The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-27 00:00:00

THE LIVERPOOL FINANCIAL REFORM
ASSOCIATION.

The weekly meetings of the -council, which were sus-
ponied in con&equence of the electioneering excitement
and other circumstances, were resumed on Tuesday last.
The principal business transacted consisted in the reading
of letters and the pa'sing of acc aunts. Amongst the cones-
pondt-nts was fir. James Harvey, of this town, who holds
that financial reformers are altogether wrong in directing
their attention to the amount, mode, and disposal of taxa-
tion instead of to the medium in which taxes are paid ;
he being of opinion that with plenty of paper money,
issuad by the state, in the shape of £1 exchequer notes,
receivable in payment of taxes, a little extravagance on
the part of government would be beneficial rather than
otherwise, inasmuch as it would employ labour; and also
that, with such money, instead of gold, not ten men could
be got together to talk about fine,- cial reform. A. copy of
" Ayre.'s Financial Register of British and Foreign
Funds" was ordered for the use of the aSsmiation Proofs
of the forthcoming tract on the. government establishment
for the manufacture of firearms, at Enfield, were sub-
mitted.

THE HUDSON'S BAY COMPANY.—Mr. J. Smith 'brought
the extraordinary privileges and proceedings of this
anomalous company before the council, as loudly calling for
the considerath n and exertions of finance d. reformers, as
well as of all advocates of fre trade, equal rights, and
sound principles of colonisation. By fav mr in certain
intereved qua:tars, and the supineness of parliament and
the public g-nerally, the Hudson's Bay Company, a small
body of private traders, hold exclusive possession and
absolute sway over a country considerably larger than the
whole of Eurore, on little more than nominal conditions,
which they had never attempted to fulfil; and they had
exercised their privileg s to the great pecuniary benefit of
a few individuals comprising the c mpany, but to the
great injury, moral, physical, and religious, of the native
population, and the great loss of the mother coun-
try. He snggest'd that a tract on the subject should
be prepared. The resou'e3s of the country had never
been properly developed ; the company had endea-
voured to make a sealed book of the whole of it to their
fellow subjects; those who endeavoured to carry on trade
tnet With all sort of obstacles, and did it at the peril of
their lives : and it was high time for the parlianint and
people of England to interfere, for the Putr.,e of putting
an end to such a system. The comn.ny, certainly, had
grants and a charter from Charle,s ; and they claimed
to hold all they possessed in fee simple, in virtue of them ;
but it was simply what Charles had no power to grant.
Rten supposing that their title were good originally, they
had violated all +lre conditions on which it was conferred,
and what was now wanqlbd was the abolition of their
Monopoly, good givernment, free trade, and coloniiation.
The Chtti.l.man said, a committee had been appointed last
:sesame to enquire into the subject, and no doubt it would
be renewed in the new parliament. He thought Mr.
rstolth's suggestion very valuable. A short discussion
ensued, during which it was observed that a propesition
had been made to attach what were called tte Hudson's
Bay territories to Canada, and that deleg.:ates from Canada
are now in England to urge the trar4er upon the govern-
ment. This course was thour:it preferable to a continu-
ance of the present system as there can be no doubt that
the selfish and short slighted policy of the Hudson's Bay
Company towards their own .subjects, and their own
Countrymen who had endeavoured to trade or settle in
their territories, And their permitting or conniving
at the intrtr.,,On of Americans, had been the
eauer.,s of the dispute about Oregon, and of
Its tins! surrender to the United States. The making
°ye": of Vancouver's Island to the company was also con-
P -
..iernned, and the island de,cribed as a glorious one,
thoundlng in coal, gold, silver, copper; iron, and every.
ttfiin calAlated to make it a great and flourishing count ,
if Hilly the incubus of the company were removed. It
was ordered that a tract on the history of the Hudson's
Bay Company, and the results of ita OgetatiOnS, and also
i petition to parliament, praying for enquiry and the
abolition of this baneful monopoly should be prepared.
ExTENSION OF OPERATIONS.—The following letter from
a diatinguish'ed advocate of direct taxation was read ;
TO THE PRE4DENY OF THE LIVERPOOL FINANCIAL REFORM

