The Express.
London, England, 1852-05-01 00:00:00

year—(laughter)--considered of so alight an import.
But undoubtedly the effect of the Great Exhibition oa
stags carriage and railway duties has been very consider.
able. With regard to the excise, I must further make
allowance for the reduced product of the hop duty; as
the duty which will be received in 1853 will be considerablybelow the duty received in the preceding year. On the
other band, there will be a considerable increase in the
malt duty, which become, payable on the 10th October
next, and which, it is now ass rtairied, has increased beyond
the corresponding amount of last year. This, then, is the
state of the figures:—The excise revenue fur 1852, jut
ended, was 14,543,000!. On stage carriage and railway duties
I allow for a probable reduction of 50,0001. On the hop duty I
allow for an inevitable reduction of 189,0001. I must,
therefore, allow from the revenue derived from the excise
by the right hell. gentleman of 14,513,0001., U deduction of
239,0001. This would reduce the revenue to 14,304,0001.;
and adding, again, the increase from the malt duty, of
300,00011 I arrive at • revenue of 14,604,0001. ; and that,
finally Is my estimated amount of revenue from our
excise. I take the stamps for this year at 6,339,000/. That
is about the same sum us last year. 1 had intended to take
them at exactly the same sum ; but there are some items
to be added of the ac ruing produce of the right hon. gen-
tleman's receipts, which have disturbed my calculation
within the lust few hours. The produce of the stamp
duties on the sth April, 1852, was 6,390,0001. ; and as the
effect of the alteration of the new duties since Oct., 1850,
may be considered to he fully developed, there is no mama
to suppose that we may not take the amount of the stamp
duties at a less sum. 1 put it at 6,339,0001. The taxes,
which, on the last year, were 3,691,7911., 1 ion obliged to
take at 3,090,000/. That con.iderable diminution is ices
sioned by the right hon. gentleman in his last half-year
having been able to add half a year of the window duty.
The revenue from this source, ending in the year of the
right hon. gentlemen, is thus : Ile received 3,695,000/.
We may add to that some arrears for inhabited house
duty, which would make the whole of his revenue from taxes
3,730,0001. But that RUM includes the window duties
for the half-year, which amounted to 919,0001. Then
that also is to he diminished by half of tile substituted
house duty, 300,0001. ; and, in the cod, therefore, 1 must
diminish the revenue realised from the tax by the right
hon. gentleman, by the sum of 610,0001. Therefore, I say,
I place the taxer at 3,690,000/. I come to the property
tax. The property tax of this year is, of coulee, one-lea
the amount of the property tax last year; because the house
is aware the property tax does not virtually cense until
October; and, therefore, whatever decision the house may
come to upon this subject, one half ut the property tax
will naturally and must nucetsarily figure in tile revenue of
this year. I, therefore, put the property tux at
2.641,./001. The l'oat-oftiCe I take at 938,01.101.
am obliged, here, to allow for the effect of the
Exhibition on the revenue last year, and for theexpeaditure
of the census, and 1 have also to calculate on the settling of
contested Accounts with railways in regard to postage: and,
on the whole I run justified in putting the revenue at
938,000/. The Woods I Mho at 235,0001. The Woods,
which I now take at 235,000/., last year produced only
190,0001., the increase, as I have previously explained, aris-
ing in the transference to the miscellaneous of certain
charges which hitherto have been incurred by the Woods.
The misceilancuus I take at 260,0001. ho old stores at
400,0001. Now, all this makes an income of 48,983,4001,
with u deficiency of 2,180,4791. You have, therefore, with-
out the property and income-tax, already a deficiency of
2,1803791. ; that would be your deficiency for this year.
lint of course the house is aware that in the year 1854 that
deficiency would be about 4,100,0001., all things remaining
the same. Now, to complete the picture •hich I have
placed before the house, endeavouring to present
it in • fair and unvarnished mauner—(loud cheers
from the opposition) 1 think it would be ex-
pedient, previous to the house coming to any
decision, and before I detail to the house with great respect
the course which her Majesty's government believe it to
be their duty to recommenl, that 1 should place before the
committee the finances of the country, both as to the last
and as to the present year, in a parallel position—assuming
that the property and income tax had not been continued
for one, but two years. (Cheers.) And with that object
I will offer to the committee an estimate of what I believe
the property and income tax will produce for another year.
Now, air, I know that upon this subject con-
siderable controversy has occurred. The right hon. gen-
tleman experienced a hos of upwards of 100,0001,
in his rec. jets of property tax below his estimate.
Sir, I have inquired into, I may say I have investigated
this matter with the deepest attention I could command;
and I ion bound to say, and I will give my reasons to the
house for saying it, that there really, after all, has been no
diminution an the proceeds of the property and income tax.
What I say is, that there hos been no diminution in the
total asscrameuts to the prop, rty tax for the present year,
when compared with the two preceding yearn, notwith-
standing that the right Lon. gentleman received more than
101.000/. less than in the preceding year. I will siphon
to the committee how that is. In the first place, from the
great delay in continuing the property and income
tax, which was nut agreed to till the sth of
June, there were great delays in making the assessments
and great arrears occurred ; and at the time, unfortunately,
the office on which the whole duty of makiii, the assess-
ments devolved was so occupied with the urrangements of
the census that there was necessarily, from the want of
hands, considerable arrears and considerable delay in
making the assessments. The committee, however, will
sec from a return I am about to place before it that there
has been no diminution in the total assessments to the pro-

petty tax in the present year, as compared with the two
preceding years. I take the years 1850, 1831, and 1852.
