also examined Mr. Farr, of the General Regis ter-office, under whoa° direction the English Life Table, referred to by the other witnesses, was constructed, as to the general principles upon which a tax could be assessed equitably upon all property. and as to the prac ticability of constructing tables which might facilitate the assessment of an equitable property-tax. The results of the inquiry of your Committee are sub mitted under three separate branches, as the best means of bringing the !abject more distinctly under the con sideration of the House, via :- 1. On the present mode of assessing the income and property-tax. 2. On the present mode of collecting the same. 3. Whether any other mode of levying the income and property-tax, so as to render it more equitable, can be adopted, and observations thereon. I. ON TEE kRESENT MODE OF ASSESSING THE INCOME AND PROPERTY -TAX. 1. That it appears by the evidence before the Com mittee, that the assessment under the Act for granting to her Majesty duties on profits arising from property, professions, tredes, and offices, violates the principles of equitable taxation in several respects. That many alleged instances of hardship, inequality, and abuse under the existing Act have been pressed upon the attention of your Committee; that circum stances did not allow your Committee to investigate the cases of individuals from whom applications and state ments of their grievances had been received, but com pelled it to confine the inquiry to the general operation of the Act on large classes of the community. esEquAtiznes IN THE ASSESSMENT OF REAL AND PERSONAL PROPERTY. 2. That the property in lands, tenements , heredita ment, or heritages (under schedule A) is not assessed uniformly in the several parishes all over t he country and that it is i n no case assessed on the net annual rent or income derived from such property, but is assessed generally on the gross car rack-rent the reof, without any allowance being made for the necessary outlay in the repairing and upholding of the perishable parts of such property, or for the losses incurred in various ways in the man agement. 3. That in certain cases of fines of manors, or of leases renewable for terms of years, the copyholder and lease holder, who have partial interests only in the property, are taxed on its full value, which is defined to be the rack-rent at which the lands are worth to be let by the year; they have no right, by the Act, to deduct the tax chargeable on the lord of the manor or the landowner , who is also taxed on the amount of his fines. Neither h av e life-tenants , nor tenants for sh ort terms, the right " o f r ecovering the proportion of the tax justly chargeable on the persons in possession of the reversion; and where large, lasting improvements are effected by tenants for li m it e d terms, they ere taxed upon the full value of the property, which belongs to the landlord at the termina tioi of their tenancy. 4. That in respect to property in houses, the injustice of the assessment is greater than it is in respect to lands, as the tent of houses includes no t on l y t h e pro fit of capital, bat a part of that capital which, in certain classes of houses, constitutes a considerable portion of the rent; and no allowance is made for the loss of rents, for insurance, or for repairs. 5. That in respect to property in canals, docks, rail ways, and other works, us well as in mines and quarries which may be exhausted, the assessment is also unjust, as the tax is M many cases levied not - on the profit only, but on a part of the capital; and also on that part of the dividends which, in speculative undertakings, can only be considered in the light of a premium of insurance against the risk of loss of capital. This is clearly shown by the dividends and the price which such stock bears in the market. 6. That under schedule C several classes of the public creditors are assessed unequally and unjustly; that whilst the holders of the Three per Cent. Annuities in perpetuity are assessed at the rate of 7d. on every 20s. of profit or interest, the holders of life and terminable annuities are taxed at the rate of 7d. on every 203. of the annuity; which consists of the interest of the capital, and a part of the capital repaid, variable in amount, which the dividends of such annuities always include. Thus, as an example, at the proseat price of Government stock, the capital returns a profit or interest of 3 per cent. per annum; whilst the market value of the Long Annuities of 1,210,7981. in England, quoted at 6i years ' purchase on April 6, 1852, after the opening, was 8,021,5371., the profit or interest on that amount was, at the rate of 3 per cent. per annum, 240,6461.; and a:tax of 7d. in the pound on this profit would amount to only about 7,019/.• ' but the tax actually levied on the Long Annuities in England is 35,3151.; viz., 7d. in the pound on the interest (240,6461.), and 7d. in the pound on the returned capital, 970,152/.,which is included,in the yearly dividends of 1,210,7951.* The annuitaurs of this class are therefore taxed in the year at the rate of 35 pence in the pound on their pro fits; and, inasmuch as the interest decreases every year as the capital declines, it follows, that if the tax of 7d. remain the same, the rate of taxation in the pound will every year increase, until the term of the annuity ex pires (in 1860). And all the holders of terminable and life annuities are assessed on their profi‘s and capital in like manner unjustly, some to a lass, and others to a much greater excess. _ _ And if the income-tax of 7d. in the pound should be continued until 1860, the excess of taxation levied under it, on the Long Annuities alone, will amount at interest to mere than 635,6701. 7. That while the subjects of her M a j es ty who have property in thu public hinds are not, o n gene ral prinei pled, entitled to exemption from the taxes levied equally on land and other property, they have just ground to complain c the inequality of the income-tax. The un %gnat assessment on the profits of different classes of the public creditors, of which the above annuities are an ex ample, is not only a violati on of the first principles of taxation, but a breach of the public faith, and, if per sisted in, may render difficult for the f u ture a c l ass o f loans which, by ensuring th e li etion of the debt in a definite time, aro less disadva c ' il t i ageons to the national interests than loans in perpetuali 8. That your Committee ae annuitios• n reason to believe that _o the profits of llands,tenements, h i er .. editamente, or heri tages, in respect of the ann on„thereof, as assessed u under schedule B, are to the in England,al value or rack-rent in the proportion of 7 to 14 Scotland. The rent is a variable proportion or 5 to 14 in of the value of the produce , and in the absence of more direct infor mation may be merle the beli e o f a loose estimate of profits in part icular cases ; b ut the assumptione the that in arable and pasture and other farms the profits in the u var i ous parts o! Great Britain is in thes e invariable lre lations, is far fro m the truth, and must operate unjustly , , not only in individual cases, 3, the but in la rge classes of cases. Under the recent Act, 14 Viet., c. 12, 1. inequality: has only been partia ll y rcotified by allowin g an appeal where the parson assessed can sow h that the profit o t is less than is charzed in th e assessment. .1 as the current 9. That the farrier ' a income, as wel in come of persona assessed under the. schedules B, D, an d E, and engaged in trades, manufactures, and commerc e , is in part derived from capita l employed in the business, and exposed to risk and to vicissitudes of various kinds. It includes, besides net profit, the return of capital in vested, and in successful years a premium of insurance against loss of capital in years of failure and misfortune; but that a part of the incomes of farmers, manufacturere. merchants, and other persons engaged in business, and nearly the whole of the incomes of persons in professions and offices assessed under schedules D and E, are de rived from the direct exercise of industry and ski.l. To the contingencies cf business are here added i ll heal t h and the certainty of death when labour and income 'lease. That incomes from professions are therefore of th_ 0 nature of life annuities, which they cannot exceed in value. p The capital invested at risk in subsistence, ecia tlm- . and protracted prep a r a ti on ma y b e lost by un is, cli ni , : b bu t is returned in income where large ' into or Classes are concerned. A tax on the current at( 11 c t if all the persons assessed under schedules B, D. only ma !_el o nseqnently unjust, as it is a tax assessed not Pr tit, but also on a variable proportion of capital. Mr. ,-,_ es :-X;EMPTI,)NS PROM ASSES SMENT . incomeftrax 14: evidence affords a b r i e f hi story o f the 1798-9, and alas al its first imposition by M r . Pi tt i n wee afterwards of the groun d s f or th e a l terat i ons that wide in the provisions of the Act are clearly stated ; b to obtain satiefZto7;'" Committee have not been able Pee l introduced th, t il r i idence why, when Sir Robert re 1842, he made the exemp tion of incomes under of Inland Revenue were The Commissioners , z i B. o ci ' t Y c e o a n r s . ulted as to the previ sions of the Bill until it House of Commons; but it w i i t i ' ee n introduced into the seen by the evidence that Mr. Pressly and all the e l ? enixtraissioners avid surf are of opinion that such :notions ought to be put an end to, in order to less° evasion, fraud and t ro uble. , Profits 10. That ender the Act for levying Dirties frone real property or from industrial income, is less than tra,o/.