ASSOCIATION.
have to thank you for the report of the last
Vaeeting of the Liverpool Financiel Reform Asssociation, in
the objects and endeavours of which to bring about an
entire revision of our taxation, I, in common with a large
por?ien of the c nnmunity, entirely concur. The present
vciels, which has brought about a dissolution of parlia-
ment, by the political combination of parties hitherto so
utterly opposed to each other, doubtless, has presented a
most valuable opportunity of appealing to the constituencies
of the country, with great force and effect, on the all-
important subject of the future gevernment of the finances
Of England; but the rapid manner in which the writs for
the nate elections have been issued, will, it is to be feared,
hleetralise that opptert)nily, so far as regards the obtaining
Of efficient contre,:ting moral force over the pub lie mind
for the fortheraw;ng parliament, though if should, not pre-
vent cur straited exertions for sech purpose during the
interval which may elapse until the next appeal to. the
'..:ountry. Need it be said that there is a great and pars-
mount necessity for a revision of the modes of taxation ?
Is is not patent to every reflecting mind that our present
mode of raising revenue; and our system of national ex-
penditure, are most vicious? Can it be seen, with indif-
ference, that large amounts are annually wasted and
frittered away, without anything in the shape of adequate
Control or responsibility ? Is it not quite certain that in
the cost of collecting the revenue* (which, alone, is as
large as the entire revenue of some continental states, and
`Might be reduced to less than half its present amnia°
there is an element which, if properly economised, at
compound in' erest, would, during the ico years of peace,
have materially lessened that great incubus of taxation,
the National Debt, and in the same proportion diminished
takes ? The best and surest test of the good management of
the national finance is to consider has that of an individual.
'Will it be said, for a moment, that any great commercial
firm, any corporation, or any merchant, would, or could
with safety, pursue a course similar to that on which our
national financial policyis based ? In whatever direction
Nve look, whilst analysing the intricate national accounts,
*e find the same misconception of the true principles of
finance, the same false position; revenue largely extracted
'from sources pressing most unequally on the poorer classes,
who Constitute four-fifths of the consumers, and many
'CIUSeS of duties totally indefensible from the partiality of
their operation, such as the land tax, which in some
parishes is several shillings in the pound, whilst in others,
as in Marylebone, it is only the fraction of a farthing.
The disproportion, also, which large towns pay in the
amount of general taxation, compared with what is paid
by land ; the unproductiveneas, under the present evstem
of management, of the national property, consisting of
lands, houses, forests, mines, &c., which would be a great
resource if properly developed.j- The cost of managing
the public debt,} and the sums annually disbursed for
diplomatic, judicial, and other pensions, § present abundant
materials for revision, and would, i! generally known, and
duly considered by the people, render it impossible for any
ministry to deal much longer in his manner with the
public money. These great truths being Undeniable,
it remains to be considered by what operation the
necessary changes in a state of things so detrimental
to the best interests of the country can be brought about.
and render effective the demand of tbe nation for a com-
plete revision and reform of our whole financial system.
The constituencies having had demonstrated to them a
more just and equitable 'system of raising the revenue,
accompanied with real control of expenditure, and great
relief from the present heavy pressure of taxation, should
be urged to facilitate the attainment of objects in which
every taxpayer is so deeply interested, by returning only
such members as will_pledge themselves to effectuate this
gireat work of justice, economy, and good government.
The existing association, and all associations n connection
with it, will doubtless be under the necessity of framing
principles for a system on which to construct a thorough
reform. It has been alleged that this first stage of pro-
gression has not yet been realised. This objection, I ven-
ture to submit, is not tenable. In reply to it an appeal
may be made fearlessly to the already published transac-
tions of the Liverpool society, to the many able advocates
of direct taxation, and writers en political economy, from
Sir John Sieclair down to the present day, and I may add,

* The cost of collecting the public revenue of the 'United
Kingdom for the year ending 31st Marcl►, 1856, .a., according
to the fieance accounts, No. 10, issued by. parliament,
£4,154,576 17s. 7d.
t The rate per centum for collecting the proceeds of what
are designated Crown Lands was, in 1852, £l3 193 11d, Vide
History of Taxation, Appendix, p. 28, where the rates per
cent. of collecting other branches of the revalue will be found.
Management of public debt, per Parliamentary Finance
Account, No. 50, £95,875 9s 9d. N.B. The amount actually
paid to the Bank of England for management of the debt is
upwards of £250.000 a year ; but there is a rebate of
£lBO,OOO, arising out of some participation of profits, entered
under the head of "share of profits of circulation payable by
the hank to the government."
41. Diplomatic salaries and pensions (Finance Accounts of
-18.i6),£147,659 7s 8d ; sums paid to officers of courts of justice
do., £493,219 3a. These amounts include £7,700 per annum
paid to the Right Hon. Lord Ellenborough as chief clerk of
the Court of Queen's Bench ; £4,028 per annum 'o she Rev.
Thomas Thurlow, clerk of the fianaper (besides £442 per
annum to John Gordon Seton, for assisting him in the dill-
charge of Lis arduous duties), and £1,082, and £6O, per
annum to John Holdslip, as "Chaff-wax." These sinecures
represent, in the aggregate, a capital of more than £400,000,
for the interest on which taxpayers have to provide.