The Sun.
London, England, 1852-08-31 00:00:00

LONDON, TUESDAY

been made in scented Orange Pekoe, and there are ;
sellers of good to fine at is to is Bd, and inferior 9d to
Caper is in plentiful supply, and orders being
small prices keep on the decline, 6d to is 3d per lb
having;
plentiful supply of East
India Rice, and home dealers as well as exporters being
RICE.
-day accepted
there forscented.
was
a R
reluctant to operate, prices slightly declined. Of 6,477
fboangnsa
buyers-midn d 933 packets
white Bengal,
at
9at s auction, t9i tes n ,6d barely
good one i
mid to
d
good 9s 6d to 10s, fine 103 to lOs 6d, damaged 7s 6d to
9a 6d. Of 3,686 bags Moulmein a small part only of the
sound found buyers at 9s to 10s, and damaged at 5s to
9s 6d. Of Pearl Sago 695 chests sold at 17s to 18s per
cwt., being moderate rates.
COCOA.-Tho demand is on the increase for West
India, and supplies having fallen off, stiffer rates are ob-
tained. Sales privately of Trinidad, good to fine red
made at 37s to 445, low to mid 33s to 365, grey. 29s to
335, Grenada 28s to 345, and superior 35s to 36s per
owe. Foreign finds a more ready sale, and holders have
confidence; Bahia and Para realize 25s to 265, and G uay-
quill 33s to 34s 6d per cwt.
SPICES.-There is a more plentiful supply of Pimento.
Of 700 bgs at auction not above one-half found buyers,
good quality at 54cl to sld, low mid and mid sid to 54-d,
and common 54d per lb. There is no further decline
for Pepper; but privately operations have been small for
all purposes-Allepy at 3id to 4d, Batavia 3id to 3id,
Malabar aid ro 4id, Sumatra and Penang 34d to 34d
per lb. Of 300 bags Malabar at auction a part only
sold at 4ed for heavy. White is wanted, at present few
parcels are on offer, and the rates paid privately are from
6d to 9d for com to fine. A fair business has been con-
cluded in Cayenne at ad to 10d, and fine is to is 3d. Pod
Pepper is not pressed for sale; at present little is doing,
and prices rule at 48s to 51s for low to mid, good to fine
60s to 70s per cwt. Of Nutmegs supply is not ade-
quate for the demand, and prices aro still improving;
low to mid brown selling privately at 2s 3d to 2s 9d, good
2s 10d to 3s sd, fine 3s 6d to 45 2d, limed is ad to 2s 6d,
and wild without the shell is 2d to 2s Bd. Mace is in small
supply, and much in request, rates in consequence have
further improved good to fine selling privately at 2s 7d
to 2s 10d, and common to mid sound 2s 3d to 2s 6d.
Cassia Lignea is less wanted, yet full terms are obtained
supply not being larger. At public sale 100 cuts in
part sold at 110 s to 118 s per cwt for pile one to three,
damaged 94s to 106 s. For Cassia Buds high terms
are obtained, and 35 cases at auction went at 81 4s
to 8/ 10s. In Cassia Vona more doing privately at
30s to 355, and few parcels are on offer. Cloves are
held with firmness, and orders are on the increase ; sales
privately of Bourbon and African made at 6d to bid,
Amboyna 7d to 7id, and Penang 10d to is per lb. Cin-
namon is not cheaper, yet only small orders have been
executed ; Ceylon, first sort at is 8d to 2s ad, second
ditto is 2d to is lid, and thirds is to is 6d.
SPIRITS.-For E. I. Rum, prices have improved-
Is 4)id to is 5d having been obtained for several par-
cels proof strength, and holders have confidence. Of
Leeward Islands rates are on the advance, and rule at
Is Sid to is 6d proof. In Demerara a large business
has been concluded; at present no rise has been pro-
duced-33 to 40 per cent over proof selling at 2s to
2s 2d, and 28 to 30 over is 10d to is 11d. Jamaica
is held with firmness. For superior marks 35 to 38
over proof, the rates paid have been 3s 4d to 3s 10d, fine
2s 9d to 3s 3d, good mid to good 32 to 35 over 2s 4d to
2s Bd, mid 32 to 34 ditto 2s ld to 2s 3d, low 26
to 28 over is 10d to 2s. Havanneh is more
in request at is aid to is 4d proof. The
demand for Brandy continues animated. Sale'
of Cognac best Brands of the vintage of 1851haa4vd,e
been made at 4s lld to 5s Id, 1850 ditto 5s 2el to 5
1849 ditto 5s 8d to 5s 10d, older 6s to 6s 10d, low to
mid sorts 3s 6d to 4s Bd, and Bordeaux 2s 3d to 25 hd•
Deliveries for consumption remains of a satisfactory na-
ture. Orders for British made Spirit aro on the
in-
crease,
and there is a firm market at 9s ad to es 9d for
cash; Gin 22 under proof 8s 2d to 8s 3d, and 17 ditto
8s 8d to 8s 9d. Geneva is in good demand at is 10d to
2s, and fine 2s 2d to 2s 6d per gallon; there is no in-
crease of supply.