- fit'a Vide C. 35 , any persfon. who proves tha't sth h e an : gregats annual amount o his income :,,, exeme d from those . duties ; that money in the Bank er boarded, property in jewels, in pictures, icie furniture, in procoisei valet, or_ in Unoccupied lancli,iii; exempted from the paym ta t of . to tax; such property !ring generally cacti ur;preductive; and further, tha t ---e 12 - 7, is only 'levied in Great Britain, whereby a lar ge preportion of the praprty of the United Kingd om la Ireland le e xempted f ro m assessawnt. It has been esti mated that tin ew h,l", o f the t3aos are psid by about 350,000 ;.; ' e son , - - Iv fiZtl that if the tax descent cei to an nualnicamee Of 501. it wou!ti be .lid by rrhaps four VaieJ that number, partial Under the preseOl assess ment, thereiere, one p e7 , 0 , 1 contr ibutes his own share of the national ex p e nditure, and also the she.re justly • The gross amount of Lon Annuities in 1852 was 1,293,022/., of which 82 ,2241 was in Ireland, 1,210,798/. in g tx, , ,land. In 1 842 the gross a mount of Long A nnu ities was I,z 94,13 G/., of which 1.'203,947/. was in En , land, an d only 48 1 9/. in Ireland. There has been a co d siderable tran sfer of the stock. The Long AVnuities paid i n Ireland are free of, the income-tax. THE SUN, LONDON, chargeable, in the proportion of the property is their I which the income-tax is based; bnt, in noticing the possession, on three other capable person s ; a ma j orit y mode in which the tax on property may be levied so as of the owners of property thus escape the taxes p ai d by to render it more equitable, they will follow the classi the minority ; th e farmers occupying large farms pay their fication of the schedules of the present Act. wrier sehe- Own tax, and also the tax that farm ers on rent s of The w hole of the property now ed 2991. a you, or less, in England, and 419/. ay , ar, or dale A should be asse,:sed on its wilue, which must in a less in Scotland, ought to pas. The rrson whi has series of years bear a c,uistant relation to the net an -1501. a year from s trade or profession is taxed, while nual profit. Abundant data exists frir determining the the owner of 149/. a veer from land or money in the relation between the rack tent, minus an ave•roge cle,lue funds is exempt. The l And° 4lll " of England end tion for revairs• snd the velue is the roatkr.l of 11,i)d, of Scotland, in fact, pay for the p rotection of ta e proper t y houses, and of all other real property in every part o f the of the landowners of Ireland , w ho a re r e s ident there or United Kingdom. And it would be, upon the whole, on the continent. advisable to collect the tax, as at present, from the occupiers; except, perhaps, in the case of houses under It has been stated to your Committee as possible, nn der the exemption, that a person having 5001. a year of income, by lending money to persons having incomes less than 1501., may be exempted from the income-tax upon that portion lent to such persons; and further, that in an income under 1601., ancrhaving bor a person hay g rowed money. may deduct the tax from a the h lendeer , the lender, al though he, the borrower, should not have paid any tac, and thus not only evade the tax, but make a profit bY the exemption. That a direct tax should not be levied upon the whole of the population; for as the poorthein fi rm, the including le the aged, the helpless, th e widow, fatherless chi ldren, and others, are support e d partially by the com mtlmiy in every , under the poor-la ws , it wou ld be uotvise , a nd way inexpedient, t o t ax th em in a state of w n a is h their nt. The large class of lab ourers w hose earnings f urnish families with th e b are necess aries of hiectshxuelds,a 0 1 s n o t h h e e exempted from the payment of dire grounds of a wise and humane hic T h ho th p e rotecton of their lives, and the security in which to they enjoy the fruits of their hard toil, are as r v otection to skilled the proportion of their means. as p _ professional men, manufacturers, merchants; shopkeepers, policy. but, on the same ' merchants; or landed proprie tors; funskilled y su • - public rate, the class o labourers ported by a ground that one large class ofthe communit is p required for the supply of the neces sariesshould be left in the enjoyment of the whole of their earnings, which are .ttea is aware o f often repeated, that i t i s pa i d i n the max i m of life. Your Cornint , the tax on the labourer is really a tax on the master, by whom max i s , i s partially true. Bat if the tax is pai d by the master, it is highly inexped i ent for the State to collect it at gre at expense indirectly from the workman, whose f am ily must suffer pressure before the wages are raised and the tax is recovered. To levy the tax on the indi gent poor, or on the unskilled labourers, in order to ex tract from them taxes which are paid out of the revenues of the wealthier classes, is indefensible on financial grounds, and cannot be sanctioned by your Committee. That persons on low wages or salaries, which have a capitalized value below a certain amount that may be considered necessary for subsistence. should remain exempt from direct taxation, your Committee bAi. , ve to be expedient; and the same value should also be left exempt from taxation, and be deducted from the indus trial property of every person who is taxed, which would be a material relief to all the persons on weekly wages and small salaries, while it would be in itself per fectly equitable. Your Committee recommend that, with this exception, all, the property in the United Kingdom, and the capita lized incom es of th e i n d u strial classes should be assessed at an uniform and equal rate. As the revenue of the country is expended for the protection of pro perty, or of personal rights, and for objects of na tional utility, your Committee can see no valid reason whatever why every subject of her Majesty should not be taxed in proportion to his means. To levy a tax on a small portion of the owners of the property of the country is inequitable and dangerous. 11. ON THE PRESENT MODE OF COLLECTING THE INCOME AND PROPERTY TAX. 11. That your Committee have taken evidence on the mode of collecting the tax, under the several schedules, and on the various ways in which exemptions are claimed. They find generally that the commissioners, the clerks, assessors, and collectors are not appointed by and are not sufficiently under the control of the Board of Inland Revenue; in consequence of which irregularities, inequalities, frauds, and defalcations may occur in the assessment and collection, which, under a simpler, more intelligeat sad more responsible administrative ma chinery, might to a great extent be avoided. Instances have occurred in which, by the default of collectors and their sureties, the people of a district have had to pay the tax twice over; in other instances the revenue has sustained a loss. Under schedules A, C, and E a large portion of the income and property tax is collected indirectly; that is. thestax is deducted at the Bank of England from the dividends of the fundholder; at the Exchequer er other public offices, and by the East India Company, from the interest payable on securities or bonds; at the public offices from salaries, stipends, and pensions payable by her Majesty, and from the offices of various courts and corporations; while under schedule A the tax is col lected from the occupier, who, if he is the tenant only, is empowered to recover the duties chargeable on rent from the landlord. Landlords again can recover from others having an interest in the property, at the like rate, namely, by a deduction from rent -charges under the Act for the Commutation of Tithes, from annuities, fee-farm rents, rent services, quit r e nt s , feu duties, teind duties, stipends to licensed eurates, or other rents or an nual payments thereupon reserved or charged. It is the opinion of many of the officers in the revenue depart ment, that the whole of the tax on realized property cannot be collected from its owners; and there can be no doubt that the stoppage of the tax out of interest, rents, and salaries, as it is called, at the source, at present practised, does present, in many cases, un usual facilities of collection : the revenue is secured from loss, the expense is diminished, a degree of secrecy is preserved, and the tax collector encounters fewer obstacles and less resistance than he might m , .e.t with in collecting the tax directly, as under schedules B and D, and under the assessed taxes. As, however, the greater number of the Bank dividends, as well as the rents of land and houses are paid by small portions, which b long to persons some of whom have more, and some less, than an income of 150/., much trouble, con fui'on, and fraud spring out of the system under which per-ens are called upon to make the great variety of complicated returns enumerated in schedule G ; bat are not required to return the whole amount of their property and profits from the several sources in a single schedule. 111. WHETHER ANY OTHER MODE OF LEVYING THE 7: INCOME AND PROPERTY' TAX, SO AS TO RENDER IT MORE EQUITABLE. CAN BE ADOPTED ? 12. That y ou r Committee has, besides off icers en gaged in the revenue department, examined actuaries, statists, political economists, and other witnesses who are practically conversant with the valuations of annui ties, and have devoted much attention and thought to the subject of this inquiry. Various plans for levying the tax more equitably have been brought under its no tice ; and it appears evident to your Committee that to be equitable the tax should every year be levied on the value of the property, labour and skill being the property of large classes, of the country; and that each person having more than a minimum amount of income should contri bute in proportion to the share of that value in his pos session. The tax would thus become in the strict sense of the word a proptrty-tax, and each person would be taxed in proportion to his ability; which is measured more accurately and expressed more clearly by the value of the property in his possession under the protection of the State, than by any other standard. The value of the property of each person is best de termined by the sale value of his interest in real and personal estate; and by the capitalized value of his in come derived from skill and industry. The quota on which he would thus be assessed would be the nearest approximation to the price for which his estate would sell, or to the value of which he would be deprived by its loss and the loss of his industrial income. Various examples of assessments of this kind have been submitted to your Committee by the several B has 1,000/. a wit nesses, from which the following have been selected:— Assessed Value. At has 1,0001. a year in Long Annuities ... £6,875 D has 1,000/ year in Consols at par ... ... 