The Express.
London, England, 1866-05-25 00:00:00

THE LThDER•SECRECARY FOR FOREIGN
AFFAIRS.

3lr. D. GRIFFITH asked when the Under• Secretary
for Forei4r. Affair! would he in his place. (Laughter.)
The CHANCELLOR of the EXCHEQUER said he did
not know, but ho would inquire.
C7STONIS AND INLAND REVENUE BILL.

On the order of the day for the second reading of this
hill.
Mr. HUBBARD moved that it is inexpedient to retain
as part of the inland revenue for the service of the year
the present duties on fire and marine insurances, which
are unjust in their incidence on property, and injurious to
the national indudry. He pointed out that of a surplus
of something like a million and a quarter about half a
million had been appropriated to reduction of certain
duties, and about 700,000/. remaining, it was from that
sum that he desired means should he taken for the abo-
lition of the duties on fire and marine insurances,
instead of being applied to the reduction of the
national debt, which he characterised as a national
mortgage on the property and industrial products of the
country, the interest of which was light, and which it was
undesirable to make, at least at the present juncture when
money was worth 10 per cent. in the market, extraordi-
nary efforts to pay off—and still less by annual instalments
of some half million out of financial surpluses. Touching
on the duty on marine insurance, he objected to its being
levied on a graduated and increasing scale, in proportion
to the increase of premium, and contended that that was
manifestly unjust, and acted discouragingly on insurance
business. In regard to fire insurance, it was, in fact, a
• forced tax on houses, which were already rated for local
purposes, and liable to income tax and house tax.
What he proposed was that lid. of the duty of le. M.
of the tire insurance duty should be taken off, and the
marine insurance duty be reduced to 3d. per cent., which
would reduce the surplus for the year by 487,500 i. Even
at these rates the duties were prohibitory, and ought, in
fact, to be brought down to a uniform rate of a penny.
Mr. MARSH seconded the motion, and took occasion
to express his approval of the doing away of the timber
duties And the assimilation of the duties on wines, and
urged that the house should pause before entering on so
serious a question as the reduction of the national debt;
objecting to the plan proposed, which seemed to him akin
to the old scheme of the sinking fund, which had so
egregiously failed.
Mr. SHERIDAN, who had another resolution on the
subject of fire insurance on the paper, accepted a suggestion
of Mr. Gladstone to bring it on on going into committee on
the Terminable Annuities Bill.
Sir S. NORTHCOTE Raid he also should reserve his ob-
servations to the discussion on that bill.
The CHANCELLOR of the EXCHEQUER expressed
his regret that Mr. Hubbard had raised a discussion which
was not relevant to the bill before the house, his proposi-
tions relating strictly and entirely to the Terminable An-
nuities Bill. He had nothing to may in vindication of the
duties assailed, which might well, on a proper occasion,
be dealt with. But as the duty on fire insurance was •
tax on property, some consideration ought to be given to
the balance of impost on property, which had received
numerous remissions of late. As to the duty on marine
insurance, he did not think the claim for its remission was
so urgent as that of other cases of taxation.
Mr. WHITE complained that no opportunity had been
given to discuss the budget.
The amendment was negatived, and the bill read •
second. time.

TERMINABLE ANNUITIES.
On the second reading of the Terminable Annuities
Bill,
The CHANCELLOR of the EXCHEQUER said it was
mot intended by him, in introducing the subject of coal
supply into the question of dealing with the national
debt, to make that the basis of his proposition;
but that subject was only used as a reinforcement of the
other reasons which might be adduced to justify the
adoption of a more decisive policy in regard to the na-
tional debt ; and he spoke of the coal sapply as the main