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

THE INCOME-TAX COMMITTEE. The following drafts of report and resolutions w 1-e respectively submitted for consideration by Mr. Hume, Mr. Sotheron, and Colonel Rimilly to the Select Committee of last session on the income anl o p e rty-tss t Drafz of Report proposcd (Mr. Hums), brought up, and reed a iire time. Your Committee, vv - 111ch — ;va;aPpointed "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, c an 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 their 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 RPgis ter-office, under whose 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 eonstruciing 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 subject more distinctly under the con sideration of the House, viz :- 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 moo equitable, can be adopted, and observations thereon. I. ON THE PRESENT 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 ber Majesty duties on profits arising from property, professions, trades, 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. INEQUALITIES IN THE ASSEEPMENT OP REAL AND PERSONAL PROPERTY. 2. That the property in l a nds, tenements, heredita ment', or heritages ( un d er s chedule A) is not assessed uniformly in the several perishes all over the country; and that it is in n o case asses s ed on the net annual rent or income derived f rom such property, but is assessed generally on the gross or rack-rent thereof, without any allowrnse 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 management. 3. That in certain cases of fines of manors, or of leases renew pro perty, arc for terms of y ears, the copyholder ae(l eas holder, who have par tial interests only in the le arc taxed on its full v alue, which is defined to b e t h e rack-rent at which the lands are worth to be let by the year; they hav e no right, by the Act, to deduct the tax chargeable on the lord of the manor or the landowner, w ho is also taxe d on the amount of his fines. Neither have life-tenants, nor tenants for short terms, the right of recovering the proportion of the tsx justly chargeable on t h e persons in posseitiort of the reversio n; and where large, lasting improvements are effected by tenan ts for limited terms, they are taxed u p on t h e fullvalu of the property, which belongs to the landlord at the termina tion of their tenancy. 4. That id respect to property in houses, the injustice of the assessment is greater than it is in respect to lands, as the rent of houses includes not only the profit of capital, nut a part of that coital which, in certain classes; of houees, 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, dockl, ways, and other works, as well as lumin es ' and rail quarries which may he exhausted, the assessment is also unjust, as the tax is in many cases levied not on the profi:, 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 b clearly shown by the dividends and the prica which such stock bears is the market. 6. That under schedule C several classes of the public creditors are aseessed unequally and unjustly; that whilst the holders of the Three per Cent. Annuities in perpetuity are assessed at the rate of 7d. on every 20e. 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 prosent price of Government stock, the capital returns a profit or interest of 3 per cant. per annum; whilst the market value of the Long Annuities of 1,210,7981. in England, quoted at 61 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:tsx 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 (240,646/.), and 7d. in the pound on the returned capital, 970 1524,which is included,ia the yearly dividends of 1,210.7981.* The annuitants of this class are therefore taxed in the year at the rite of 35 pence in the pound on their pro fits; and, inasmuch as the interest decreases every year as the capitol declines, it follows, that if the tax of 7d. remain the same, the rate of t , :xstion in the pound will every year lacreese, until the term of the . annuity ex pires (in 1860). And all the holdrTs of terminable and life annuities are aeeessed on their profits and capital in like manner unjustly, some to a leas, and others to a mach greater excess. _ . And if the income-tax of 71 in the pound should be continued until 1860, tho excess of taxation levied under it, on the Long Annuities alone, will amount at interest to more than 635,6701 _ _ _ 7. That white the subjects of her Majesty who have pie psrty in the public funds are not, o n ploy, entitled to exemption from the t general ptinc l i • ha ve levied t quell ground to on land and other property, they complain of the ineqaelity of the inco v m e e. j t u s s x t . The un ecrial. assessusent o o r n w t h h i e ch p rtohaetsaboofve different classes of the public creditors, ample, is not only a violation of theahnulties are an ex taxation, but a breech of thepublicfir" principles of per sisted in, may render difficult for faith, and, if loans which, by ensuripg the li . i.a the future a class of definite time, are less nisadsacieti stion of the debt in a interests than loans iti.perpetual nlg"l !• to the national 8. That your Committee see noannutees. the profits of lands, tenements, te r r e e ason to believe that Lege& in respect of the occupatiow t o h ataments, or heri tages. schedule B, are to the an • thereof, as assessed nal value or rack-rent in the proportion of 7 to 14 in England, or 5 Scotland. The rent is a variable proportion ofthe t° 14 in of the produce , and in the absence of more direct .value infor mation may be made the bails of a loose estimate profits in particular cases; but the assuraption. o . f the arable and peeture and other farms the the. p rof i ts t i netin various perce o; Great Britain is in these 'Unlit/M a e r laaions, is far from the truth, and must oper ate tr , e uittstly, but in large classes not only in iadivlduel cases, of cases. Under the recent Act. 14 Viet., c. 12, s. 3, the inerie s ii t e has only been partially rectified by allowing an appeal where the person assessed can show that the profit is le ss than is charged in the assesement. as well as the current in come Teat the farmer's incline , come of persons assessed under the schedules B, D, and E, and engaged in trades, manufactures, and commerce, is in part derived from capital employed iu 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, manufacturers. merchants, and other persons engaged in business, .and nearly the whole of the incomes of persons in prof scions and r offices assessed under schedules D and E, are (11 ' . the _,centingencies of business are here added ill healt h and -the certainty of death when labour and incom e cease. th That incomes from professions are therefore of 6 nature of life - - - alue. The e aanaities, which they cannot exceed in eati„... and capital invested at risk in subsistence, edu timel; t i eath protraoted preparation may be lost by un numbers or bat is returned in income where large imam f Classes are concernede 0 all th e . A tax on the current and.B, t a „ sue _ persons assessed under schedules B, D, Only on p re fiaretly unjust, as it is a tax assessed not at also on a variable proportion of es - xxe sipTio pital. Mr. Pressly's evidencelle 2 110 M ASSESSMENT. income - tax from its affords a brief history of the 1798-9, and also of m it e st imposition by Mr. Pitt in were afterwards made i rotmd s for the alterations that clearly stated; but your the provisions of the Act are to obtain satisfactory evidence Committee have not been able Peel introduced the Bill i hl ,, w hy , when Sir Robert tion of incomes under 1501, a . yea - r , he made the exemp of Inland Revenue were not cons. i The Commissioners sions of the Bill until it had heetiled as to the pr House of Commons; bait wilt be Ne ri e trodtmed into the that Mr. Pressly and all the Commissioners the evidence sur veyors are of opinion that such exemptions and put an end to, in order to lessen evasion, ought to be fraud, and trouble. 