33,333 C h as 1 ,0001. a year from land, worth 30 years' purchase F has honsesearethturning .. ... ... ... 30,000 a y; * ; from land during his lire... 16,667 has the • reversion of rents of 1,000/. a year after the d eath of D ... ... ... ... 16,666 such annnitiee, eery -- a year in current rents 1,0001. These v ' ll rie s ... e to ••• ••• 16,000 all designated r ents,pr operty, securities, and estates, which are represent the sums for which press the exte t c rrtY, would sell; and they also ex- Your Committee repeat that than. ja i f ty of the respective u of lo ss a x • protected by the laws citrate indication of the aabg institutions of the country. zdtintsitieywhich the holders are know of no more ac tors to pay the tax Properties.proprie- Your Committee submit that ar their respective t ar nish e d by the .. values of equitably on the value of the prope 't also assessed eut it is assessed propei lr v P h erty. Thus, Profits of th r at Y ,' is be the race example,hie h it i 8 equitably on the average it the interest is the profit of the produced, then at a settled rate of inieres-t—.107 at three per cent.—a tax rated on capit a l, by the number of years' purchase, will tax on profits. Thus, a property worth 3,333/. 6sateadof returns 100/. a year in profit; then a tax of ls. 9d. pe s r the cent. on the property yields the same amount es rate ofl2/. 18s. 4d. per cent. on profit; for 15.9d.X33 1-3 =--21. 18s. 4d. In the case of terminable as well as of per petual annuities, a tax of a given per tentage on the value of the annuity, is in all cases equivalent to a corre sponding tax on the interest; and thus, in all cases, if the income is reduced to a net form of profit, it, as well as the p roperty, may b e made the basis of a ss essment. The better plan, to be, t o however, appears to your Committee make the tax simply a ta x on p ro p erty. A landed proprieto r , wh o se annual income is made u p partly of rents and partly of the proceeds of the sale of portions of his estate, is in the same position as t h e pos sessor of a terminable annuity, or of a professional in come; and as th e one is taxed on l y on his rents, the other ought to be t axe d only on his actual Pr ofits, which are accurately ex p ressed by the value o f his life income. The capital i n b ot h cases thus rema ins un touched. 13. That although it is impossible to ascertaio with 1 precision tb a value of each person's share in the pro perty or profits of the country, yet that, fr . om . a * return . in a more simple form than those com petent assessors, surveyors , and .cometiss.i.oesrs, without now ,iotained, a w n h y ie rx e z h is ers i o ri n qu s i h s , iC u i( l , c 7, ll : . e t n ax . e ,d ,e , r m w i i n th o curacy for , th u e fE r e c n )t t a c o e n . our com a 1 the purpotes of taxation;. and mie ths v ex _ th at such a tax on all his property ( wit h - b mit sassed on hi s i n more sap P i t e t° a n w i d ready stated) would in every way be equitable than the taxes which are as_ his dogs, i l i a e c , his house, his servants, his horses, family requ ires r j r i g eeges, tiraes; or on the articl el which hi s these ways bears no for the expenditure i n direct or constant relation to the amount of his Property every y our un d er t h e p r ot ect i on Your Committee entertains claasification of properly no doubt that a better la c y be framed than that on the annual value of 101., and of Hinds and tenements lot to any tenant for a less period than one year, which may be assessed on the landlords. The market value of the shares in railway, mining, joint-stock, and other companies would in many cases supply the best data for their assessment, and the dividends, allowing for risk, would in other cases furnish the basis of valuation. ' The impossibility of collecticg the tex from the owners of realiz, property. particularly of unpeoductive property, has been strongly urged before your Com mittee by a Commissioner of Iniaed Revenue and by others; but the evidence of gentlemen from America, whom your Committee had an opportunity of examining, proves that the assessment and collection of such tax is in several States in full operation, and is effected without difficulty. The policy of assessing and teeing pictures, or other articles that are for the improvement of art and science, is deserving the favourable coneideration of Parliament, if it should be determined to assess unproductive as well as productive property. In the United States all property is charged, whether productive of interest or unproductive, as furniture and pictures, and a tax is levied on both under the head of real property and of personal property; but no tax is levied on professional profits. The only exemption is on household furniture ef the value of 250 defiers. 14. That the whole of the property iu annuities, divi dends, and shares of annuities payable to any person , body politic or corporate, company, or society, whether corporate or not corporate, ow of any public revenue, should be levied on the respective prices of such an nuities, assessed on days in each year, to be fixed by Act. When the price of stock falls considerably, funded property suffers a real depreciation, and it is then unjust to tax such stock on the amount of the dividends, a part of which every prudent fundlaolder should set aside as insurance against the possible loss of capital. Tha t levy of the tax on the sale value of the stock, and not on the dividends, in time of depreciation, would also tend to keep up the price of the funds and supp ort public credit. As the value of life and terminable annuities dirai niehes every year, the assessment of the tax involves mor e arithmetical labour than a uniform assessment on dividends, but this labour may be very much abridged.e by suitable tables; and, on that the premium is made uniform in th o e rd s t a n m ar e y the tax on a life, or a terminable annuity, ma y be ,cn u as: uniform, if it be desirable. Examples of such cal_n_L . tions are given in the evidence, and in the appendix. The additional trouble of collection, which 1 P c r a i s c e e s i o P f le insur a re solvable entirely into expense, ma y very well be incurred in order to make the tax equitable and if the calculations were made with the greatest ta minute ness, the expense of the collection of this direct urred In would be considerably less than the expense le cT rate collecting the same am o u n t i n i n di r ect taxes. h:, per cent. on the collection o f th e ne t receipt of d u 6 tax was, in the year en di ng th e sth of April, 1851,. x 21. Bs. 11d. The expense of collecting the Customs was 51. 15s. 41d., and the Excise, 51. 63. 3id- i n the same year, besides the gre a tly i ncrease d price of each article in consequence of the tax being imposed on its import, or on its manufacture. ed in farms 15. That as the pr o p er t y o f perso ns engeg offices, con. _ in manufactures, com merc e, p ro f e ssions. sists partly of sto c k an d part l y of the direc t produce of skill and industry, th e s i mp l est c ourse would beordi nary tax the stock on it s va l ue , as i t actually appea rs in an and nary balence-sheet, and, after deducting the interest on such capital, tax the rest of the industrial income at its capitalized value. The whole of such property is at risk, and does not probably return less in gross average profit than money invested in houses. Various modes of levy ing the tax equitably on this class have been suggested, but they may be reduced to three, which agree essen tially, and only differ in form, or in degrees of accuracy as applicable to individual cases- The Committee examined several actuaries and sta tists, and a reference to their evidence throws much light on this subject. Thus it has been proposed, by one witness, to assess the tax on the portion of the income derived from the capital invested in business, as if the income were a per petual annuity; to deduct this from the entire income; to capitalise the residue as a life annuity, subject to some deduction for sickness, and then to tax it on the varying perpetual annuity into which it may at each age be converted. Y our C o mmittee has already shown t hat, in principle, a t ax , at a ny given rate, on income, di vested of all addition for ri,k and for capital returned, is equivalent to a tax on property. By the second mode. To make the calculation more simple and intelligible, it has been proposed to take an average age, and to assess the tax on the income of per sons in professions as if they were all of that age; thus, 4d. in the pound, it is said, on an income for life bears the same relation to the net profit as Brl. in the pound on the rent of an estate held in fee-s'rnple; while in trade, where much capital is embarked, 61. in the pound would be about the equitable tax on income. A plan of this kind has been hugg , sic ci by witnesses of great saga city and techuicel knowledge; and the only objection which can be justly made against it is, that while it may be nearly correct ue applied to classes, it is a half mea sure of justice to ind;viduals, some of whom it would overtax, others untiertax. It possesses the merit, how ever, of simplicity, and the result could not in extreme eases be more than half so far from a true assessment as the present system, which taxes all lite incomes, in clueing returned capital, at the same rate as perpetual annuities, consisting of interest only. By the third mode proposed for making the tax more equitable, the