The Sun.
London, England, 1852-12-09 00:00:00

Z"ln

LONDON, THURSDAY, DECEMBER 9, 1852.

The CHANCELLOR of the EXCHEQUER on Monday
evening, in speaking of the resolutions about to
be submitted for the consideration of the House
of Commons, declared, that "as far as the Go-
vernment is concerned and their measures, they
ail stand forward for the decision of the House
on any point ;"—and again, that he had "no
ether wish than to obtain the general verdict of
the House upon the whole of the financial scheme
brought forward." Now this appears to us to be
raising an issue exceedingly unfavourable to Mi-
nisters, and by no means fair either to Parliament
or to the country. There are many excellent
points in the new Budget to which we would ren-
der our most strenuous support. There are
others—or at least one portion—to which we
would offer an equally strenuous opposition.
Must we, then, accept all, or lose all? We freely
admit that " the financial scheme," taken as a
whole, is very much superior to anything that
has been brought forward for many years ; but we
would surrender all the proffered advantages rather
`than consent to the increase of thelnhabited House-
tax—.believing that it is unjust and oppressive to
impose an onerous burden on one class of real
property, and that by no means the most eligible,
from which others are exempted. Like the Right
Hon. Gentleman himself, we object to exemptions
of 'any description. And the most odious of all
exemptions, would be that which would exempt
kind from a tax imposed on buildings, or vice
versa. The impost, whatever it might be, should
bear equally on both, according to the actual
value, and (as we conceive) should include per-
sonal property of every kind within its operation.
Again, we cordially concur in the principle for
the first time brought forward under Ministerial
auspices, that there is a distinction between per-
manent and precarious income which it is the
duty of Parliament to recognise. But we dif-
fer toto ccelo on the details. The principle
being once admitted, a nearer approximation
to the actual value should be made than that be-
tween 51d. and 'Td. A professional income ter-
minating not merely with the death of the party,
but on a failure of health, or even a change of
l'r°Perty, cannot be considered as in any degree
"P-Proaching to one-half; or even one-quarter, of
" value of a perpetual charge arising from the
'idends in the public funds, or the ground-
ants ef
well-circumstanced real estates. The
rates should
and altho and be materially modified ;
not chnargh still convinced that industry should
tat is erebalectd in any respect save so far as capi-
suggestion that In its operations, we shall offer a
rthe present and pending the
fiscal revision that
Is inevitable, and that has
been more than
leader of the House
eie• at by the Ministerial
Before, however, We :lint:i .
enter
on this part of the
subject, we would ask, win
nal r-t-here, indeed, be a
necessity for the additio
revenue of 1 000 0001
or,
iQfusER calcu-
at which the CHANCELLOR of the
Yates the additional House duties?
less
objection-
ableo cannot
that sum be obtained it a manner
than that proposed. In the first instance,we are prepared to prove, from the data furnishe
1)y Mr. DISRAELI himself; that the now Income_
tint, if accepted by the country, will considerably
exceed the estimate of 5, 421, 000/., and that more
than 900,000/. will be available from that excess.
The produce of schedule A, as at present levied,
is 2,649,0001., and of schedule C 746,0001.,
rb naking together 3,395,000/. It must, however,
e borne in mind that a new class of contributors
will be inclu
conies, arisim,
ded—those having permanent in-
t. from realised property, between 50/. and 150/, producing
annum. The Right
per .
Honourable Gentleman has estimated the increase
under this head at 430,000/. •
an under estimate, but this is palpably
ableM
spected and indefatig r. ...LAGGED:IOR, the re-
Representative for Glaps-

gow, has, by a series of laborious calculations--
and no person will question his competence on
such subjects—proved that incomes between 601.
and 1501. are rather more than one-third of in-
comes exceeding that sum ; and he did this by
taking the assessments for revenue; under
Mr. Pm's Act for all incomes exceeding 1501.,
and also for those exceeding 601., and not
amounting to 150/. The Hon. Gentleman states,
" By calculations which I made in 1844, the
lowest estimate I could make for incomes arising
from realised investments and properties, was as
follows in Great Britain. Those above 1501. per
annum about 162,000,000/. under 1501., about
58,000,0001."
Now it is more than probable that these
calculations were made for Sir ROBERT PEEL
as the basis of the future legislation by that
lamented Statesman, whenever he should have
to deal with a further renewal of the Pro-
perty and Income Tax. Mr. MACGREGOR. then
held the responsible position of Secretary to
the Board of Trade, and in that capacity pre-
pared the schedules for the revised Tariffs then
introduced. His office afforded the fullest op-
portunities for obtaining all the elements ne-
cessary to enter into the calculation ; and
we may feel assured that these oppor-
tunities were not in such hands wasted.
He then calculates the proportion as at 58 to
162, or 29 to 81. If, then, the latter be ex-
tended to 501., we may safely assume that we are
under rather than over the mark, in taking those
incomes between 50/. and 1501. at one-third of
those exceeding the latter amount ; but according
to Mr. DISRAELI'S own statement, the tax under
Schedules A and C, on incomes exceeding 1501.,
amounts to 3,395,0001. ; the one-third of which,
in round terms, is 1,131,666, or more than
100,000/. beyond the sum of 430,0001., esti-
mated by Mr. DISRAELI for the new contributors
under these schedules. This calculation, too,
makes no claim for the parties who, although in
the enjoyment of more than 1501. per annum, have
hitherto contrived to evade payment, but who will
now be compelled to render a return of their re-
ceipts.

There is, then, the increase that will be ob-
tained under Schedules D and E—we assume that
schedule B will be according to Mr. DISRAELI'S
calculation. Now, allowing for the reduction of
one quarter, the Right Honourable Gentleman
estimates the receipts under Schedule D, at
1,162,0001., and under Schedule E, at 248,0001.,
together, 1,410,0001: Now we might safely estimate
the increase at one-fourth, which would amount
to 352,5001., or as a margin must be left in such
matters, let us take it at only one-sixth. Here,
then, will be 225,0001., or, with the increase
under schedules A and C, 925,0001. more than
the estimate---very nearly the amount that would
be obtained from the objectionable alteration in
the house duties, which would then be quite un-
called for ; so that the popularity, indeed we
might say the fate, of the Ministry, is endangered
without any real necessity.

But, again, if justice be rendered to England
by the extension of the tax to Ireland, placing the
Sister Kingdom, as she ought to be, on an equal
foundation of rights and obligations with the re-
mainder of the British Empire, the increase would
not be a beggaily sum of 60,0001., but rather
560,000/. Real property in Ireland, which would
come within schedule A, may be estimated at
14,000,0001. ; other sources of income in
that country may surely be taken, at the very
lowest calculation, at 8,000,000/. ; so that

there would be incomes to the extent of
22,000,0001. coming within the operation of the
Act, which would give a revenue of more than
600,0001.; so that on the whole there would be
nearly a million and a half more than the Right
Honourable Gentleman counted on.
But, as we would desire to place a larger fund
at his disposal, for the removal of other ob-

noxious imposts, we would suggest an increase
under Schedules A and C to ls. in the pound, or
5 per cent. on the incomes, This would produce
in round numbers 3,230,0001. We have shown
already that 7d. in the pound will realise
4,526,0001. Every additional penny laid on
will represent the seventh of that amount, or
646,000/.—so that there would be more than
3,230,0001. from sd. If, too, under B, D,
and E the charge were made 6d. on incomes ex-

ceeding 2001. a year ; 4d. on everything between
1501. and 2001. ; 3d. from 1001. to 150/. ; and
2d. from 501. to 1001., we would find a small
increase of receipts under these schedules, for
which, however, we shall not at present claim