10. That under the Act for levying Duties 0 • n Profit s from real property or _ industrialtrona income, sth and 6th Viet., c. 35, any p erson who proves that the a. - ;negate annual amount of his income is less tha n I ' s g is exempted from those duties ; that mone y in ''• the Elate or hoarded, property in jewels, in pictures, i n furniture, in premise.; unlet, or in unoccupied lands, is exempted from the pgyrn"rit of the tax; such property e being generally li - -• d iceve• and further, that eft ea unpi o i , , the tax is only levied in Greet. Britain, whereby a large proportion of theof the United Kingdom in Ireland is property - ' exec s f , I . has been esti mateel that the ram ► asseszasen , .. , whole of the taxes - are paid by about 350.000 persons, end t' oat to an nufil incomes of ea itt at if the tax &seen wouldperhaps four Siena thet number. ' Under by be paid rthe pre PI asoess relent, there)ore, one pe rson et polle share contributes hie own of the national expenditure, and also the share justly _ The gross amount of Lo ng Annuities in 12 5 2 w!is 1,293,022 L, of which 82,2241. was in Ireland 1,210,7 981 . in En 'land. In 1841 the gross amount of Lon g 'Annuities was of which 1,293,947/. was in.E ng i an d, an d only 1,294,43GL, 4891. in Ireland. There has been a e ?ttsiderable transfer of the stock. The Lo Annuities g paid in Ir e l and are free o f the income-tax. chargeable, in the proportion of the property in their possession, on three other capable persons; a majority of the owners of property thus escape the taxes paid by the minority; the ferecers occupying large fermi pay their Own tax, and also the tax that fermees on rents of 299!. a year, or less, in England, and 4191. a es ar, or lass in Scotland, oneht to pee-- The psrson who has 1 501. a year freni a trade or profeseiort is taxer], while the owner of 1491. a near from land or money in the funds is exempt. The lend° "mere of England and Scotland, in fact, pav for the protection of the property of the landowners of I re land, who are resident there or on the continent. It has been stated to your Committee as possible, un 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 a person having an income under 1601, and having bor rowed money, may deduct the tax from the lender, al though he, the borrower, should not have pa id any tax, 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 poor, including the infirm, the aged, the helpless, tho widow, fatherless childtr, and others, are supported partially, by the community under the poor-laws, it would be unwise, a nd in every h ay inexpedient, to tax them in a state of want. T e large class of labourers wh ;se earnings furnish thel "r w families with the here neceseariea of lne s hould also be exempted from the payment of direct taxes, on tbe protection grounds of a wise and humane poli The ey. of their lives, and the security in which they enjoy the fruits of their hard toil, are as valuableto skilled to them te i d n the proportion of their mea ns. as protection artizens, shopkeepers, professional men, manufacturers, merchants; or landed proprietors; but, on the same ground that one large class of the community i 3 sup ported by a public rate, them lass off the whole of their earnings, whice required for the supply of the neees ifforthtehetasxtoia series of, life. Yu ur Committee is aware of the maxim often repeated, that the tax on the labourer is really a tax on the master, by whom it is paid in wages; and the s te p t a o id oo b l y leo th ti e t max im is partially true. But t e xpense indirectly from the workman, whose family must suffer pressure before the wages are raised amtagseteera,tit is highly 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 capitalized below a gro unds, and cannot be san c ti one d by y our Committee. Thatpersons value wages oprt o a r io sa a l m aroieoso,tthatwhichm have be ea o considered necessary for subsistence, should remain exempt from di rec t t axat i on , your Committee believe 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 itselt per fectly equitable. Your Committee recommend that, with this exception, all the property in the United Kingdom, and the capita lized incomes of the industrial 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, end 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 rufficiently under the control of the Bard of Inland Revenue; in consequence of which irregularities, inequalities, frauds, and defalcations may occur in the assessment and collection, which, tinder a simpler, more intelligent and 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 revonne has sustained a loss. _ _ _ Under schedules A, C, and E a Large portion of the income and property tax is collected indirectly; that is, the tax is deducted at the Bank of England from the dividends of the fundholder; at the Exchequer or other public offices, and by the East India Company, from the interest payable on securities or bonds; at the public of ees from salaries, stipends, and nensions payable by her Majesty, and from the offices of various eourts 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 rents, feu duties, toind ditties, stipends to licensed euraies, or other rents or an nual payments thereupon reeerved 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 sourer, 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 meet with in collecting the tax directly, as under schedules B and D, and (intisr 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 fu,ion, and fraud spring out of the system nndor which persons are called upon to make the great variety of complicated returns enumerated in schedule G ; but are not required to return the whole amount of their property and profi:s from the sevaal sources in a single schedule. 111. WHETHER ANY OTHER MODE OF LEVYING THE INCOME AND PROPERTY TAX, SO AS To RENDER IT MORE EQUITABLE, CAN BE ADOPTED ? 12. Teat your Committee bas, officers en-. gaged in the revenue department, examined actuaries, statists, political economists. and other witnesses w h o are practically conversant with the valuations of annui ties, and have devoted mach attention and thought to the subject of this inquiry. Various plans for levying the tax more equitably have been brought under its no tice ; find it appears evident to your Committee that to be equitable the tax shoul.l every 3 ea r be levied on the value of the property, l a bour and skill being the property of large classes, of th e country; and that each person having more than a minimum am ount of incom e s h ou ld contri oate in proporiion to the share of that value in his pos session. The tax would thus become in the strict sens. , of the word a prop.,rty-tax, and each person would be taxed in propuition to Lis ability; which is measured more accurately and expre,sed 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 capitalised 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 arid the loss of his industrial income. _ Various e xam pl es o f assessments of this kind hav e teen submitted to your Committee by the several wit eases, from which the following have been selected:— C has .. Assessed Velue. A has l e° ool a year in Long Annuities ... £6,875 11 has 1.0e0g: 1,00 ,,.a year in Consols at par ... ... 33,333 after the deatriseiooll purcha se a year from land, worth 30 years' E has the revaeyear from land dttrine his life... D has 1,00 0 1 . ••• ... ... ... ... 30,000 serve to of rents of 1,0001, a year 16,667 F has houses yo u , f • I) ••• ..• ... ... 16,666 sucThheasneauttgsrents, sec:r a year . r ug • in current rents 1,000/. reP . e;e - nt the • sums - f . or which 16 000 p•ess th© extent of loss 11l designated p„ perty, yittetheerelapweastlues, and estates, which are which the holders are' institutions of the country. w° l" sell; end they also ex y.pr,oniterecteodnimb 2 t hat ttt ciereto indication ot.the ability o e T k"vf of no more ac tore to pay the tax. than is furn.sthe respective propriee their respective properties. 1 ned by the values of Year Committee submit that tt - tax, when e quitably on the v alue o f the property, i! is as sesse d itdoly on the average profits of t h at also assessed equ ProPerty Thus, it ;be interest ii the profit of the property b . y which - - produced, then at a settled rate of interest —For "amle 4 I t Is at three per cent. —a tax rated on capit a l, multiplied by the number of years' purchase, will be the rate of tax on profits. Tbus, a property worth 3,3331. 