tax is to be assessed at one uniform rate upon all kinds of property; that is, upon the present c apitalised value of industrial incom es , w hi c h are ca ll e d or real. Thi s mode appears to your C o mmittee both equitable and pr act i ca bl e . I t h as b een inherent personal property, as well as up on a ll external property, whether shown in the evidence that by using the English Life Table, and taking the interest of money at risk in trade at 5 per cent., the tax on the value of industrial incomes can be assessed with an approximation to accuracy suffi ciently near for all practicable purposes. It has also been proved to the satisfaction of your Committee that tables may be framed of as easy application in all ordi nary cases as the common tables of interest; and tables have been given in as an example. The mode of dealing with mixed cases is a matter of detail into which it is unnecessary to enter. Where persons in trade, or farmers, do not or will not return their age and the amount of capital in the business, as well as the profit, no allowance can be made for the lower value of the life income. These profits must be taxed , at about 16 y ears ' purchase, like the rents of houses. . Your Committee examined Mr. John Stuart Mill, Mr. Charles Babbage, and Mr. Henry Warburton, whose particular attention has been given to the question of taxation; and these gentlemen have stated rully their particular opinions, which it will be found differ very materially. Mr. Mill is of opinion that taxation should take into account not solely the comparative means of the contri butors, but also their comparative want s , an d th a t equality of taxation consists in demanding from all contributor; an equal sacrifice of their enjoyments. As the possessors of temporary incomes have usually to provide by saving for their own future wants, or for the wants of others, while those whose i ncomes are perma nent are not under this necessity, he thinks it unjust to tax both classes of income at the same rate; bat he woud not capitalise them and tax them at their selling value; he thinks that full justice would be done to the tempo rary incomes by exempting from taxatioa as much of the income as is annually saved, so as to make the tax in fact, a tax on expenditure. If from difficulties of ex ecution this plan was deemed impracticable, he would adopt that of taxing temporary and precarious incomes on a lower scale than permanent incomes. If real or permanent property be taxed at 7d. in the pound on the net income, ho would tax temporary incomes at 7d. in the pound on three-fourths of the net income, and on those that are not only temporary but precarious ut 6d. in the pound on three-fourtes of the not annual income. He would tax realised property on descent by a gra duated tax on legacies and inheritauces, as is done under the Legacy Tax Act. It has been suggested also by Mr. Mill, that the justice of extending an income-tax to the poorer classes must depend on the amount of indirect I taxes that are levied on articles of general consumption, which fall on these classes in a greater proportion to the aggregate amount of their incomes than upon the wealthy classes; and that observation demands the serious consi deration of Parliament, if the income-tax is to be made permanent. There are many other modifications, which the evidence will explain in detail. Mr. Babbage is of opinion that till persons should be taxed to defray the expenses of the Government, whi c h afford p rotect i on to propert y an d t o p ersona l r i g h ts; and nc th at the amount or the tax should be m e asure d by the net annual i ncome o f eac h person , from whatever sourc e i r de v ed; whilst th e actuar i es a re of opinion that the value of the property on propertywhich he wouldog t sell to b in e taxed the is the price at which themarket, stud the thatvahi heeto each p erson o f th e an nuity or industri a l i orne portti:ion would lose. Warburton is of opinion that, provided the in feetly equitZypearnornent source of revenue, it is !m -end that he oonsiderstri:e as a long or as a short'le"me' just to charge annually the same annuity, el whether ea r oran ads it dae b mp e eorn r ps e et g rtan a bi r , d iye ed : and in support of hi s aletkedfore securi ties Committee several ite has s stock, laid respecting them. 16. As the tax on all real nt tables, and full explanation pro:: can be collected most convenientlyrt ' as is the practice at present under schaetduitl sessouArce, and C, your Conttnittee have . here no essential alteration to pro pose; but justice requires timt the person in p ' :2ioSt:lon who is only par t owner of the property, (livid , nd4 ur annu.,tier, should have the right or dedueing hiss just share of the tax from the superior Owners; ,es at e • n t the occupier should pay te e whole tax to on the 'igen and, if a tenant, land in his occup should have the \ rig et to , ' dt the tax from the rent o f the landlord, edue - the landlord having the light also to deduct the tax chargeable on the Mortgagee or creditor, or on the re- I ve te n oe ,, e . In the case or a li f e or terminable te nancy , rer in Vie estate and the snare of interest of ;ho ies servo snare cf the tax chargeable on him increases every y,t„; but, if thf: , tux is made permanent, it has b2i n•seow n th a t hie tax can be made uniform. A table ha 3 been given in, showing the uniform annual tax chargeable ream. .SATURDAY EVENING, JULY 31, 1852, tively on the person in possession and on the reversinner; as well as the amount of the rerersioner's share of !he tax allowed to accumulate until he receives the first rent. In the case of jointures and lif3 annuities charge - able on the rents of an estate. the owner of the es at- is the revaraioner 6f the lifa anunitant; and the tabl7 affords a ready rac-lins . of determining the uniform de duction to oe made ir . oui the annuity, at any rate of for:: pvirostituhgthse p v r i o e p w e r o t f y : o a i x n , g 1 . 32 ,,,, t .d0n thst raay ba imposed by Parliament. Your Committee cJwiders that iu all castes of kint owner ship the owners should be lth to adjust their claims a m o ng themselves, on certain settled principles, and on tables such as those given in, to be attached to the Act ing legacies. as is done in the Act tax tisfaction, your Committee recommends that the public justice and of giving sa siawnhnhcodoilmdi id'ecsbi' still the right to apply to a competent cffi:!er for his advice their claims, and have complicAtion that neces sarily arise under any system of taxation on industrial ionsBlisnletdh in tl es a s e cij a us : f ing : or on property h e s o l u d n h tr y y. th e A co c m o p u l r ic t, at, c • cl m te , i n i u ti r n e g s of rcompetent to adjudicate,tia, might also be appointed by the C in cases of disputed assessments, b e t w een the assessors , collectors , surveyors, and tax payers cegaged in professions and trades; or whore the tax is charged on real property, between the several o wners of that property, EXEMPTIONS FROM TAXATION. Is. That your Committee have given much consider ation to the exemptions that aro or may be allowed in the assessment of a properev,. tax. 'Upon! general principles, no valid reasons can be shown why any con siderable part of the property of the country, whether productive, or in the form called by some ueproductive, should be exempted from taxation; as the effect of such ex emptions is to throw an undue share of the public b u rdens upon the owners of property in another form , rbe only limit s h o uld, in the opi n i on of your Committee, be the diffi culty or expense of the taxation on realised property of assessment and collection;: the policy of exempting pictures and articles for improve. went of art being kept in view. As regards industrial incomes many witnesses recommend that the tax should not, under the present mixed system of direct and in direct taxation, in a n y case descend lower than to in comes of a cert a i n amount. Your Committee advise that the tax on industrial incomes should not descend below 501.; and to render the tax equitable, that 5001. should 324 from the income be deducted fr om the capitalised value of every industrial income,which would be equivalent to deducting about clues of liv es . 19. You r C ommittee, in conducting these inqu i r i es, of each of the younger or better has had to assum e that the tax is to be a permanent Part of the taxation of the country. The evidence of the witn esses, and the modifications by which the tax may be l ev i e d more equitably, proceed upon that as sumption. Th e tax was imposed in a depressed state o f the revenue, a f ter other taxes had failed; upon o ne han d, as a temporary measure to cease in three years; on the other, in t h e words of the Minister by whom it was proposed, " to lay the foundation for a jester principle of texation," as well as to enable him to make great altera tion in th e duties on imports and excise. The results of the p o li cy which was then adopted, and has since been continued b y P ar li amen t, p r o ve th a t a l arge di rect tax can b e co ll ected with less expense than an indirect tax; and th e i ncrease o f t h e revenue , f rom 52,315 439/. in 1841, to 57,401,0111. in 1851, leaves no doubt that it interferes less with the trade and industry of the people than the Excise and Customs duties, for which it was substituted. It appears further to your Committee to be of the greatest importance, with a view to the future equitable taxation of the country, that Parliament should, in the first instance, decide whether a property tax is or is not to be permanently levied. Your Committee is convinced that the income-tax, in its present form of inequality, cannot be made a per manent tax. The inquiry establishes the truth of the Public judgment on its injustice. It leaves no doubt, at the same time, that a tax assessed on the value of all the property, an d on the capitalised industrial incomes of the Population, would be, in theory and in practice, more equitable than the present taxes. A