The Sun.
London, England, 1852-10-09 00:00:00

SIR JOHN FRANKLIN.

The following information has been received a
Lloyd's :

g, Aberdeen, Oct. 7.

" The Prince Albert, Kennedy, arrived here to-
day from the Arctic Regions, has heard nothing of
Sir John Franklin. She spoke the North Star
steamer in Erebus Bay 6th Sept. The Prince Al-
bert had been beset in Batty Bey eleven months pre-
vious to 6th August. Her crew are all on board,
but some are in a weakly state. She has brought a
ump,L teon l
asnt
July. report of the whalers early in the season. The
fishinguly!T
appearsheßegalia,
toha v
of
e
Kirkcaldy,unfavourable and
(American) are said to have been lost."

FIRE IN LANCASTER-PLACE. Yesterday after-
noon a dense volume of smoke issued from the deep areas
in front of the houses in Lancaster-place, Waterloo-bridge.
The engines soon made their appearance
ca uses dt br
stores
t
thuar3n, eadn
dout
strapto bein athl
eo one,
plate-glass
trance to which is from Savoy-street, in
ne and
thi
get
nh
aet
ignition
fire,,to bfes which
oemn
-e
Company's
ex-
tinguished. Eleven crates -street, Strand, was soon
but goefwtashedoTnyen. Tyne and Tees Glass
the flooring of the stores, were de-
stroyed,STAMPS IN THE COURT OF CHANCERY.—The Lord
Chancellor •
c. is empowered by the 15th and 16th of Victoria,
Si, to order fees not to be received in money, but by
means of stamps. The Commissioners of Inland Revenue
are to provide stamps, and, after order made, no document
is to be received or used in the Court of Chancery unless
gnlaosso,thaenrddamess Y
stamped.
SOJOURN OF THE DUCHESS OF KENT AT DON-
CASTER.—We understand that her Royal Highness the
Duchess of Kent, mother of her Gracious Majesty the
Queen, will arrive in Doncaster from Balmoral by the ex-
press train at 5.10 P.M. on Wednesday, the 13th instant,
from whence she will proceed to the house of Mr. Pye, Royal
Hotel, where she will sojourn for the night. Her Royal
Highness will be accompanied by her daughter, the Princess
Hohenlohe (by her first husband, the Prince of Leiningen),
Princess Ada, Princess Feedore, Prince Heiman, Lady
Augusta Bruce, Colonel Sir George Couper, Miss Jung,
governess of the young Princess, and her usual retinue. On
Thursday, the august visitors will take their departure by
the 11.20 A.M. train- Sir George Couper, comptroller of the
household and chief equerry, arrived in Doncaster by the
express train, on Wednesday, in order to make arrangements
with Mr. Pye for the reception of the illustrious party. It is
almost unnecessary to say that there will be no demonstra-
tion of a public character.—Doncaster Chronicle.
THE PLANET OF AUGUST 22, 1851.—Mr. Hind,
the discoverer of this planet, has given it the name of
Fortuna.

THE INCOME TAX.
To THE EDlTillt OF THE TIMFS.
Sir,—One of your correspindents, '' R. yet!
correctly atserteci some time back that the'' actuaries
and the " economists" are at i!•!stio on fundamentAl
principles ; this is perfectly true, but it ruu,t also be
remembered, that while on the one hand all the ac'
tuaries agree amongst themselves as to principles
(differing, as might be expected, only in details), 00
the other hand the economists severally propound
schemes which are wholly at variance and antagonistiC
to each otht.r.