6s. gd , returns 100/. a year in profit; then a tax of Is. 9d. pe - r cent. on the property yields the same amount es the rate ofk2i. 18s. 4d. per cent. on profit ;;for ls. 93. X 33 1-3 e---2/. 18e 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 property, may be made the basis of assessment. The better plan, he weee r aea rs to your Committ ee to ba, to make th e tax s ' ss im p lyA tax on prop ert y . A landed proprietor, whose a nnual income is made up partly of rents and partly of the proceeds of the sale of portions of his estate, is in the same Position us the pose' setisor of a terminable annuity , or of a professional in come; and as the one is taxed l on his rents, the on y other ought to be taxed which ' only on his actual Profi t 's , le ar e accurate ly exert) , ed by ' 3- the vela© of his life income. The c Y in ' Aped o. b , touch?.d, h cases thus remain; un- 13. That although it is impoPs;ble to ascertain with P r 'ci'a , -en the value of each p:iirsou'is share in the pro perty or Profits of the umntry, yet that, f rom a return in a more simpl e form than those now obtained, com petent assess ors, surveyors, and commissioners, witho u t any vexatioas inqui s i t i on,can determine the quota on which each person should be taxed, with sufficient ac curacy for all the pu - ^aies of taxation; and 3. our corn. tiethat ' v the exception - such a tax oa all his property (with already sia Ltd) would in every way be more simple and equitable thaa the taxes which are as sessed on his income, Isis house, his servants, ilia horses, his dogs, his carriages, "xon the articLa which hi s fimily requires or co nsumes; for the ex t hese ways bears no di rect or constant relation to the penditure in amount of his property every year under the protection of the State. Your Committee *ntertaina no doubt that a better may be fram e d th an t h a t o n oltsseifiCatiell of property which the income-tax is b r a o s p e e d r ; ty bu m t, ay i b n e n le o v t i i e e d in L the mode in which the tax on p to render it more ecinitsble, they will follow the clAssi ficAtiou of the schedules of the present Act. Tne whole of the property now included tinder sche dule A should be assessed on its value, which must in a series of years brat a n_‘nstant relation to the net an nual profit. Abu ndant data exiFts f..r determining the relation between the rsell rent, minus an average derlnc tLn for repairs, and ;he value in the market of land, of h ous es, and of all other real property in every part cf the United giogdem. And it would be, upon the whole, ' advisable to collect the tax, as at present, from the occu piers; except, perhaps, in the case et houses under t h e annual value of 101., and of lands and tenements let 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 d ot a h ts er fo c r om th p e s iT ie as s s w es o s u m i e d n i t n , man and y t h c e as d e s i v i B d il e P n P d l s Y , a t h l l e o w h i e n s g t for risk, would in other cases furnish the basis of valuation. The impossibility of collecting the tax from the owners of realized property. particularly of unproductive property, has b een strong l y urge d b e f ore Sour Com rcittee by a Commissioner of Inland Revenue and by others; but the evidence of gentlemen from America, whom yt;ur 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 tamieg pictures, or other articles that are for the improvement at art and science, is deserving the favourable consideration 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 to unproductive, as furniture and pietures, and a tax is revied on bo'h uncle! the head 'of real property and of personal property; but no tax is levied on professional profits. The only exemption is on household furniture , of the value of 250 dollars. 14. Time the whole of the property in annuities, divi dends, and shares of annuities payable to any person, body politic or corporate, company, or society, whether corporate or not corporate, our. 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 fuodholdor should set aside as insurance against the possible loss of capital. The levy of the tax on the sale value of the stock , and hot on the dividends, in time of depreciation, would also tend to keep up the price of the funds and support public credit. As the value of life and terminable annuities dimi nishes every year, the assessment of the tax involves mere arithme;icel leheur than a uniform aseesneent mere dividends, but this labour may be very much abrin.4.eh4 by guiiauie tables; and, on the same principle that the premium is made uniform in ordinary cases of incurancf, the tax on a life, or a terminable annuity, may be made uniform, if it he desirable. E xami ne, o f se en calcula tions are given in the evidence, and in the e ppendix. The additional trouble of collection, wh ich is re solvable entirely into expense, may ver y well be incurred in order to make the tax equ itable ; and if the calculations were made with the greatest minu te " ness, the expense of the collection of this . direct tax would be considerably less than the expense incurred in collecting the same amount in ind i rect taxes. The rate per cent. on the collection of the net receipt of increme tax was, in the year endin g th e sth of Ap ril, 1851, 21.85. 1 Id. The expens e o f co ll ec ting t he Customs was 51. 15s. 4.13., and the .Excise, 51. 6e. ell i n the same year, besides the gr ea tly i ncrease d p r ice of eac h article in consequence of the tax b e i ng imposed °n its import, or on its manufacture. and offices, in manufactures, co mmerce, pro f ess ions, e ngaged in con. farms, 15. That as the prop er ty o f pers ons siste partly of stock and partly o f the direc t p roduce of , skill and industry, th e simplest course wou ld be to tax the stock on its va l ue as it actually ordi nary balance- s h eet , an d ; a f ter deducting the ieterest on capital, such capappears in an -e tax the rest of the indu str ial income at its capitaezed va l ue . Th e w h o l e o f such p r operty is at ri k, and does not p ro b a bly return less in gross avera g e p rofit e than money i nveste d i n h ous es. Various modes of levy iug the tax e qu it a bly on t hi s class have been suggested, bat they may be reduced to three , which agree essen tielly, and o n ly diff er i n f or m, or in degree s of accurac y R's aPPliCalk) to individual cases. The tists, and a re f erence to their evidence thro ws much f jeteiminee exineined severa l actuaries and sta- light on this suej, ct. the tax on th e port i on o f t h e income derived from the to assess 1 " , it has been proposed, by one witrlesg capital invested iu business, as if the income were a per petual annuity; to dedult 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. Your Committee has already shown that, in principle, a tax, at any given rate, on income. di vested of all addition for ri,k - and for capital returned, is equivalent to a tex 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 Bd. in the pound ou tee rent of an estate held in fee-simple; while in trade. where much capital is embarked, 6 I. in the pound would be about the equitable tax on income. A plan of this kind has been suggested by witnesses of great saga city and technical knowledge; and the only objection which can bo justly made against it is, that while it may be nearly correct as applied to classes, it is a half mea sure of justice to individuals, some of whom it would overtax, others undertax. It possesses the writ, how• ever, of simplicity, and the result coal , ' not in extreme cases ba more' than half so far from a true 'assessment as the present system, which taxes all life incomes, in clueing returned capital, at the same rate as perpetual annuities, consisting ot interest only. By the third mode proposed for snaking the tax more equitable, the tax is to be assessed at one uniform rate upon all kiLls of property; that is, upon the present capitalised value of industrial incomes, which are called i n h eren t property, as well as upon all external property, whether persanal or real. This mode appears to your Comthittee both equitable and practicable. It has been shown in the evidence that by usiog the English Life Table, and taking the interest of money at risk in trade at 5 per cent., the tex on the value of industrial incomes can be assessor] 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 ba framed of as easy application in all ordi nary caees es the common tables of interest; and tables lies- b-en given in as an example. The mode of dealing with linxed cases is a matter of detail into which it is unnecessary to enter. Where persons in trade, or farmers, do not or will not re urn their age and the asneunt of capital in tee' business, as well as the profit, no allowance can be made for the lower value of the lite income. These profits must be taxed at about 16 years' purchase. like the rents of h)ue , s. 