tax exclu tiveiy on the rent of laud, on the rent of houtet, on wages, or on any single class of property, as well as a general tax on all properties in no constant proportion to their value, depresses prices and alters exchangeable values. It produces a depreciation of the taxed pro perty, and is, in fact, as far as the inequality goes, a confiscation. A partial, or en unequal, or uncertain tax, unsettles the security of property, and paralyses indus try. If, under the pretence of convenience in collection, or of difficulty in assessing the tax equitably, 3 per cent, is taken from the interest of capital in one form, and 14 per cent. from the interest of capital in another form, and nothing at all from the interest of capital in a third form, it will diffuse a general sense of insecurity in the minds of all persons possessing property, as no one can foresee how far a system which violates the principle of equitable taxation may be carried. The progress of financial, as well as of other branches of knowledge, has been great since the income-tax was imposed by Mr. Pitt; and Parliament, in imposing taxes, is bound to take this progress and the progress of public opinion into account; hence your Committee con , sider, that whatever may be thought of the revival of the income-tax, in all its old - forms of inequality and in justice, in 1842, the time has come, after the experience of ten years, for makin g it more equitable. It is not the office of your Committee to enter into administrative details; but that the assessment and levy of a just tax on property is practicable, and that such an approach to a correct sates, Anent can be made as would be more satisfactory to the country than the pre sent tax, your Committee, after directiu4 c oisideralle time to the inquiry, unhesitatingly assert; end no tree ble or efferte to render the system of taxation equitable can be too great for the sake of justice. Your Committee submit, finally, that the taxation of this country is nut betel on any intelligible principle; and that it becomes more and more apparent every year, especially if the proper.y.tax is to be a permanent tax, that, the whole of the present system of taxation must be revised; that the be t a x, th e - tax most easily levied, offering the fewest obstacles in the collection, and the least likely to encourage evasion and fraud, will be found to be an equal tax on the realized and industrial property of the United Kingdom. Draft of resolution (Mr. Sotheron) brought up and read 0: — That no method has been suggested of capitalizing in come to its principle and in its appli cat i on. i,h That b i t i c a h p is pe a n r o Pen st too to some grave objections, both this C ommittee i m p os sible to die cover an elastic rule, v ar i a b le according to the nature o f eac h kind of income, which would produce a strictly equitable result; and it is therefore better to lay aside repugnant to permanent source of public revenue, in some manner not yt moral o of suchs mathematical attempt, a to with the tax, if it is to be Melia feeling to impose the same tax upon incomes derived from permanent realized propert y, enjoyed without exertion or risk, and incomes derived from trades, p r ofessions, and salaries, which are to both. subject This Committee .therefore think Parliament should adopt some mite which will be an approximation only to Alton and exact prop • , they think the average relation of schedule D rat l e c o i ; to the other schedules should be put as 3 to 4; so that incomes under that schedule should be as sessedthree-four:us o f at the amount levied upon all other kinds of property. D ra ft resolution (Colonel Routilly) brought up and read 1 0 :--- . That your Commtttee have especially directed their attention to a consideration of the question contained in " Whether any other mode of levying the in cable and Property-tax, so as to render the tax more equitante,.can be adopted." Th at your Committee have heard valuable evidence on bteyeintdoirbecatindis taitolife--it this part of the Inquiry, but their attention being di rectedh fact that n to the ot more than about one-twelfth their order of referenc e , part of the gross taxation of the country is raised by means of the income,ee and Property.tax, and to the °O ther taxes existing it is necessary to consider nions expressed by Mr. at of those taxes, and that those taxes fall —ill in his evidence, that " when I w thh i ee th rienca it irdee ne ohe u e ch greater proportion of pressure on the f i nancial system smaller incomes than oa the larger incomes, and that the justice of any one . tax can only be estimated as part of the general which might be unjust_ if it were the only tax-might be of the country, because that compensation fee tthe other inequalities in the a just general orbudn es sbe forte gather e es;ith the taxes, and bec ause the articles which are taxed consumed in larger proportions asthan lk ff t i o s n e sa of re b ..y bins the correctnessttvi . L - 10 .1 appears to your Commit tee to your Commit the richer claeses —opi tee, therefore, that ; tbey , cannot express an opinion which would be on this part of the inquiry, Without hearing evidence on the incidence of the re mainingbee of texation " • • bran() • , and considering the re mit ee doubt whether their order of by the pooretarxcal branches- on the various classes spective bearing o of the community• . t to reference entitles them proceed to enter on this in , and they tnereeere confine themselves to report quiry, w hich they have jug the evidence , Ttese. taken on this branch That your Coin of the subject to the House, word I - hat 'in elid e e question Motion made an. e propo se d , t by the Chairm an report proposed d (Mr. Disr •be now read 2a." Ameedment propos e , " 1 0, To leave out all the words after the siderati' words: ' taking into consideration the importance of the an early subject submitted to th k; the prospect e ' e"Thattto insert the these before the House, and of opinion proroga tion, this Committee is . aled that there is not suffi cient time for discussing .. Preparing a report that could do justice to this complicated subject, and they report the evidence therefore agree to rePHouse.'" Question taken and the proceedings to the left out stand i cin, " That the words proposed to bepart of the question," put and negatived. Words inserted. Disraeli), " That, taking Resolved (Mr, into consi deration sub • co of the subject m deration the importansubmitted to the ofthe state of business the House and prorogation. this the prospect of an early suffiCient time Committee is of opinion that there is not Committee, the state for discussing t that could do justice t o th i s and preparing a mend' therefore agree to cotu plicated subject, and they to the House." the proceedings evidence taken and the resolution,, Ordered, e Te a ; this ort:d fur her minutes of evidence, be le p to the House." To report. chloethevas:P inuias ------- PUNISFIING A RLFRACToIIY VOTE:H.—Oar Iciihi ne correspondent writes:—" An , Id man named Connor Scanlan was making; his way on Thursday to Tulle, to vote for Van_ deleur ; after refusing to go with the people, he was met at Newtown, outside Killaloe, by a lot of women, who stripped him of every stitch he wore but t 4ttheitswhiayst. hAisftgehrolmats,hainngd Jahn wiih nettles for a time, they hung high tree, and let him proceed across a mountain to Gar. ranboy,. a distance of two two and dauz,liter, o❑ seeing him . approach.. locked the miles, : ing naked i' 1 a s s door, and commenced roaring that he must have been murdered on the road."--Li merick .Examiner. ASSIZE INTELLIGENCE. NORTI. - ,!ERN CIRCUIT.--Neu;custle, July 29. Th;s morning the Learned. Judges of this circuit opened the commission at Newcastle, stud heard Di. vine Service at the parish church, after which, a t one o'clock, Lord Chief Justice C'nphAl, proceeded to try town prisons a tne Town-hall. The town calendar contains the names of 20 pri soners. (.harr,(l with an attmpt to murder; the rest are ordinary sessions cases. George Gideon, Ann Gibson, and Margaret Bell were indicted tor stealing and receiving eight 51. BAnk of England notes, the property of Thomas Marshall. _ _ The Hon. Adolphus Liddell prosecuted, and Mr. Ovi-rend defended the prisoners. It appeared that the prosecutor is a grocer in New castle, living with h;s brother ; whose house is next door to his shop. On the 6h of June last the pro hecutor had eight Si.B ink of England notes and 40 sov.-reigns, which he put in his inside waistcoat pocket. He was 110 t out of doors, except in the back yard, and went to bed, sleeping in the same room with his father, and placing his clothes on a chair. They did not appear to have been disturbed next morn ing. About 12 o'clock next morning, having occasion to pay a debt of 381, he felt in his pocket for his money, and counted out 28 sovereigns, intending to niche up the amount with notes, but his notes were gone. At first ho suspected the prisoner Margaret Bell, who lived 6.3rvant with his brother, and had her boxes searched. Finding nothing, he then fancied be h , ..d lost them out of doors that morning, and adver tised them. Eventually his suspicions attached more strongly to Margaret Bell, and, on her obtaining leave to go to Carlisle, he had her apprehended there at the station, believing that she had got the money out of his clothes while he was asleep. The other female prisoner, Gibson, is her sister, and they were all three taken into custody at the same time. When apprehended, Ann Gibson endeavoured to pass a key to her husband, who threw it away. This key was found to open a secret drawer in a chest in his house, in which was found t wo Si. B an k o f E ng l an d notes , one of which was identified, by a mark upon it by the prosecutor, and by its number by his brother, who bad paid it to him, as one of the notes he had lost. The chest also contained a quantity of new women's wearing apparel. The prisoner Bell said she had found the notes in the back• yard, which was an inn yard, and did not