The Sun.
London, England, 1853-05-14 00:00:00

LONDON, SATURDAY, MAY 14, 1853.

Mr. GLADSTONE bas raised a perfectly distinct
and intelligible issue. He has fairly and explicitly
placed before Parliament the questions that must
be decided. He has proved clearly and unanswer-
ably that it is impossible to maintain the Probate
and Legacy Duties in their present condition,
that the removal of " an ' anomaly, which is un-
just in its nature, which is galling to the public
feeling, and which becomes more and more gall-
ing from year to year," has become imperative—
land that real estate, settled or unsettled, and also
unsettled personalty, must for fiscal purposes be
placed on the same foundation as unsettled per-
sonalty. The duties on all these descriptions of
property must be equalised, and, as the Right
Hon. Gentleman truly stated, the question is
whether " that Equality is to be established by
exempting from the tax the property that now
pays it, or by subjecting to the tax property which
is now exempted." If the former branch of the
alternative were adopted, a substitute should
be provided for the 2,500,0001. of direct taxa-
tion that would be lost to the Exchequer,
and that serious deficiency would render essential
the perpetuation, and probably the increase, of the
Property and Income Tax. The option—if in-
deed there be any option, and that there is a
reasonable prospect of the abolition of the Income
Tax in 1860, of the too-flattering tale of the
Chancellor of the Exchequer being realised—lies
between a Property and Income Tax on the one
hand, and Probate Duties and Legacy Duties—or
rather duties on succession, on a very enlarged
foundation, pressing much more severely on every
description of property than they have hitherto
done—on the other. At present the option is
even less favourable,—it is between the certainty
of these additional duties imposed immediately on
the one side, and the more than doubtful contin-
gency that the Financial Minister in 1860 may
find himself unable or indisposed to part with so
productive a source of revenue as the Property
and Income Tax. There is this in addition, that
for seven years certainly both burdens must be
sustained, and that no compensation will be
afforded to those who succeed to settled or real
property previously to 1860. These considera-
tions may be of some importance in determining
the branch of the alternative finally to be adopted.
Mr. GLADSTONE lays down the rule broadly in
favour of the duty on successions as opposed to a
fixed tax on property. He declares his opinion,
that " there are objections to taxes on property ;
but he does not consider that they are so likely
to attach to a tax upon successions, occurring once
in a generation, as they would if we were to
attempt to lay a tax upon property, which was to
recur again and again upon the same property
from year to year." Now, on this we join issue
with the Right Hon. Gentleman. We disput e
the principle he has so fairly and unequivocally
put forward. We conceive that if the national
exigencies require that a certain sum should be
annually contributed by the owners of accumu-
lated and realised property, that it would be far
more equitable, and far more expedient, to levy
the amount by small annual payments charged
upon all kinds of property without exception,
according to its capitalised value, than by com-
paratively large and uncertain payments, which
may fall ten times more heavily on one estate
than on another, and five or six times as often.
But this great and striking inequality consti-
tutes by no means the worst feature of the case.
The Constitutional principle is, that every man
should contribute according to his means. Any
degree of inequality of charge, particularly so
great as between one and ten per cent. on the
capitalised property, and that probably recurring
much cftener, would alone furnish an unanswerable
argument against the impost. But this tax, so
heavy in amount, is a tax on capital that must
pro tante diminish the amount of the inheritance.
An annual charge will be paid out of income. One
falling every ten, twenty, or thirty years, will be
paid out of capital, inasmuch as few, if any, will
have the prudence to lay by a certain sum annu-
ally to meet the charge. In case of land, a
mortgage must probably be executed, for few
will be able, out of the rents, to appropriate
the sums required for the liquidation of
the amount by half-yearly instalments. This
will create a necessity for a tedious and expensive
investigation of title ; and, as it is by no means

impossible that the inheritor may require further
money, he will encumber his estate for a still
larger sum than would be required to liquidate
the new duties on successions. This encourage-
ment to mortgagees is very unwise and impolitic.
It will speedily reduce England to the condition
of Ireland, and render the introduction of an
Encumbered Estates Court, or some analogous
tribunal, into England an imperative necessity,
and occasion the most serious embarrassment to
families, the demands coming at the most incon-
venient times.