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 Wily 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 wants, and that equality of taxation consists in demanding from all contributors an equal sacrifice of their enjoyments. As the possessors ot temporary incomes have usually to provide by saving for their own future wants, or for the wants of others, while those whose incomes are perms. nent are not under this necessity, he thinks it unjust to tax both classes of income at the same rate; but he wood 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 taXetioa 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, he would tax temporary incomes at 7d. in the pound on three-fourths of the net income, and on those that are noteonly temporary but precarious at ed. in the pound on three-fourtas of the net annual income. He would tax realised property on destent by a gra duated tax on legacies and inheritances, 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 taxes that are levied on articles of general consumption, which fall on those 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.th aff o rdt the amount There are many other modifications, which the evidence will explain in detail. Mr. Babbage is of opinion that all persons should be which the property taxed toprotectionexpensesGovernment, and et tphreoptearxty shouldan price at P be measured by the derived ; whilst net annual i ncome of each person, from whatever source the actuaries are of opinion that the value of the property e which he ought to be taxed is the and the v a l ue to Property would sell in the market, income that he eac h person o f th e annu ity or industrial would lose. Mr. Warburton is of o come-tax is a p ermanent pinien that, provided the in fedi), equitably an d j ust ource of revenue, it is per tato upon each annual toincome , charge an nua lly t h e s a me as a long or as a short itinee, whether it be regarded and that he considers coo _ e c noi . tY, or as a perpetuity- ; and in support of his opinion lear and dem ons t ra bl e ; he' has laid before the Committee several important tables, and full explination roepec!ing them. 16. As the tax * on all real enuuproperty, stcek, and securi ties can be collected mo:3t coi,v ' S yat its source, su c h as is the prac tice at p resent un der essential 2nl edules A and C, esse - - - terstion to pro your Commi ttee have here no p o se; but justice requires that the perso srho is only par; owner of the property, in pt asession, annuities, should have the right of dej. divideud or share of the tax frrm the superior nwner e ; . in g his just present, the occupier should pay the whole' t t a htl ' ' as at land in his occup.tion, and, if __ a tenant, shenicjh en the right to deduct the tax from the rent of th e 1 have the the landlord having the right also to doduntauthdlord, chargeable on tbe IlLloltvg,,e or creditor, or on sh e tax e re rsioner. In the case of a Ffe or terninabh th,s • 3 tensney, interest of the nrversi.mer in the estate and theshare' of the taxchargeable if th e til i . on niet increases every year; but his tax e i l l s made permanent, it has been shown that in, shoeing be made unit Ann. A table has been gi ven wwg the uniform annual tax chargeable recipe°. tively on the person in possession anti on the reversionPr, as ~, e ll as the amount of the reversioner's 6 hare of the tax allowed to accumulate until he ri,civ , s the first rent. Ia the case of joiutures and life annutths charge able on the rents of an eateo, the r , wner of the esa*e is be impoted by fithffnmri:v:rv:i:i;inifrlnma?,:tien si t i h \ p l if d i itehfts: r a m s fining annuity, y a :i t t ial ; to a u t_ a , I l i iyt t o h ri e , arn : ea re ductionolaf o m ns a i y ders that in all cases Parliament. Your of j;)int tcaoxina. nai)ut tteoe thatc to adjust their claims settled principles, and on owner shipatmb gen in, to be attached to the Act ld for imposing a property - fax, as is done in the Act tax ,:i,enstgh estutioetwhninaseF;hesoshs,oeouncebretaiint f: tax ing legacies. 17. With the view of doing justice and of giving sa tisFacti“n, your Committee recommends that the public should be assisted in adjusting their claims, and have t h e right to apply to a competent tiln - _.er for his advice a nd oil decision marise s or e on ind pr the o p any of complication that systemnnes of taxation on industrial hold by the complicated tenures which still exist in this i na cr eisu nere y cases country. A court, consisting of competent th n o t persons,assessors, might also be appointed by the Crown,pe to adjudicate, in ea ses o f d ispute d assessmen ts, between collectors, surveyors, and tax payers engaged in professi ons en d trades; or w h ore t h e t a x is enraged on real p roperty, b etween the severa l of that property. e i EXEMPTIONS FROM TAXATION. s.Committee have given much consider ationl to Thatthe you: that. are or may be, allowed in the assessment of a property . : tax. Upon' geoerel principles, no valid reasons can be shown why any con siderable ?tart of the property of the country, whether productive, or in the form called by some unprednctive, should be exemp'ed from taxation; as the effect of such exemptions is to throw an undue share of the pubic burdens upon the owners of property in another form The only limit of the taxation on realised property should, in the opinion of your Committee, cu lty or expense of assessment and collection;; t he policy of exempting pictures and articles for improve- , ment of art being kept in view. As regards industrial incomes many witnesses recommend that the tax should not, under the present mixed systeni of direct and in direct taxation, in any case descend lower than to in comes of a certain amount. Your Committee advise that the tax on industrial incomes should not descsnd below 501.; and to render the tax equitable, that NU should which would b e equ i va l en t t o d e d uc ting be deducted from t h e capital i sed value of every i n d ustr i a l about 321. inc° f m r;:m ' the income of each of the younger or better class of lives. 19. Your Committee, in conducting these inquiries, has had to assum e that the tax is to be a permanent part of the taxation of the country. The evidence of the witnesses, and the modifications by which the tat may be levied more equitably, proceed upon that as sumption. The tax was imposed in a depressed state of the revenue, after other taxes had failed; upon one hand, as a tempe rary mete ure to cease in three years; on the other, in th e words of the Minister by whom it was proposed, e to l a y the foundation for a juater principle of t ixstion," as well as to enable him to make gr e at altera tion in the duties ou imports and excise. Tae results of the policy which- was then adopted, and has siuce been continued by Parliament, prove that a large direct tax can be collected with lass expense than an indirect tax; and the increase of the revenue, from 52,315 4391. in 1841, to 5 7,401,0111. in 1851, leaves no doubt that it interferes fees with the trade and industry cf the people than the Excise and Customs duties, for which it was substituted. It appears further to yen' Committee to be of the greatest importance, with a view to the future equitable taxation of the country, that Parliament should, in the first invarce, 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 estatilishes the truth of the public judgment on its injustice. It leaves no doubt, at the seam time, that a tax assessed on the value of all the Property, and on the capitalised industrial incomes of the population, would be, in theory and in practice, more equitable than the present taxes. A