know to whom they belonged. Mr. OVEREND, for the defence, contended that the evidence favoured the presumption that Bell's story was true, else why had she not taken the sovereigns out of the same pocket ? and the prosecutor's impression was that he had lo,t the notes. Ifshe found them, not knowing to whom they belonged, and afterwards con ceived the intention of appropriating them to her own use, he submitted that that was not stealing in law, and the other prisoners could not be guilty of receiving. HIS LORDSHIP, in summing up, told the jury that even if the prisoner Bell's statement were true, and she found the notes as described, and, having the op portunity to make inquiries respecting them, made n one, but appropriated, this was stealing, and the other prisoners by their conduct exhibited a guilty knowledge of the offence. The jury found all throe prisoners guilty. They were sentenced to he imprisoned eaoh 18 calendar months, with hard labour. OXFORD ClRCUlT—Shrewsbury, July 29. CRO t'N COURT. There remained tor trial this morning only a few canes of larceny, which were disposed of in less than an hour by Mr. Justice Williams; and a charge of rape oc a young woman of loose character by two mer, who were convicted, but recommended to mercy On account of her character, and sentenced to impri soni..ient with hard labour for nine and twelve mouths nspectively ; and the following case of alleged murder. (Before Mr. Justice CRESWELL.) Henry Lewis Colley, aged 43, a shoemaker, and marked i n th e ca l en d a r a s abl e t o rea d, was charged with the 'wilful murder of Jilin Girton, at the parish of St. Leonard, in the borough of Bridgnorth, on the 2.9 th Moy last. Mr. Iluddleston and Mr. R. Kettle appeared for the prosecution ; Mr. Skinner for the defence. When the prisoner, who was a heavy-faced , quiet looking man, was put to the bar, and the charge was read, and he was asked to plead, he said, " Guilty, my Lord." Some conversation then passed as to whether he was in a fit state to take his trial, and after a few minutes the jury were sworn to try that issue. Evidence was called, and after a short in ves'igation, The jury found that he was not in a fit state to take his trial, and he was accordingly remanded to gaol until he should be in a condition to do so. All the business of the court was over before one o'clock. POLICE INTELLIGENCE. MARLBOROUGH STREET. William Morton, otherwise Grey, otherwise Nor tail, wee-dressed young man, was brought betore Mr. Hardwick, charged with stealing a bill of exchange for 2 0001. from one gentleman, and two bills of exchange for 2501. each from another gen tlemen. The first case eves for stealing two bills for 250/. each. Mr. Charles Fitagerald, of Hayes-park, Middlesex, said he saw an advertisement offering loans of money to noblemen and gentlemen. The address was to " G., the post. office, Regent-street." Witness wrote to the advertiser to know if he could be accommodated with a loan of 500/. He received a reply that he could, and was directed to call in Mortimer -street. He called at No. 7, Mortimer-street, and saw the prisoner, who represented himself to be the writer of the letter. The prisoner promised to see a monied friend, in order to get a loan for the prosecutor. On the 16th of May prosecutor called again in Mortimer street, and saw the prisoner, who gave him a form and two bill-stamps, to be filled up for 250/. each. Prosecutor filled up the bill-stamps and handed them to the prisoner, who gave him a receipt for them in the name of Grey. On the following Thursday pro secutor called in Mortimer-street, but found the money-lenders had decamped. He had not seen the parries nor his bill since. The prisoner sail be would reserve his defence. Inspector Mouckton then said he had a second charge to prefer azainst the prisoner for stealing a bill fur 2,000/. Tne gentleman was not at present in attendance to press the charge, but he had no doubt if the prisoner was remanded he should be able to bring forward sufficient evidence against the pri soner. The prisoner said he would also reserve his defence to this charge. Mr. HARDWICK remarked, that it appeared to him most extraordinary that although cases of fraululent bill discounters appeared almost daily in the public press the public were not more on their guard against the designs of those who pretended to lend money. The prisoner was remanded till next Thursday. WESTMINSTER. In reference to the case of the man who has un dergone two or three examinations at this court, charged with pawning a number of portraits, it may be of advantage to some of his dupes to state that Sergeant Smith, of the detective police, the officer enga g ed in the case, has not only nearly fifty pawnbrokers' tickets of portraits and miniatures, but has also found a number of others out of date, which have been for years in the possession of the respective pawnbrokers with whom they were originally deposited. Of those with respect to which the duplicates have been found, many are OF considerable value ; but the police are unable, froth' being unacquainted with the features of their owners. to communicate with them, and, consequently, mapy valuable and much-prized family portraits may be unclaimed. Although the value set upon them by friends nr relatives would doubtless be considerable, many of them are such dead stock in the pawnbrokers' hinds, that he would willingly, after affording them the shelter of his hospitable roof for years, part with them upon payment of the principal and interest. Sending some of them to the sale room has been found useless. Lord Craven, we are told, has been there three times, and the unfortunate pawnbroker never could realize the money lent upon him. Lady Ed ward Howard " ran out," and, consequently becom ing the property of the pawnbroker, it is true fetched a good price ; but, although Don Miguel, Don Car and many others were not " born to bloom un seen," they have looked in vain out of the pawn broker's window for a release. We understand that nearly 100, the greater portion of which are out (pawnee more than 12 months), have been disco vered, many of which are supposed to have been executed by the most eminent masters. WORSHIP-STREET. lliartha Mary Law, a well-dressed rm m iddle-aged won of gigantic proportions, exceeding si in height, was charged with the following robbery. feet ery Mr. Felix Upsher, a gentlema n resi ngal St. Ives, in Huntingdonshire, stated , that in consequence of his wife being a confirmed the prisoner had been engaged some time since b in . the capacity of i n serv . tee u n t i l y hour, upper nurse, and continued he received an filed c u i i ntimation Thursday morning, when active seerch that she had strldettly abiconded tit an earl town, but unsuc cart% ing it h her a large box, evidently property. H e e am ediarely c rue-d an the to to he made for her throughout ceF,failv, and, frilling convinced that s h e must have availed 'herself of the railway to effict her escape, he took a place in thelitcxt trim, and started in pursuit of her. On yeac hiegalh . e Bishops gate terminus, how ar, potful] of her, and • ever, he could he therefore ob tained peter&sion to inspect the lu ggage at the goods Station, iiiie looktete riv-r the dill- , rent trunks no d i rywe•red a yen; large one w ith the prisoner's n ame upon it, and on causing it to be forced an d sea rched, and found in it 4 quantity o f property which he could swear to as belonging to him, from his name being written upon the articles by him self Ho therefore waited about the station until the next Huntingdon train came in, and, upon the priso - stepping out of one of the carriage?, he handed her over to a constable, and, having given directions for the searching of two other trunks which it was found she had brought with her, a quantity more of his property as found in each, marked in the same way as the oth-r; and the witness added that he was perfectly satisfied that his wife could identify a great many other articles, upon examination, if it was ne cessary for the ends of justice that she should do so. The prisoner stoutly protested her innocence, and having claimed the prosecutor's wife's gold pencilca , e as having been presented to her by a lady who fre quented his house, declared that she had not the slightest idea as to how the other property sworn to by the prosecutor got into her trunks, as she had not herself placed it there. Mr. lIAmmiLL, however, at once ordered the depo sitions to be taken, and she was fully committed for trial. LAII3ETIL William Lear, a well-koown young thief, was brought before the Hon. G. C. Norton, charged with stealing a valuable silver watch from the per3on of Mr. Charles Spencer, a tradesman carrying ou business at No. 4, Carlisle-street, Lambeth, under the following very daring circumstances : Prosecutor stated that on the previous evening there was a large fire near his house in Hercules buildings, and he, with several of his neighbours, went to the spot to look at it. As soon as he got in the crowd, while standing with his hands in his pockets, he was surrounded by a number of lads and men, who commenced pushing him about. His watch was then safe in his waistcoat-pocket, and as he was attempting to put his hands up they were forced down, and he felt some one at his waistcoat-pocket. The prisoner was in front of him, and with some difficulty he forced his right hand up, and caught hold of the pri soner's hand with his watch in it. They had a struggle together, when the watch was broken off the chain and fell to the ground. He seized hold of the prisoner by the right hand, and picked up the watch with the other, when a constable came up and secured him. There were a number of persons around them, who attempted to get the prisoner away. When the constable came up he told him that witness had given him the watch to repair. The prisoner was committed for trial. SECRET TREATY OF THE THREE NORTHERN POWERS. It will be recollected (says the Morning Chronicle) that a few weeks ago several journals, both in Germany and this