The total duty assessed in 1850 was 5,727,0001. In
the rear 1851 the total duty assessed was 5,739,0001.
In 18.52,which has just expired, the total duty assessed is
5,758,0001. So that there is no diminution, but rather an
increase in the assessment. There has been, no doubt, a
reduction as paid into the Exchequer. For example, the
payment into the Exchequer in 1850 was 6,466.0001. ; is
18 1, 5,403,0001. ; and in 1852, 5,203,0001. • and, hence, the
country had a right to conclude that there had been a
serious falling off in the proceeds of the property and income
tax. But, iu fact, the amount assessed has not beta di-
minished but increased ; and great portions of those arrears
have been obtained. (Cheers.) Well, now, sir, I come to
the reuse of the great diminution which has occurred in
Schedule D. ((fear, hear.) In 1849 a get at diminution
occurred in Schedule D—that is, in trades and
professions. From 1,754,0001. the schedule fell to
1,584,000/. That was in 1849. In 1850 it again dropped
to 1,570,000/. In 1851 it rallied to 1,593,0001. Now, or,
there can be no doubt, as far as I can Om an opir.iort,
and I am sure I have no prejudices upon the subject, that
the emote of the diminution in Schedule la is really and
naturally to be ascribed to the events of the unhappy com-
mercial year of 1847. (Hear, hear.) I need hardly re.
mind the committee that the auesaments to Schedule D
arc not made on the profits of one year, but au average '
of three years— (hear, hear) —and therefore a year
like 1817, will effect the return for several rare 1
and not only for the first average, but for a
certain time afterwards. (Hear, hear.) But look at
the produce of Schedule 1) in the year which is just coot-
pleted. Instead of being 1,484,0001., as it was in 1849, it
has rallied to I,6o4,oool.—(cheers) ; and I am informed, of
course by those must competent to collect an accurate opi-
nion i n such a subject, that we may look with perfect con-
, fidence on Schedule 1) entirely rallying. (Cheers.) 1 say
"entirely rallying," because there is no doubt that
although I appear before you with a deficiency, the stete of
this country is one, especially so far as that schedule is
concerned, of great and sound prosperity. (Loud and
'prolonged cheering front the free traders.) But,
sir, as it is my business before this committee
to state that which I believe to be rigidly the truth upon
ell subjects—(loud cheers from the free traders)—upon all
subjects connected with the finance of the country—so I
think that hoe. gentlemen will believe me when 1 tell
them, and I tell them with great regret, that there are
parties, that there are classes in this country who are not
prospering, and whose adversity is commencing to tell
upon your property and income tax. This is the
first year—and I fulfil the duty with souse roe
grit—ln which a Chancellor of the Exchequer is
estimating the amount to be derived from the Propertyand
Income-tax, has been informed—by the highest authorities
—that he must make allowance for reduced rentals. (A few
cries of Hear, hear," from the ministerial benches—the
majority on those benches remaining quite silent.) Nay.
I have to do more than that-1 em informed that its
more than probable that the permission, the privilege.
that was conceded to the British farmer, to avail hienselt
of under Schedule D, will be acted on to a very large ex-
tent. (Hear, hear.) The committee will admit• the di&
ficulty of finding data to form an estimate of thene two
circumstances ; but it is my duty to Mate to the committee
the representation which has been made to me by those
who arc most conversant with the subject, and who have
fairly brought the facts before me, and I can assure the
committee, for from having a prejudice on the sultiver and
although I believe there is not anything which could u-
duce me to colour any case like this—still 1 could slated
have hoped that it would have fallen to any one but on, :C0
make this statement, because I know there are some P
WWI will iatagine lam giving to the matter a colour which
is not just died by the reality. But lam acting on informa-
tion which it is impossible for me to diem-wird ; and 1 on
✓ecommended to take a not less estimate than LithOtki.
as the probable loss that will accrue from the reduction el
rentals and from the decremte of the produce under Sehe.
dule 1), in consequence of the cultivators of the soil arailieg
themselves of the permission which we gave them last year.
Now, sir, under these circumstances, in ciao I hod to older
the committee an estimate of the probable produce of the
property and income tax fur the year after the lilth of
October next, 1 would estimate the rev. nue from this
source to the year ending the sth of April, 1433, al
5,283,0001. We have still to add to that, not col-
lected, on account of the backwardness of Nest awes,
the sum of 54,000/. 1 %hall, therefore, take the amouut at
6,337 ,0001 'That would be my estimate of the produce a
the property and income tax for the year ending Aril,
1853. I must, however, take front that amount the guru of
150,000/. for the reasens I have alleged ; nod there
would then remain as the amount of produce of
the tax upon property and income for the year
ending tli.• 4th April, 111 et, 5,187,0001. (Cheers.) Now if
I add that item, the whole of the income and property Olt
to the other estimated income, the whole estimated ,noime
for 1852.3 would be 51,62.5,0001. (Cheers.) And
us the estimated expenditure is 51,163,9711/ .
would be a surplus of income over expenditure
of -161.021/. (Loud cheers trim the opposition.)
Now, sir, I hope the house has obtained front me an unvu-
nisheil—l trust clear—amount of our financial polki-
(Laud ninisterial cheers.) I may truly any, if I have sot
cuceo,du'l in conveying one to them, it is entirely attri-
butable to the want of ability and experience, and not fro
any desire to conceal aught horn the committee. (1,7
hear.) It appears to the government, unit. r these cit
stances, that there is but one course for Oa ;a to re