tax exclu sively on the rent of laud, on the rent of hen es, on wages, or on any single class of property, as well as a general tax on ail propertiee in no constant proportion to th e ir 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 an uneven or uncertain tax, unsettles the security of property, nod paralyses indus try. If, under the pretence of convenience in c dlection, or of difficulty in assessieg 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 mind s o f all persons possess i ng property, as no one can foresee hoar far a system which violates the principle of e The progresscarried. of financial, as well as of other branches of knowledge, has been great since the income-tux was imposed by Mr. Pitt; and Parliament, in imposing lessee, is bound to ta k e this progress and the progress of public opinion in to accoun t ; h en c e yo ur C omm i ttee con e hider, that what ever ma y be th oug ht o f th e rev i va l o f 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 making 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 assessment can be made as would be more satisfactoryno the country than the pre sent tax, year Coaa...aia , ,e, after directing, eauaideraele time to the inquiry, unhesitatingly assert; and no trou ble or efforts to render the system of taxation cquiteble can be too great for the. sake of justice. Your Committee submit, finally, that the taxation of this country is not basei on any intelligible principle; and that it bec omes mo re and more apparent every year, the property-t ax i s to be a permanent tax, of the pre sen t system of taxat i on must Ft lo hs e Pa'' the r e e c v i i whole s ll e Y d i ; f tnat the hest tax, the tax most easily levied, offering the fewest obstacles in the collection, arid the least likely feund to be an equal tax on the r ea liz e d an d industrial property of t he Unit ed Kingdom. Drift e fraud, will be erasion and Sotheron) brought up and read 1 4 : — of resolution to e encourage ra ( g ur. That no method has been suggested of capitalizing in come which is not open to some grave obkctions, both to it s principle and in its application. Teat it appears to this Committee impossible to dis cover au elastic rule, variable aric.ording to the nature of each which wou ld pro d uce a equitablestricstrictly re o s f ul ico t a ;a m nd e, it is th erefore better to l ay as id e rely such at tem p t, and t o deal with the tax, if it is to be a permanent source of public revenue, in some manner not o f mo ral aeuse. It is repug nant to public feeling to .impose the same rate of tax an ' a ine " n ' s derived from pertnanetit realized kid p r operty, enjoyed without exertion or risk, and incomes derived from professions,trades, and salaries, which are s ubject to both. This Committee ther efore think Parliament' should adopt some rule which will be an approximation only to ex act prop 4 ti oli • ~ and the y think the average relation of schedule 1) to tee other schedules should be put as 3 to t hat i„c naps under t h at schedule should be as sessed at three-fourths of the amount levied upon all other kinds of properly. Draft resolution (Colonel Ronailly) brought up and read I°: C mamittee Teat your have especially directed their :0 a coosieertion of the question contained in atteniiun their W • order of reference,. o hethew any other mode of and ro D levying the income u ca p b . erty-tex, so as to render the tax more equitable, . t e a e adapted." `Diet your C o mmittee have heard valuable evidence on . f • t h e inquiry, but their attention being di rectedthts part o to the fact that nut more than about one-twelfth part of the gros s taxation o f the country is xaised by means 0 income and f the pro Perty- tax, and to the opi. nions express e d by Mr. Mill i n hi s evidence; t h at " w h en • there areother taxes existing it is necessary to consider the incidence of those taxes, and that those taxes. fall with a much greater proporti on of pressure on t h e larger than oil the smaller income s canincomes, and that the justice of any one tax, only be estimated as part of tha general finaneiat system . it ot the c oun try, because th a t which might be unjust-t . e were the only tax might be a just corni"°sa ti°n for if ~ other inequalities in the general taxes, because th and the articles which are taxed by indirect taxation are co nsumed in larger proportions by the pourer 01.0 , 6 e- by e then ,es,,—opt . - _, th e richer class nions the careen , es s of -which appears to your Commit tee to be insilateutab i r o " appears to your Commit tee, therefore, that they cannot express an opinion on this which would be satisfactory,__on without hearing evide nce the incidence of the re. g 0 f taxation , and considering the re spectivemaining bearing . o __ bearing of tie Psbranches on the various classes of the community • , e e doubt whether th e ir order of That your Comm it ' to proceed to reference entitles them _liana enter on this in quiry, and they thereore co t hemselves to report ing the evidence which t they have taken on this branch of' tha subject to the "lou se s question proposed ci Motion made and a . . That the draft he Chairman b e s. report proposed Y b- t Mr. Disraeli), now read IQ." Amendment proposed ( d ' That,' in ord er To leave wit all the words alter the wor . . .er to insert these enstderation the import words: ' taking into 0 Committee,ance of the the state subject submitted to the an of business prospect of before the Rouse, and the •• • that early proroga tion,, of optnionthere is. not suffi cient this Committee is and • g preparing a time fur diacussioreport that ' could do justice to this the evidence complicated subject, and they therefore agree to repor t e Qeustion :K o ,r i t sh a a nd th e proceedings to the Sous e ' stand part of the t the words proposed to be left out question," pat and negatived. Words inserted. " That, taking, into Resolved (Mr, Disraeli), the guts' c'submittedjk s to the consi deration the imper; epee of . , as s before the house, and Committee, the state of lotion regation. this Coleruietie-• the prospect of au early P" fficient time tor.discus:nis of opinion that there-is not se could do justice to an s 1 • 14 and preparing a report that . .nom-theretere agree to report the pliceted subject, and they . to the Roue:3" evidence taken and the proceeding tgather - * • 1, .V. ~ wit,. rho Ordered, "That this resolution, reported to the Hous e ." further minutes of evidence, be To report. -a..............1. deleur; after refusing him, approach, locked the PuNisHING A REFLoAgCoTwoilltilit the people, O heawr aisimilleatioaet la o t r, h a e nd m correspondent writes:—" An old man named Connor Scanlan do was nicking his way on Thursday to Tulla, to vote for Van. Newtown, outside Killaloe, by a lot of women, who stripp e d him of every stitch he wore but shirt. After lashing him with nettles for a time, they hung his clothes up in a igh t arneed, adaa,ulglehttehri7onprsoeceeinegd across a mountain to Gar ranboy, a distance of two miles, naked as he was. His Wife ust h m a e v n e c e t , Examiner. d ee r zrm in u g ro t r h e a u t on t th w e as nd i . s „ .... ghi i - in t, eri an c d k • - . ASSIZE INTELLIGENCE. I NORT ERN ClRCUlT.