country, published an analysis of a series of notes exchanged between the Cabinets of St. Petorsburgb, Vienna, and Berlin, on the subject of the present posi tion of France, and more especially with respect to the double eventuality of the establishment of an elective or an hereditary empire. The conclusion to be drawn from these notes was, that in the event of the establishment in France of an elective or personal empire, the change being merely nominal, and the state of matters remain ing in reality what it was before, the Powers might be disposed, for the sake of the peace of Europe, to make a further sacrifice of their feelings by acknowledging it as a government de facto ; but that in the event of an a- tempt to establish an tiereditary government, the Powers felt it their duty, as it was also their determina!ion, to act very differently, and that they were resolved never to permit so flagrant a violation of existing treaties and of public law. As long us a member of the House of Bour bo❑ should exist, the powers were resolved, if the ques tion of right to the throne of France should arise, nut co tolerate its being taken po..session of by a usurper. To allow that would be to inflict a mortal blow on all the dynasties of Europe. Such is a resume of the numerous notes exchanged between the three northern Powers in the course of the months of February, March, and April. Iu the bt•ginni:g of May it was agreed that these notes should be made the foundation of a regular treaty between the two Emperors and the Kiog of Pros.ia, and accordingly this treaty, which is dated the 20th of May, 1852, has been signed, ratified and ex changed. We are now enabled to give en analysis of this important document, which has not yet appeared in any journal. This convention, like the treaty of the 26th of Sep tember, 1815, is placed by the three Sovereigns under the invocation of the most holy and undivided Trinity. Their Majesties tha Emperor of Austria, the King of Prussia, and the Emperor of Russia, considering— That the basis of European order is hereditary right, that in that respect there is a joint responsibility and in terest (solidariti) between all European States; consider ing also that, as regards France, the house of Bourbon personifies and represents the hereditary right, and that the present head of that Rouse is the Count de Chambord; That the power exercised by M. Louis Napoleon Bo naparte is a power de forte, which cannot even prop it self up with the pretended right of the Emperor Napo leon, since the latter voluntarily renounced, by the first article of the treaty of Fontainebleau, " for himself, his successors, and descendants, as well as for each member of his family, all the rights of sovereignty and domina tion, as well over the French nation and the kingdom of Italy, as over any other country;" That, according to the rules of international right, the violation of the treaty of Fontatnebl,au by the Emperor Napoleon, while it releosed the Powers from the engage month taken by them csith respect to him, did not release him from his renunciation for himself and his descen dants, of the crown of France; That, moreover, the v , --ry origin of the present power of the President of the French Republic is the negation of hereditary right; For all these motives, and for many others which it is useless to enumerat?, the subscribers to the present convention consider it their duty to determine before. hand, by common accord, the conduct which they &ight to hold in the event that one or other of the eventuali ties above enumerated should present themselves. In the case that the Prince Louis am a parre, present President of the French Republic, should get himself elected by universal suffrage as Emper o r for lire, the Powers will not recognie that new form of elective power till after explanations shall have been demanded from Prince Louis Bonaparte as to the sense and mean ing of his new title, and after he shall have taken an e ngagement--first, to respect the treaties; secondly, not to endeavour to extend the territorial limits of France; and thirdly, formally to renounce all pretensions to the continuation or fouudine of a dynasty. In the case that the Prince Lens Bonaparte should declare himself hereditary Emperor, the Powers will nut reeogniee the new Einperor, and will address to th© Freech Government, as well as to all the other European Governments, a protest fiwided on the principles of public law and on !he letter of the tretitir , s. They will atterwards consult, acc9rdinv to the circumstances, as to the ulteriir measures which they may thick it neces.ury to take. In the rave that a popular or military movement sh overturn the Government of Pruice Louis B or simply is the case of the death of that personate, the Powers bind and oblige themselves to aid and favour by all means in their power the restoration of the legitimate heir of the Crown, and in the sequel they will recognise no other dynasty but that of the Bourbon;, and no other claimant but M. Count de Chambord. In acting thud they pro test beforehand against the imputation of wishing to at tack the ind, pendence of France. France is free to or ganize her internal government as she chooses, and the Powers do not reject the system called constitutional any more than they reject any other system. But the recognition of legitimate and hereditary royalty does not intereet France alone; it interests all European States. It is a national principle iu as far:: regards Franc e , an d an i nternat i onal pr i nc i p l e in asf this as regards th e ot h er E uropean P owers . It is on account that the right and the duty devolve upon t it Sovereigns of defending that principle, and of assisting to triumph in as far as depends upon them• ; sEpu, FRE- This Convention is signed—Fast-tees J DERICY WILLIAM, NICOLAS. ---- RAIL WAY '4IAR IF, MARKETS. BRISTOL, JULY 30. STOCK EXCHANG E —The prices to-day were rather better d t o h n e e r e a twAs3 103%,z—Vale ......t vmaluec of h N business ea tn l i. doing. G th r a e n at y vi est e e a r t d er a n y a ; i l o c w h in e s g n i a r r e e ( t i h a e t e t c r a n n e s s a t c e r - LIVERPOOL, JULY 30. -- - Srocx EXCHANG 11. —Our share market has again been dull and inactive to-day, and our quotations remain at the w b er u e tlojawness:t_rairirskoefnyneeastde,rLdaayn.cashTitriee and and 13irkenhead), 20!i—Caledonian, 20 3 /a --Eastern Court ties. 11 3East Lancashire, 19 4 — Lancashire and York shire, 831/2—London w and North- W eaten], 130 —Ditto, New Quarters, 31 53—Ditto, F i fth s , si, _ 74. im'nf.—Midland -6% North Staffor dshire, 4 11-16 dis.--Stirew,bury and Ch ester , , ' 4 19 % e -try and Chester, 15—South-Easte 21 3 4—York an d North Midland, 2G 3 i ra and Dover, MANCH ESTfi:R. * JULY 30. STOCK Excamroz.—The bu in ex cept in Sheffield Stock, of which many to-day was small, P r i ces were scarcely alte re d from their sales were made. The sales were :---East m their rates of yesterday. D o vers, 2 l 7 /;i—Black burns Lancashire, IN—Sheffields, 34 1 / 2 L on don Stock, 131%_6' ' _ —North Staffords, 4-y 8 dis.— 84—Midland, 7G',,.1 reat Northern, 20—Leeds Stock, 13IR MING H STOCK EXCHANGE. ' AM, JULY 30. case after nccount-day —As was anticipated would be the satisfactorily, the '(yesterday), which passed off very animated, and there railway share market has again become all descriptions of was to-day a decided improvement in on 'Change were:_Birmingham, stock. Among the transactions reported Valley, 11/, Bs. e :—Birmingham, Wolverhampton. arid Stour m ass Al 9 91 per share—Shrewsbury and Birmingham i—Ditto (Class, B) Cl. 18s. 9d.—Ditto, Pre ference, 11 y 4. THE COUNTRY M.ARKETg , WAKEFIELD, JULY 30.—The arrivals continue very end under >he influence of fine weather our ae r "r-'d is equally so for all articles. Fresh wtuat is taken spring cor n t U e r © i s only a jcsil :see on '32 - : w'ek'A prices; in descriptions huh/ pwsstrg. For rll easier ulnas. rather Old. New. N. WHEAT, per qr. 60Ib s per b us hel s. 8 ' 3-g to 41 Suffolk, Essex, and. Kent, red ••• to 46 Ditto, white ... ss 40 Norfolk and Hunts., r e d 46 Ditto, white ••• .•. R 7 Lincolnshire and Cambridge, red ... 7, 4 7 , — 44 Ditto, white " Yorkshire, red 37 39 Ditto, white 1: 0 2 : 4 44 5 Dantzic and Konigsburg, white .. 37 40 Lower Baltic and Hatuburgh, red._ 36 Mediterranean, red ... — 3, BARLEY, per quarter of 8 bushels:, 26 25 Grinding per 39 stone ... 26 29 Foreign ... BEANS, per qr. 631bs to the bushel : Small, fine ... Ticks ••• ••• ••• Foreign ... OA Meal TS, ing per stone : 11 1 ••• —d to —d 101 to leid Feeding ... —d to —d 101 to .o,d Foreign ... —d to —d 10d to !ti SHELLING, per load of 2511 b 3 4 .43 MALT, per load of 6 imperial bushels PEAS, per Imperial Quarter:— Blue and white boilers .- Grey and Feed ,• VALB. 33 -. , 3 1 5 4 , - 3 - 4 6,9 - 23 2d - ' 32 ••• -- - 0... 11 28 , 30 .., - ARRI Qr 3. Wheat ... 4,147 Rapeseed ... Barley ... ... ... Oats ... ... ... ... Shelling ... •• Linseed •• Beans... „, ... 117 Malt . Tares ... „, &Y. LIVERPOOL, JULY 30.—The weather for severs- nme has been very fine, and harvest has commenced i n s t v be ir early districts. The millers and dealers still limit : t he operations; and at the Corn Exchange this raornieLly business was moderate. The prices of TuesdeY , „% - tld ever, were obtained for both wheat and flour. (//`'er. oatmeal were neglected. Barley 2d per bushel I°-ota No change in the value of beans and peas. Italie° is scarce, no American yellow at present on the s e ll White corn was 6d per quarter dearer. gro in quarters the potato disease is spoken of, one in affirm that it is in a worse form ihis year than 581 6. yeicarEswinhccaßlyB,4 JULY 2,, t°' —Our attendance at nie r9- hort; day is small, and the supply of wheat pitched is %pi the demand is slow, and although we cannot na te m - o ld , decline, still there is a large proportion left over ti ,, - r tedt Barley, but little in offer, and late rates fully suPP - o - t oicl Beans, Peas, and Oats short supply, and the &w o o, being slack, there is but little business doing, at lat e r o " t o; BRISTOL SUGAR -MARKET, JULY 30.