COCHINEAL -There is still a reluctance to operate
for ail purposes, and although only limited parcels have
been brought forward since last Tuesday, prices
again given way. The present value of Honduras silvers
3s 8d to 4s, and black 4s to 5s 3d, and Teneriffe 3s 9d
to 4s 4d. have
India G
o.
decidedly- The hoonm
the
ande ine r exportease.
Spanishdem an d
is forin East
small
supply, and at previous rates there are several buyers;
the lower sorts are most wanted. The public sales an-
nounced are unimportant, and the demand is likely to be
larger for all sorts of Indigo.
bALTPETBE.-Importers have more confidence, and
anroen es
uhs at
as
nb
se
den,
as
nu
db mpirtitveadt
etleypoupbel irca
tsiaolne
sthaisrewuepekon. aPmriocrees
andex t e nmd
aeddr
aessal2e3-a 160
dw
tt oo
2fi6nse
pCe
ra lecwattt.a
Aa t
fair 22 s
sale6d t
exists
for British Refined at 29s to 29s ed per cwt. For Nitrate
of Soda the demand has been only for small parcels at
143 6cl to 14s 9d, and a cargo at 14514 d.
PaeoesioNs.-The demand for Irish butter has
improved during the last few days, and
prices have ceased to decline. For Carlow, Clon-
mel, and Kilkenny the rates obtained have been
73s to 75s ; Cork 72s to 748 ; Limerick 66s to 693,
Sligo 63s to 725, and Waterford 69s to 74s per cwt.
Foreigh has been operated in with caution, and
supply being plentiful prices have declined. Friezland,
fine selling at 763 to 78s, surplus and inferior 62s to 70s,
Kempen and Zwolle, fine 72s to 745, Groningen 60s to
644. Emden and Leer 62s to 668, Holstein and Kiel
74s to 76s per cwt. The English Butter trade quiet, and
having plentiful supply rates incline downwards; fine
Dorset selling at 82s to 849, Devon 75s to 78s per cwt. and
fresh 8s to lOs per dozen lbs. Irish small meat, Bacon,
56e to 625, heavy 52s to 58s, and Hamburgh sizeable
54s to 555, inferior 50s to 535. In Middles sales have
aeon trifling, with sellers of Irish bale at 503 to 545, In
Navy provisions operations are limited. There are
sellers of Pork; Irish India at 71 10s to 81 per tierce,
mess 80s to 85s per barrel; Beef American India 6/ lOs
to 71 per tierce, prime mess 1003 to 120 s, and Ham-
burgh ditto 115 s to 1235. Hams aro dull of sale, and
rates incline downwards; Irish selling at 60s to 689,
and English 68s to 745. Lard is in good demand, and
supply is small; sales of Irish bladdered made at 60s to
665, keg and firkin 56s to 595, Hamburgh 55s to 58s, and
bladdered 63s to 659. Prices are not better for Cheese
although a large demand exists. The value of Edam is
32s to 41s, gouda 29s to 375, Kanter 17s to 17s 6d, and
American 30e to 33s for low to fine.
OILS -Although there are sellers of Seal at a further
reduction, operations have been upon a small scale;
pale at 341 to 351, tinged 321 10s to 331, straw 321 to 321
ioa, and brown 301 to 311 lOs per tun; at auction 80
tune have been offered. Cod is cheaper, and purchases
are limited at 321 lOs to 331. Southern met with little
attention, and prices have declined, there being a more
plentiful supply; sales of first sort have been made at 34/
to 34/ 103, second ditto 331 to 331 los, and dark 3015 s to
321 103; at auction 50 tuns were offered. Of East India
Fish Oils, 200 hhds found buyers at 2615 s to 371 lOs for
dark to good second quality. There is a quiet market
for 'Sperm, and prices rule at 851 to 861 10s. Head-
matter is 871 to 90/. For Linseed Oil rates have declined
to 29s for present delivery, and 27s 6d to 27s 9d for next
three months. Cocoa Nut has met with more attention.
At auction 450 packages were sold. Cochin at
335 6d to 355, Ceylon 32s 6d to 34s 6d, and Madras 30s
to 325. Of East India Ground Nut 70 hhds realised
32/ 5s to 33/ lOs per tun. Palm 27s 6d to 29s for mid
to fine. Rape Seed, brown 31s 6d to 325, refined 32a 6d,
foreign 33s 6d. Lard Oil 52s to 54. A free sale exists
for Olive. Gallipoli realised 51/ to 521, and other sorts
411 to 50/ per tun.
TALLow.-The demand has been limited for Russian
on the spot, and prices hare further declined, fine
Yellow Candle having been currently disposed of at
38s 9d to 395, and new 39s 3d to 39s 6d per cwt.
Town melted is not offered under 38s 6d cash.
Other sorts of Tallow are cheaper ; but at auc-
tion 108 casks Australian were mostly disposed of;
beef, good at 37s to 38s, low to fine mutton 35s 9d to
39s 3d; 500 casks, &c., South American, 33s 6d to
38s 6d; 44 cks Belgian 38s to 32s 3d; 10 cks Italian
36s to 363 9d; and 13 cks East Indian 385 to 36s 6d
per cwt.