—Newcustle, July 29. I This int): ning the Learned Judges of this circuit opened the commission at Newcastle, and heard Di vine Service at the parish church, after which, at one o'cioek, Lord Chief Justice Campbell, prochded to try town prisoners at the Tssvn-hall. The town calendar' contains the names of 20 pri- sooers. One is charged with an at,:enspt to murder; • the rest are ordinary sessions cases. George Gibson, Ann Gibson, and Margaret Bell were indicted for stealing and receiving eight .5/. Bank of England notes, the property of Thomas Marshall. The Hon. Adolphus Liddell prosecuted, and Mr. Overend defended the prisoners. It appeared that the prosecutor is a grocer in New castle, living with his brother ; whose house is next door to his shop. On the 6'h of June last the pro secutor had eight 51 Bank of England notes and 40 put in his inside w a i s tcoat pocket. He doors, except in thp back yard, ned w went D to whichtbu sleeping in the same r oo m with his sovereigns,a not out O hef 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 foe his money, and counted out 28 sovereigns, intending to make up the amount with notes, bat his notes were gone. At first he suspected the prisoner Margaret Bell, who lived servant with his brother, and had her boxes searched. Finding nothing, he then fancied he had lost them out of (Mors that morning, and adver tised them. Eventually his suspicions attached more strongly to Margaret Bel! ' and, on her obtaining leave to go to Carlisle, h e h a d 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 two Si. Bank of England 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 lot 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 l a w, and the other prisoners could not be guilty of receiving. • liis 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. portuoity to make inquiries respecting them, made none, but appropriated, this was stealing, and the other prisoners by their conduct exhibited a guilty knowledge of the offence. The jury found all three prisoners guilty. They were sentenced to be imprisoned each 18 calendar months, with hard labour. OXFORD ClRCUlT.—Shreumbury, July 29. CRO •VN COUR C. There remained tor trial this morning only a few eves of larceny, which were disposed of in less than an hour by Mr. Justice Williams; and a charge of rape OR a young woman of loose character by twc mac, who were convicted, but recommended to mercy on account of her character, and sentenced to impri sonment with bard labour for nine and twelve months respectively; and the following case of alleged murder. (Before Mr. Justice CRESSWELL) Henry Lewis Colley, aged 43, a shoemaker, and marked in the calendar as able to read, was charged with the wilful murder of John Gitton, at the parish of St. Leonard, in the borough of Bridgnorth, on the 29!,h May last. Mr. Huddleston and Mr. R. Kettle appeared for the prosecuti on ; M r . Ski nner f or the defence. When the pris on er, who was a heavy-face j, quiet looking m an , was put to th e b ar , an d the charge was and he was asked to plead, he said, " Guilty, read, my Lord." Same conversation then passed as to whether be 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 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. MARl,BonoliGti STREET. William Morton, otherwis© arc 7, otherwise Nor. rington, a tall, well-dressed young man, ww: brought before Mr. Hard wick, charged with stealing a bill of exchange for 2.0001. from one gentleman, and two bills of exchange fur 2501. each from another gen tleman. The first case wns for stealing two bills for 2501. each. Charles Fitzgerald, of Hanes-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 16,:h of May prosecutor called again in Mortimer street, and saw the prisoner, who gave him a form and two bill-stamps, to he filled up for 2501. 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 bad decamped. He had not seen the parties nor his hill since. The prisoner said be would reserve his defence. Inspector Monckton then said he had a second charge to prefer against the prisoner for stealing a bill for 2,0001. Toe gentleman was not at present in attendance to press the charge, but he had no doubt if the pri soner was remanded he should be able to bring forward sufficient evidence against the pri soner. The prisoner said be would also reserve his defence to this charge. Mr. HARDWICK remarked, that it appeared to him most extraordinary that although cases of fraudulent 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 itrisoner 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 engaged in the case, has not only nearly fifty pawnbrokers' tickets of portraits and miniatures, but baa 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, from being unacquainted with the features of their owners. to communicate with them, and, consequently, many valuable and much 7 prized family portraits may be unclaimed. Although the value set upon them by friends or relatives would doubtless be considerable, many of theta are such dead stock in the pawnbrokers' hands, 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 roomlas 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 los, 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 (pawned more than 12 months), have beep discovered, many of which are supposed to have been executed by the most eminent masters. WORSHIP-STIMET. Martha Mary Law, a well-dressed middle-aged women of gigantic proportio ns, exceeding six feet in height, was charged with t he following robbery. Mr. Fieix Upaher, a gentleman residing at St. Ives, in Huntingdonshire, stated, that in consequence of nis wife being a confirmed invalid, the prisoner had been eng:iged some time since in the capacity of upper nurse, and continued in his service until Thursd a y morning, when be received an intimation evidently fill e d with that sh e h a d suddenly absc onded at ad earl y hour, carrying w ith her a large box, property. H e immediately c aused an active s earc h to be made for her throughout the town, but Unsuc cessfully, and, feeling convinc,o that she must have availed herself of the railway to effect her escape, he took a place in the next train, and started in pursuit of her. On reaching the Bishonate terminus, how ever, he could bear n otbieg of her, and therefore ob tained permission to inspect the luggage at the g oods station, when, while looking over the different trunks and boxes, h e di c overed a very large one with the prisoner's name upon it, and on causing it to be f orce d and searched, and found in it 4 quantity of property which he could swear to as belonging to him, from his name being wricNn upon the articles by him self. He therefore waitql ablut the staii , u) until the next Ilantingdon train came in, end, upon the Pri,o ner stepping out of ooe of the carriages, h, h'lnded • her over to a constable, and, having given direotions for the searching of too other true is w ch it was found she had brought with her, n qugntity_ more of his property was found in each, marked in the same way as the other; 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 proAecutor's wife's gold peneilcat:e as hiving been presented to her by a lady who fre quented his house, declared that she lal:•.d not the ' slightestidea as to how the other property sworn to by the prosecutor got into her trunks, as she had not herself placed it there. Mr. iIAmmILL, however, at once ordered the depo sitions to be taken, and she was fully committed for trial. LAMBETH. William Lear, a well-known young thief, was brought befire the Hon. G. C. Norton, charged with stealing a valuable silver watch from the person of Mr. Charles Spencer, a tradesman carrying on business at No. 4, Carlisle-street, Lambeth, under the following very during 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 wish 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 I'HE THREE NORTHERN POWERS. It will be recollected (says the Morning Chronicle) that a few eeeks ago sereral journals, both in Germany aud this country, published an analysis of a series of notes exchanged between the Cabinets of St. Petersburgh, Viensia, 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 ae a gevernment de facto ; but that in the event of an ate tempt to establish as hereditary Government, the Powere felt it their duty, as it wets also their determination, to act very differently, and that they were resolved never to permit so fl ;grant a violation of existing treaties and of public law. As long as a member of the House of Bour bon should exist, the powers were resolved, if the ques tion of right to the throne of France should arise,'not to tolerate its being taken possession of by a usurper. 