—A large of business has been trausacted here this week , e``', - pin however, in foreign descriptions, and prices elethiirtner lower. Refined is still rather dull of sale, Oa ;l e is rates are scarcely supported. Rum is only se l93- very small lots and at irregular prices.—Bristol filer oot l EXETER, JULY 30.—Cattle—There was a YerY! o o supply of cattle, at from 8s to 8,9 d per score• vned and calves were from 91 to 121 12.; barreners fectcheep 4s 6d per score; butchers' calves, 41 per 113. ii rot ware in good demand, at last week's prices. "" b e 6. , from 4i , 1 to sd; ewes, 41.1 to 4;, i ld lb; I ° s ' s sa Pannier—Turkey poult., 5s to 6.; geeae, 4, 63 S ° 55 15; each; each; ducks, 4s to s'; fowls, 23 to 3. 9d Per coin; 15 leverets, 2s 6d to 3. 61; rabbits. 10d; pigeons. I ° J , r lb each. Eggs, 18 to 20. for Is; butter, 10d to P Pork Carcases—A swill supply, and business Prices ranged from 6s Gd to 7s Gd per score. C ore be change—Business has been dull to-dsv. Wheat . ri33; 6d quoted at from 5s 64 to 5i 94 per bushel; berl")'„. vet our, to Ss 9d; oats, 2s 9d to 3s. Fine flour, 3 1 s to o-" • sack. s pe r DENBIGH, JULY 28 —Wheat, from 131 9 3 to " 4 . 4 0; 16Slbs; barley, no samples said to have been Pre':„ - jot oats, from 6s 61 to 7. p e r 1051b 6 . Fresh butt er, "" lid to Is; oitta in tuba and pots, 84 to 91 Irr l b. done' WREXHAM, JULY 20.—But little trade w a s for prices 6s 3d to 6s 44 for wheat; oats, 3s 6d to 36 s Jo io g sold. Potatoes wore in full supply at prices " ri e of from 13 64 to 2s, and some 2. 4rl for a she 1151bs. Ducks, per couple, 23 91 to 3s. Fresh garrets 94 its 101 per 18 oz. ° 0 ! MOLD, JULY 28--Wheat, 14 61 o 168IbJ. Fresh butter ; 10d to 11,1 p per . 5s N per o o f 2 KNAaissoaouGH, JULY 2 1ihs. for a 14. 8.--Wheat 5s Od to is 6d ; bearl# 2 ° t o l l ew hh t b: t t ot 4s Od to 4s 6d per bushel ; barley 28s to 395; oats, 179 to ht e6 w d h p e e a r t b t 6d hel t ; o b s a s t 9 l e d y , red to R s l s r w or{ ; , J be v a L n y s 4 2 , 9. 0 — d to per qr. t d o itt U °o :: Vir oats 18s Od to 22s Per qr're d WETHER,ULY 2—White wheat, 16s Od to 1 ,6 .; ditto 15s Od to 15s 6d per load ; barley 00s Od to 00s Od Per beans 158 6d to O os Od p er load ; oats Hid to Is per sin n i e c i tO N ORTHA LLERTON , JULY 2 8.--Wheat, white bs t' gd to 5s 3d, red 4s 9d to 5s Od ; oats 2 5 6d t o 2 s 9d ; beans 31 4s 6d; barley 4s Od to 4s 6d per bushel. 61 1 b INvsaNass, JULY 27 . --Wheat, per qr, weigb A :3lb Pe r per bushel, 38510 d to 419 Od; ditto, old, weighing ": ig hieg bushel, 00s Od to Oos Od; barley, per quarter, w`",r o bial 627stodfir oatmeal, b4lb per bushel, 25s 6d to 2666 d , oats, erquarter see'e er lia 4211) per bushel, 20s Od to 21s . 04 Oa p tme g al, Pe r ' ri ll ) ley boll, 18s 4d to Os Od ; ditto second; 16.6 d to vOs Od; bran per s Ee to c r o i n e, d o d s it i t d o t2o7Oss Od d d t ; o meal, lls 6d to Os Od ; peasemeal, 153 - 0 d to Os Oct ' 2801 b., 34s Od to 355 1 , per stone of,irlinye, imperial, Is 8d to Os Od; ditto second, is 6d to Os odj b o ' er , meal, I s 4d to Os Od ; peasemeal, Is 6d to Os Od ; fir 4e ere; 2s 6d cash, 2s 9d credit ; second ditto, 230 d cash' m o od, dit. Potatoes, per lippy, 3d to 4d ; beef, per 1 3 ,7, 0 4 d; to 6d; veal, 4d to sd; mutton, 4d to Gil : Pork' 71 . ;duc k fowls, each, 12d to 14d; chickens, per pair, 124 to fob , per best each, Od to Od; eggs, per dozen, ;',d to 64; butter. to 94 to 10d per lb ; ditto, salt, 8d to 10d ; croudie (curdo6ol; 04 ; four-pound loaf, cash, 4d to 6d ; ditto credit, 511 d t coals, per cwt, 9d; hay, per stone, Od to Od. THE CLOTHING MANUFACTUR ES ' f V) 5l LIVERPOOL WOOL, JULY 29.—Tae 5310 ° d g 0 India last Tuesday went off with groat spiri t ', ‘ l° d6 01 white wools advanced to I: per lb, other e'" w ee' k '; well without alteration in value. Imports the 14sr ie , 451 —Egyptian 69, Oporto 190, Niogadore 211. N' i P g o pe New Yolk 154, Cronstunt 86, C oLs t an tinoplo 5 2, 61, ENGLISH Iceland 173 bags. o bitig WooL, JULY 30.—The demand f or COweele° wools continues brisk, and pric-a are firm at I ti i ° a t fai r rates. Clothing wools also meet a ready 6a ' ' prices. at ° °l l YORK WoOL, JULY 29.—The show of woo sos, market to-day was extraordinary for the o.a quantity could not be less than from 350 to 400 sheets s, Tb e hich exchanged hands at fully last w t ek's r ic h t t , un til markets, in tuture, will be held once a torto i g" furt TRADE OF LEEDS.—The markets at - Aot-' „la '— have been brisker b o th o n S a t ur d a y an d Tte, s ",;;o r has been the case f or several woo-ks past. A ' ol d t he ply was brought to the halls. Prices are firn i ' ' he }ear.re: sucks remaining are I, g ht f or t hi s per i o d or " 4 - in °,`," We have also to report a more act i ve busine":, pas t ' warehouses this week than _for sever a l ve gore buyers have been in the town, and they ha do tal chased more freely in anti c ip a tion of an early a ooo a trade, consequent on the encouraging prospect of 5 e harvest. pie; TRADE OF LEICESTER.— A stea d y business ,is ol the warehouses, and stocks on hand are light for .`.'0,1 season. The advance in yarns cannot be realised. t h e * i nne rs, who hold stock: i t b but little is doing by t he confidence, as wools full y . maintain their p rices, an' staplers are very firm at Present rates. etio TRADE OF MANCHESTER, JULY 29.—There i 9, e re cons id e rable firmne ss in the tone of t his market, bu t °b oo Nits not to-day so much activity as on Tuesday. „lio advanced rates are more freel y conceded by the 'tiee buyers than by exp o r te rs , but in numb e rs and 4.,011110 suitable both for home and foreign t I4 consun 3 P prices demanded on Tuesday hove bs e n more r i y goo , given than on that day. For cloth prices are ve rue ,. firm, and large owint ' - • ' 1 Itshaving been taken siDe e 13 0 day evening of skirtings at 11. d to 3d per .P . .„ l :wer e rates are now pretty fuliyestablishd t vblv to obtained a few week - eg3l° beg° s ago, before the mikr i "" ° give way. COAL MARKET.—v- EsTaRDAY` t•st: o ' 9 ,1 Prices of C oa l per ton at the close of the ma r 19' 0d Bate's West H art l ey 13s 6d Hetton Lyons Mal /1 " .. 1 58 6d Buddle's W. Hartley 14s Od Braddyll ......... 1 613 6 d Davison'sW egt H artley 1 4s Od letton ................ ...... 15s a Earsden H ar tl e y .. l3B 6d, Haswell ..... ........... 15g 3 0 3 [lasting's Hartl e y l4s OdlLambton ............. •os Bavensworth Pelaw 12s 6dlPensher .............159 cc! Redheugh Main us Otilllussell's Hetton •••••• 433 Smith's W. Hartley l4s OdlShotton ............. •"' 15 4 6 4 ranfield Moor l2s 6d;Stewart's ••• "" 149 0 ,1 Tanfield Moor Butes 12s 3d'Cassop ............... 135 0 Wylam - o d Wall's End, &c. Hartlepool ........... 153 Acorn Close ....... 13s Od Kelloe • ............. ••• 14' 6 1 Gostorth Harton Harvey Wylam(uns.) lis 91 Woodhouse Close ••.:: 149 o u' d Hedley Lawson l2s Od Mofa Millfeet Pder tbi c l 6' West Harton ..... 12s 6d Nixon' s Merthyr s o 2oi Eden Main Ships at market, 200 ....Sold. S° 8/ RTES. wil d of OF A SON. On the 30th inst., at 6, Cheyne-walk, Chelsea, the if, o f Thomas Butler, Esq. On the 27th Met ,at Bethel-pl ace , C a mberwe , ' it , the ir Henry Osenford, Jun., E=q. OF A DAUGHTER the wits On the 27th inst., at Balgreen, near . Edinburgh, or' of W. H. Lowe, Esq., 111.0 oS as the '27th inst , at IVylte ' Ch am pflower, Bru toat ..--- setshire, the wife o f th e Rev. V. P. Taylor On the 27th inst., at 7ul,,n i ! ! s p r t ew i Nort,., l/ o th on v Berwick, liaddingtonshire, N.[3., to Franc Elizabcet,trodol°' daughter of Robert Arkwright Eiq., of Sutton , c ` . our' Derbyshire. aj O k :: , th b e ot 2 h 6th i ,at R Surre - '1 ar rl only son of the Hon . Captain Turnour 3 to k;° ll ' , Edward G. o B righton Dairy CURIOUS STORY..... We read in a Vdlpnniennes journal —'4 On the evening of the 15th inzt., a well-dressed stranger, with a small ebony box under his arm, and holdi• g a gold headed cane in his hand. came to a farm-house in the department of the Nord, and asked for a b , d, saying that he was ready to pay whatever might be demanded. The far mer consented, and the stranger, after partaking of some cold milk and a bit of bread, withdrew to the room assigned him, which was on the ground-fluor, and looked into the garden. The iaimer, as a matter of precaution, went, after the stranger bad entered the room, and drew the belt outside. Tae next day, when 1' o'clock arrived .without the stranger making any note, the farmer thought it better to knock. Not receivmg answer, he entered the rcom and found no person in it. The bed had not been lain on, and the clothes of the stranger were lyieg on a chair near it. Toe bars of ' the window were all in their places , and on the table was a - words :----‘ I o y bit of paper containing the following my liberty. perhaps my life. Accept this testimony m o v u : gratitude. In two inooth, yeti will knew who I am. .P. D...f.' ..-,-----,--- Ten English soverrins were placed with t h e me , T n i ---....-,....................--.-...1161 , Tin YOu 1 circumstance has caused the great- .:at surprise in the . neigh-s ; Lundtin: Vflocto and Published by MUR,.-- Isio. bourhood, and every one asks Wll9 the Na. 2, strand, Printer, at Tne Sun 00* 06 0 stranger wits, and how 1 str and, i n the Precinct of the 811Vas in OS he get eat of the room." . i addle/as Wm*, July 31,1x6 -- h e RO Y. DIED. R, O gi n s : t he 4r 2 l s ;, : . h inst., at Preston, Candover, Hant' t— ,ool be Thomas ~ u. estcom '.e, vicar of that parioh, and of 91 " e ' w Off On the 25th inst., at Sheibirne , Dorset, Hal SP Esq., late of Jers. , y, aged C 7. 801 l At Edinburgh, un the 25th inst., Charlotte Mrs. BPrry Zetland, aged 83. bol , On the 27th inst., at Barney-street Greenwich, ,)epi Irving, Esq., late Storekeeper of H. 11I.''s Naval.yarcl, - ford, aged 78. it Wif e On the 28th inst., at Clifto, aged 31, Annabe" a ' hire. Esq., of Duffiyn, n Aberd are , Giernorgansi' ow- oc l ' f ° )06 - re o f . 9 Pael (lap Ea] WII Reo,