DIRECT TAXATION.—PROPERTY OR
INCOME-TAX.
TO THE EDITOR OF THE MORNING CHRONICLE.
Sir,—ln discussing the question of a tax on property
or income, it is, I think, necessary at the outset to de-
termine upon which the tax is to be levied. Until this
is done, it is useless to enter into such discussions as
those of Messrs. Warburton and Farr, as given in
their evidence before the Income-tax Committee, an
extract from which you published in your paper of the
25th instant.

If the tax is to be one upon property, then we should
require the aid of our be)t accountants and actuaries to
teach us how to come at the real value of our property,
and to settle its relative taxable value. But, from what
we have already seen amongst men learned in figures, I
fear the task would be a difficult one.

If the tax is to be one upon income, then we should
simply have to take the next income, and have the same
per centage deducted from all, irrespective of the source
from which it is derived.

t a
xA lllevt
iaexae su,pdoinr e cc,int
coormi
en ddiirreecttlya r ei s
,t alxceosnot
en indn,ctohme e .
mostA
just, as
te changegs
the amount of it must vary just in proportion to
trheealaiscie9ulart of the annual income. A tax levied upon
p
operty, although ostensibly levied upon pro-
perty,
1 Pl 5 in reality an indirect tax upon income, with the
P
of not accommodating itself so readily to
value of
disadvanta
which must consfantly take place in the
The sir
roarty and income.
that from propertcy7"lerived from a man's brains and
quite a fallacious one. Property
would soon cease toP duroct us
a
taxes alike a
the in ed against an income-tax, that it
pd r Aop
produce
ouppereeor
fteyssiol do not see that we can sepa-
income, aunsdesno longer.
for the the house ho lives in, and
stonily working upon it a:snaaxl, were it nkontowfolredmgiendiscoans-
of the State just as
rate the two.
both will bear taxing
There appears to be at the
move in favour of direct taxation;
lmonugehasrethaleic
presentanAnioment a decided
well to discover a sound principe to
guide
toidwould be as
vv,- go too far, so that every change made sheallul!:ebienfohe
re
right direction. The question is still an opent
one, and
I should like to see thoai gentlemen who are now' dis-
cussing the relative values of different incomes, giving
the;r attention to the fi,llowing points ;
Whether direct taxation is preferable to indirect ?
Whether a tax upon property or income is the most di-
rect ? Whether there ought to be any exemption ? To
arrive at the net incerne, whit are the allowances which
ought to he made off different trades or professions ?
This settled, we could then go further, as to the amount
of rate to be levied, and to wnat extent we could get rid
of the present cystern of indirect taxation.
I remain, sir, yours respectfully,
Old Kent road, Aug. 28, 1852. J. A. LYON.

SialElani AUG. 28....51d. SPQrting La", Australia'