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. In the beginning of May it was agreed that these notes should be made the foundation of a regular treaty between the two Emperors and the King of Prussia, 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 the Emperor of Austria, the King of Prussia, aud 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 (solidarite) 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 exerels9d by M. Louis Napoleon Bo uaparte is a power de facto, 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, "tor 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;" Thar, accordtr l g to the rules of international right, the violation of the. treaty of Foutainehliem by the Emperor Napoleon, while it released the Powers Loin the engage ments taken by them with respect to him, did not release him from his renunciation for himself and his descen dants, of the crown of France; That, moreover, the very origin or the present power of the President of the French Republic is the negation of hereditary right; For all these m eines, and for many others which it is useless to enutnerat- , , the subscribers to' the present convention consider it their duty to determine before , hand, by common accord, the conduct which they ought 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 aneeparie, present President of the French Republic, should get himself elected by universal suffrage as Emperor for the Powers will not recognise 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 ti t le, and after he shall have taken an engagement—first, to respect the treaties; secondly, not to endeavour to extend the territorial limits of France; and thirdly, formally to renounce all pretension's to the continuation or founding of a dyninty. In the case that the Prince Louis Bonaparte should declare himself hereditary Emperor, the Powers will not recognise the new Emperor, and will address to the French Government, as well as to all the other European Governments, a protest founded on the principles of public law and on the letter of the treaties. They will afterwards consult, according to the circumstances, as to the ulterior measures which they may think it necessary to take. In the ease that a popular or military movement should overturn the Government of Prince Louis neparee, or simply in the case of the death of that personeee, 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 se•qusl they will recognise no other dynasty but that of the Bourbon:, and no other claimant but M. Count de Chambord. In Acting thus they pro test beforehand against the imputation of wishing to at tack the ind , pendeace of France. France i'lree 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 dues not interest France alone; it interests all European Stales. It is a national principle ie as far Ks regards France, en d an i nternat i ona l principlf!sinon this a s US regards th e o th er E uropean P o wers. account that the right and the duty devolvelt p Sovereigns of defending that principle, and a l s u iis o t n ing th i e t to triumph in as tar as depends upon theca. o osEpri, FRE. This Convention is signed - FRANCIS J DERICIE WILLIAM, NICOLAS. RAILWA B Y SHARE MARKETS. RISTOL, JULY 30 . STOCK EXOETANGE —The prices to-day were rather better than yesterday ; but there was not much business doing. Great Westerns were done at 103 1 4—Vale of Neath, It LIVERPOOL, JULY 80. STOCK EXCHANGIC.—Our share market has again been dull and inactive to-day, and our quotations remain at the lowest rates of -yesterday. The following are the transac tions:—Birkenhead, Lancashire andesCtel,riaeusht,airiehi(lelaatnedChester 2°l l s 3 ,: u l r 3 y o E — a u D d i .Ditto, o, Chester; New and Birkenhead), 20 fi—Caledonian, .JouthewEa—Eastern Coun ties, 11 3-16—East Lancashire, 19y...1 . "). a'tern Colin -83 IA —London and North-44 317a—Ditto, Fifths 5 1 / York shire, a n d d , 7 D 6 0 :Y e — r , s NQ h iti i , r ra e trh , te , 4 prom. - .' s t'affordshire, 4 11-16 dis...... St a. 19 3 4 -0 we:try and liA NCchestitetrB,ll,st:Q JULY /s. 30. 21%—York and North Midland, 263 - z iess to-day was small, ex cept/a in Sheffield Stock, of Lancashire, I nz: s sa b l e e ffi s e w id e s r , e 3 m 4v2 ad_e. Prices were scarcely yesterday. Stock, 131iii_ns, 7 —North Staffords, 4. 7 A die.— LondonD h ov e esrasl,eB2 were:—Eastl BIRMINGHAM ff No , r j t u b L er y n, 3 2 o o . 20—Leeds Stock, case after account-day — STOCK ExciLks 84—Midland, 761g i j satisfaetoril i iis was anticipated would be the (yesterday), which passed off very Y , the railway share market has again become animated, and there was today a decided improvement in all descripti ons of (Class A), 9 on 'Change wer stock. Arnork the transactions reported e:—Birmingham Wolverhampton, anil Stour Valley, 11/ss, 91 per share—Shr e wsbury and Birmingham ,''a--Ditto (Class, B) 61. 18s. 9d.—Ditto, Pre ference, 11%. CURIOUS readSTony. We read in a Vil , noiPnnes journal On the evening of the 15th in 4., 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 tor a b.d, saying that he was ready to pay whatever mig ht be demanded. The far mer c onsen t e d, 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-floor, and looked into the garden. The farmer, as a matter of precaution, went, after the stranger had entered the room, and drew the bolt outside Tue next day, when 1t o'clock arrived without the st r anger : s ird te s stimony t t h (i a clothes making any noi,e, the tanner thought i: o l:e a t n te d r Not receiv.ng an swer, he entered tla'lenadirricoonintleantdablfeouwnlid:nk;a; n in it. The bed had no t fio)ialAbocee‘evescin,ent this ii of the stranger were lying on a chair near it. Tie bars of the window - were all in their 1 ::-‘ I owe you of my Il p . l i a li ce l d ll° ‘: v ith the paper. This g who I am. P. D. J.' bit of ti fp liberty,aer c p o e r r i h ta a i p n s i n mily the life. gratitude. English er months ,iz n yo wereu circumstance has caused t h e great, at Surprise in the neigh bourhood, and every one asks who I he pt out of the room." t he stranger was, and now THE C )1,1 T M kl 7 - WAKEFIELD, JULY 30.—The arrivals clritinue very limited, (Aid under the influence of fine w ather our de m'od so fur all articles. Fresh whw - A is taken at Is I. wt , tit's prict-:s ; in otht.r cli•sciriptions Vss"' For s.ll pring Curti tiure is only a ; retail bale oil roller eAsier Old. New. WHEAT, per qr. 601bs per bushel : s. s- 38 to 41 Suffolk, Essex, and Kent, re d to Ditto, white _ 44 46 Norfolk and Hunts., red _ 38 -- 40 Ditto, white 42 — 45 Lincolnshire and Cambridge, red 37 -- 59 Ditto, white ... 42 Yorkshire, red ... 37 - -89 „ Ditto, white 42 - Dantzic and Konigsburg, white 40 -- 3 7 Lower Baltic and Ham burgh, red... Mediterranean, red —— 31 36 BARLEY, per quarter of S bushels:— Grindin- )er 30 atone 26 - 28 g p‘ ••• ••- --- 26 29 Foreign ••• ••• ••• ••• BEANS, per qr. 631bs to the bushel : Small, fine ... _ ... ... _ _ 33 --• 35 Ticks ••• ..• ••• „,... ...... 32 — 3, . )! Foreign ... ._ ... ___ _ 28 OATS, per stonc:— Mealing • ••• ... —d to —d 10d to lid Feeding ... .. ... _ d to __ d 10 d t o 101 a Foreign ... ..... —d to —d 1 0 d to 114 , ci t SHELLING, per load of 2611 b ... —— 27 --' , 6 1 MALT, per load of 6 imperial bushels --- 39 --- - PEAS, per Imperial Quarter:— Blue and white boilers -.- Grey and Feed 32 .28 •-• 28 - 30 QM ARR.] Qrs. Wheat ... ... ... 4,447 Barley ... ... ... _ Rapeseed ... ••• Shelling ... •• Linseed .. ••• Malt ... ... . • ••• Flour ... ... *" Oats ... Beans... ... Peas ... ... Tares ... .„, I LIVERPOOL, JULY 30.—The weather for several dilge has been very fine, and harvest has commenced in 0 2 3 . r early districts. The millers and dealers still limit l e operatious; and at the Corn Exchange this mornini busingbusiness was moderate. The prices of Tuesdah 1113 ”:1 ever, were obtained fir both wheat and flour. Oate oatmeal were neglected. Barley 2d per bushel loelero' No change in the value of beans and peas. Indian ef r t. is scarce, no American y e llow at p resen t on the nieril e i l White corn was 6d per quarter dearer. Froze ap p quarters the potato disease is spoken of, and affirm that it is in a worse form this year than la )ear since 1846. NEWBURY, JULY 29.—Our attendance at market tr day is small, att,d the supply of w h ea t pi tc h e d is stor • the demand is slow, and although we cannot note e l l decline, still there is a large p ro p ort i on l e f t o ver nes ch d. Barley, but little in offer, and late r a t e s f u lly suPP° lle . Beans, Peas, and o..vs short supply, and the deal° being slack, there is but little business doing, at late re l 97 BRISTOL SUGAR -MARKET, JULY 30.—A large awl -n,- of business has been transacted here this week, cbie.4 o ' however, in foreign descriptions, and prices are sP i r , lower. Refined is still rather dull of sale, and for te % rates are scarcely supported. Rum is only saleable I very small lots and at irregular prices.