One of these schemes may be considered as alrescli
disposed of; in your leading article of to-day r°
have most ably discussed this much-vexed question,
and have, it is to be both hoped and believed, for ever
set at rest Mr. Babbage's absurd proposition to to%
equally the received incomes of each year, withal
reference either to their source or to their duration. ,
Another fallacy, however, still more subtle and
obscure, remains yet to b?, disposed of. I allude t°
that propounded by Mr. Warburton in his evidence
before the committee ; and as Mr. Warburton's re'
putation stands high as a first class University mar,
and as he, moreover, carries with him all the weight
of an ex-M.P., I will venture, with your permission)
very briefly to recapitulate his views and to expose
their utter absurdity. It is quite true that Mr. WO'
burton has been already replied to by some of the
actuaries who were examined, but as their letter t°
Mr. Hume was necessarily very technical, I imagine
that your non-mathematical readers will be better
pleased to have the subject discussed in some left
learned form.
Mr. Warburton's reasoning, stripped of all I"
technicalities, would seem to amount to this—if the
income-tax be intended as a temporary impost merelP
the present mode of levying it is unsound and unjust;
but if it be placed as a permanent burden on the
country, it is in such case both fair and just to tax re;
an equal rate a temporary and a perpetual income!
and, be would seem to argue, for this reason,--be
proprietor of a perpetual income will pay a perpetual
tax, while the proprietor of a temporary income Till!
pay only a temporary tax, and thus they will both
contribute equally to the necessities of the country!
This is plausible enough ; and will, I doubt not'
pass current with many people, but it is unfor
tunately also untrue. The confusion in the minds °I, Mr. Warburton and his followers would seem t°
have arisen from the use, or rather, I should SO
from the abuse, of the word " income." It may b°
received as an axiom, that real income is a profit pro'
duced by, and not out of, capital ; apparent incoule'
on the other band, is partly made up of real 01
come, and partly made up of capital, each paymeni
contains within itself a payment of interest or reli
income, and a repayment of a portion of the capitst
which produces it. It is obvious that land will prcii
duce rent for ever, without diminishing the value
the estate ; therefore such rent is real income. Monet
in the funds will produce interest for ever without
diminishing or exhausting the capital which produce.
it; ; therefore interest is real income. But a temll;
rary profit, whether it take the shape of an anntlyt
certain for a term of years or of any other form, is o'4
real income, as each payment is made up partly of re :e
income and partly of a return of capital, so that te,
real capital, which at the outset of the term rePr,
sented the value of the apparent income, gr.',
dually disappears year by year from the original 00
Vestment, and, as it were, as gradually re-appeal
year by year in some other and new investrne°,'
Now, when Mr, Warburton compares a perpetual Irj.t
come with one, say, for ten years only, he argues tlu:
because the temporary profit is only taxed ten tax
while the perpetual profit is taxed a perpetuity of ta%e
you are treating their proprietors with evenhandel,
justice ; he forgets, however, that you are not 0%
taxing the ten temporary real inccomes, but th'd
you are, at the same time, taxing the capital duringo
the process of its reproduction, which capital is td,
be again taxed in perpetuity when reproduce,
If, indeed, this unfortunate capital (which II;
been thus taxed in full, while its more fortuos,l,,
brother, which took a perpetual form, has been wh°,lll,.
untouched) could be rendered for the future wbc.,,,
exempt from taxation, there would then be ecrij
justice in the reasoning Mr. Warburton has Po
down ; but as, in truth, this forms no portion of
,11,
scheme, and would be impracticable if it did,
reasoning which seemed so impregnable, and on Whlej°
so much stress has been laid, and which so gladdens
the hearts of the opponents to an adjusted income't°
must, I fear, be pronounced unsound.
I have the honour to be, Sir, your obedient servant',
ONE OF THE ACTUARIES ExAMINEP'
London, Oct. 6.

THE ARMY.
GENERAL ORDER.
Horse Guards, Oct. S',6!
General Viscount Harding°, Commanding.in-Obil;0
will hold a levee at the Horse Guards, for the receptvne
of ufficere, on Tuesday next, the 12th of October, St °-
o'cic ch.

By his Lordship's command,
G. A. WETHERALL,
Deputy Adjutunt-GenorP

RAIL WA Y RETURNS

.ST WE:

Miles
opened,
1852,

£1,436

665
222
1,386
762
5,332
8,565
4,108

613
1,061
1,016
476

669
4,151
17,524
2,673
3,970
2,490

4,5 b 1
12,888
4,665
26,237

155
5,071
16,021
1,307
360
61,749
1,155
14,773
15,649

170
169
7,223
518
772
25,321
2,409
914
2,170
3,720
5,029

674
1,866

579
608
1,805

705
2,116
19,824
2,055
1,238
1,985
849
311

220
15,703
9,563

361
941
•4
14,911
9•61.

1,214
223
934
1,024
27,806
20,158
11,594
7,992
9,254
2,949
4,053

1 ,169 01
04
~
22,°"4
IN6b
18,68 i
3,66..
30