—Bristo/Pie rtial a EXETER, JULY 30.—Cattle—There was a very supply of cattle, at from 8s to 8s 9d per score. u o- d and calves were from 9/ to 121 12s; barreners fe tch 4s 6d per score; butchers' calves, 41d per lb. S b t . were in good demand, at last week's prices. Vi r ' the d; from 4il to 5(1; ewes, 411 to 44d per Ib; lamb , ,d Pannier—Turkey poults, 5 s to 6 s; geese , 4 s 6d 10 55 , ° ... each; ducks, 4s to s' ; fowls, 2s to 3a 93 per 007; leverets, 2s 6d !o 3. 61; rabbits, 10d; pigeons, 103 t° 11), each. Eggs, 18 to 20s fur Is; butter, 10d to lld pe, r e i r „ Pork Carcases — A small su pply, an d b u siness q v , Prices ranged from 65 6d to 7 s 6d p er scor e. CO% be change—Business has been dull to-day. Wheat may 6d quoted at from 5a 6d to 55 9d per bushel ; barlef , '''„ e r to 35 9a; oats, 2s 9d to 3,. Fl ue fl ou r, 31s to 3 25 r back. DENBIGH, JULY 28 —Wheat, from 133 9d to 143 P e d r , 1631 bi; barley, no samples said to have been present, ; oats, from 6s 61 to 7a per 1051bs. Fresh butter, le ° lld to Is; ditto in tabs and pots, 8d to 93 per lb. WREXHAM, JULY 20.—But little trade was " Dr ; prices 6s 3d to 6s 4el for wheat; oats, 3s 6d to 3 a Bd, fed sold. Potatoes were in full s upply at prices 's t y li*, from is 6 , 1 to 25, and some 23 4d for a measure e` 951bs. Ducks, per couple, 2s 93 tO 3s. Fresh butt& 9d to 10d per 18 ez. r h bb t 0 ' MOLD, JULY 28—Wheat, 143 6 d to 15s per D ots e _ 168 lbs. Fresh butter ; 103 to lld per lb. New ptoth 2ilhs. for a Id, 0 Wheat 5303 to 53 6d ; bt KmAREsEoROUGH, JULY 28:- barley 28s to 30s; oats, 17e to a l b ' 450 d to is 6d per bushel; per qr. RIPON, JULY 29.--White wheat 5s 6d to 5s 9d, red ditto ' 1 to 5s 6d ; beans 4s Od t o 4s 6d per bushel; barley 00s to A I oats 18s Od to 22s per or. r WETHEaBY, JULY 29.—White wheat, 6d per load ; barley 00s 1 0 6 d to s O OtO di ll ii pe r 6d g beans 6d ' e ,; ditto 53 0 s Od per load.; oat s Ilid to Is per s tone' 0 1 1 5 5 5 8 0 to to 0 NORTHALLERTON, JULY 28 . —Wheat, white 51 9 d 1 0 5 s ad, red 4s 9 d to 5s Od ; oats 2 s 6cl to 2s 9d ; beans 36 4s Ed; barley 4s Od to 4s 6d per bushel. 611 b biviwias s, JULY 27.—Wh eat, per qr, weighing r per bushel, 38s Od to 41s Od; ditto, old, bushel, 00s Od to 003 Od; barley, per quarter, weift i g 541 b per bushel, 25s 6d to 26s 6d ; o at s , per quarter, we'd r 421 h per bushel, 20s Od to 21s Od. Oatmeal, Per . , if f, ar ri boll, 18s 4(1 to Os Od; ditto second, 16s 63 to 00s ()"; l oaf er meal, lls 6d to Os Od ; peasemeal, 5 3 od t w o e o i s gh Oi n : b 6r ,, 2a1 , nb ; ( 18 14 ; stone, Os id to Os Od; first flour, per 2 8 0 lb , 3 48 W t c " . '" lb second ditto, 27s Od to 2 , s Od; oatmeal, best , . per stone of 14 imperial, Is Btl to Os Od; ditt o secon d, i s 6d to OsI)d I bar ley' meal, Is 4d to 05 03 ; p easemea l, I s 6cl to Os Od ; first flot 2s ad each. 9d credit ; geCOSa 'lit" ) , 2 . °CI cash. 25 ;i 1 11: 44 dit. Potatoes, per lippy, 3el to 4d ; beef, per ~,, to 4dl to 6d; veal, 43 to sd; mutton, 4cl to 6(1; pork , ' 2 " A " uc los fowls, each, 12d to 14d; chi c k ens , p er pair, 12f1 to 16 d; each, Od to Od ; eggs, per dozen, d to 63; butter, I : 2d to 9,1 to 10d per lb ; ditto, salt, 8d to 10d ; croudie (curds), 6 0; 03; four-pound loaf, cash, 43 to 6d ; ditto credit, bi d coals, per cwt, 9d; hay, per stone, Od to Od. THE CLOTHING MANUFACTURES' V i si LIVERPOOL WOOL, JULY 29.—T.0 bales of India la,t Tuesday went (dr with great spirit, and go od ds so l d white wools advanced Id to I per Ib, other k iu ei; w.ll without aberation in value. Imports the 1.2 t, : e 45, —Egyptian 69, Oporto 190, Mogadore 211, NiP'efalp New York 154, Cr.nAmut 86, Constantinople 52, 61, Iceland 173 bags. fil bid ENGLISH WOOL, JULY 30.—The demand for cewedc's wools continues brisk, and pin s are firm at las t as foil rates. Clothing wools also meet a ready sal e prices. o or • YORK WOOL, JULY 29.—The show of WOO' Aid market to-day was extraordinary for the sess ( T b eetl. quantity could not be less than from 350 to 400 ' pe which exchanged hands at fully last week's pllcl' u atil markets, in future, will be held once a fortnlgu" further notice. .ball° TRADE OF LEEDS.—The markets lit the e. , 0 , -11 ., 00 have been brisker both on S a t ur d a y an d Tuesday stir has been the case for s evila l wee k s past. A larg"d the • ply was brought to the h a ll s . P r i ces are firm,l'-iettet socks remaining are li g h t f or t hi s per i o d o f til e .' t he We have also to report a more active business so 30 warehouses this week than for several weeks P ti i, More buyers have been in the town, and they hav e P-0 chased more freely in anticipation of an early autte_ A trade, consequent on the encouraging harVest. business is dole% A steady TRADE OF LEICESTER. — prospect of a gou - e realised, . a , season. The advance in yarna canno the spinners,. who hold stock 1/1 r eo es agt t ar ate tteir prices, an 6 the warehouses, and stocks on band t ar b e light for 04 but. little is doing by A be confidence, as staplers are ;„ ill • CHESTER, JULY 2 9.—Tbere -- 4 .-4 TRADE 0F MAN , the.- considerable firmness in the tone of ihe market, but To 6 4 r w y ci fi i r a m fu a l t iy p was not to-day so much acthity as on Taesday.•, - n o advanced rates are more freely conceded by the v i ii ° ," e s buyers thin by ,xporters, but in numbers and (1 41- t ee suitable both for home and foreign consuraPtclill prices demanded on Tuesd ay h ave been more r-0/03, given than on that day. For cloth prices are ve r iTsee orn fullys stai , h d again firm, and large tie intities ha v i ng b een taken sitle ° ,„ the rdallyesevaern,inngwof' bhiti a e tlli i te 3d per v erilllt7b-s'were pretty o :. obtained a f ew wee k s ago, before' the market ai beg p t give way. COAL MARK ET.-I(nsTaxneY. Prices of Coal per ton at the close of themarket! ga is " Bate's West Hartley.. 13s 6d Hetton Lyons Main" 155 (P A Buddle's W. Hartley.. 148 Od Braddyll Davison's WeatHartley 14s tiotton ........................... 1: 3 6 61 Earsden Hartley Hasting's Hartley Ravensworth Pelaw Redheugh Main Its 0,1 Russell's "'Won ...... 0 8 n Smith's W. Hartley...: 148 Od,Shotton .......... ... 1 5. n ianiield Moor ... 123 6dStewart's •••• " 10 rj fanfield Moor Butes— l2s 3d Cassop ...... ...... iss Wylam Well's End, &c. Hartlepool ............ • jtuo 1 Acorn Close ....... 13s Od Kelloe ............ iv ,1 Goiforth . Harton it.. Harvey Wylam(uns.) lls 9d Woodhouse Close. .•••• 1 4 3 Hedley Lawson l2B Od Mofa Millfeet Merthyr West Harton ..... 12s 6d Nixon's Merthyr sil c ! 2 00 61 Eden Main Ships at market, 200 --Sold, BM TR S. .., ; r 6 Of OF A SON. flie 1 , - On the 30th inst., at 6, Cheyne-walk, Chelsea' -- re of Thomas Butler, Esq. he W / On the 27th inst , at Bethel-place, Camberwell, t Henry Oxenford, juu, Eq. OF A DAUGHTER. the ill On the 27th inst., at Balgreen, near Edinburgh' 0 of W. H. Lowe, Esq., M.D soal et. On the 2Wyk e, 7th inst , at Cbampflower, Brut on, setshire, the wif e o f th e Rev.V. P. Taylor. On the MARRIED. - the 2,th i nlt., at Sutton, Sir Hew Dalry f Sore l Berwick, Haddingtonshire, N. 8., , to Frances Elizahldge, m ple, 0 . o ply daughter of Robert Arkwright, Rig., of Sutton, S c Derbyshir G . TorP °lir' On the 26th inst., at Redhill, Surrey, Edward -. . 1 ,„ PIO only son of th e II , n. Captain Tumour, R.N., to E O3l ' __,.....,' Baker, both of Brighton. --.---------- Dlli. 1, Beg' On the 25th inst., at Pre o n, C an d over , Hants, t-e,,„,be Thomas Westcombe, vicar of that parish, and of Let Regis, Maks. eer, On the 25th inst., a t Sherborne, Dorset, Henry PP .-- „n Esq., late of Jersey, aged 67 . Bolt, ° f At Edinburgh, en the 25th i nst. , Mrs. Charlotte Berry Zetland, aged 85. , moto° l On the 27th inst.. at Burney-street, Greenviic. , - 'et° Irving, Esq., late Storekeeper of H. M.'s Naval, yari:l,l— Dultyn Aberdare, G ford, aged 76. E5q., 0 of On the 28th inst., at Clifton, aged 31, Annabelle, Wif 1.12...0f5k1t 5b ...... ... H. 2A. Bruce, f Precinct of the savor, is L I " °°--- rdPrPinutberli,sheetdTbr, 51 Sa BD 0f6 (1 € 41°Ij na tt"' —'661i1 : I. Lo ss n t n or. o an o 4l : l2 P il rie l t htr a d ean ' ' Vidditliat Saturday s duly 31,1852 c : - ' THE S U N, LONDON, SATURDAY EVENING, JULY 3l, 1852, . L