We have not as yet touched on the many ob-
jections to the details of the proposition—some of
which were alluded to in the discussion last night.
At present we have merely attempted to show the
superiority of a direct annual tax on property
according to its value to an unequal and
uncertain amount falling at unknown inter-
vals. There is another and no les, cogent
objection to the charge, viz., that it is an attempt
to transfer the burdens from our own shoulders to
those of our children, to get rid of a tax which
we ourselves should liquidate, by compelling our
successors to pay a very large sum together, equi-
valent to the value of the average payments that
would otherwise have been made. This is directly
in opposition to the provident habits which it is
the duty of the State to encourage by every pos-
sible means, but which our fiscal system is calcu-
lated to repress. Let both imposts be fairly
weighed in the balance, and we venture to assert,
that on every principle of justice and expediency,
of equity and sound policy, the preference will be
given to a judicious and fairly apportioned Pro-
perty Tax, freed from the objections that can so
justly be preferred against the existing system.
And that such an arrangement is practicable is
apparent from the mode by which it is shown that
1 the duties on successions may be equitably assessed.

As will have been perceived from yesterday's
report of the proceedings of the Court of Common
Council on Thursday, the settlement of the long-
vexed question of the bridge accommodation over
the Thames, between London-bridge and the
Houses of Parliament, at Westminster, has again
been adjourned. Extraordinary differences of
opinion are still observable among the members of
the Corporation. Several are in favour of simply
purchasing and throwing open the iron
bridge at Southwark, regarding that as all that
is requisite under the circumstances. Several
others, on the contrary dissenting from the
views entertained upon the subject by Alder-
man SALOMONS, and agreeing with those cherished
by Deputy BENNOCH—continue to insist upon the
advisability of building one new bridge, if not a
series of new bridges, at points of the river which
we ourselves have before now more than once
indicated. Between these two propositions we do
not waver for one moment in a state of indecision
or embarrassment. Like the ambitious ecclesiastic,
who, according to the old " Joe Miller," obtained
two bishoprics instead of one, because when asked
which he would prefer, " Bath or Wells ?" he
answered, " Both" (whether from thickness of
utterance, or from greed, or from drollery, de-
ponent saith not) we, too, would welcome
both, instead of having any preference, or
making any selection. We would say " ditto"
to Alderman SALomoNs, when he proposes
that the iron bridge at Southwark should
be purchased and . thrown open to the public.
And we would say= `ditto" likewise to Deputy BEN-
isrocH, when he suggests that an entirely new
bridge should be constructed.
Hitherto London has shown itself altogether
too niggardly in regard to its bridge acommodation.
Its bridges are too few, and the few there are, are
either " tolled" or dilapidated. Now we maintain
that every bridge, without exception, ought, in a ca-
' pital like this, to be free to the whole population. We
maintain that the ricketty bridges now disgracing
the Thames ought to be removed and recon-
structed. We maintain, moreover, that additional
bridges should be raised on other sites, in the
intervals between those already in existence. We
agree cordially with Alderman LAWRENCE, in the
noble declaration made by him ou Thursday last,
in the Court of Common Council, that " he should
glory in seeing the City in debt five millions of
money, as the municipal authorities in France
were, the money having been laid out in public
improvements, stretched over a period of years as
to payment." Any one, indeed, who has recently
traversed the French capital, must there again admit
that as STERNE Said long ago, in the first paragraph
of his " Sentimental Journey," "they manage these
things better in France." For it is really something
wonderful to observe the magnitude of the altera-
tions now being made in Paris, the splendour of
the new streets being built, the grandeur of
the palatial renovations going forward—the re-
sults of a daring and munificence which will be
remembered among the chief glories of the reign
of the Emperor NAPOLEON 111. It is true that
the merit of the whole of this magnificent move-
ment belongs of right to his Imperial MA,TEST74 as
its originator. But it is also true that the municipal
authorities of Paris have nobly responded to the
proposals of the Emperor from the moment of their
first suggestion. Insomuch that they have not
shrunk from incurring a debt of five millions of
francs. Not so with our London Corporation.
Its members are many of them quite alarmed at
the notion of building even one more bridge !
They are half frightened out of their wits at the
idea of having to pay 350,0001. for rebuilding
the bridge at Blackfriars ! They don't know how
to express their dismay at the notion of all the
expense certain to be incurred in pulling
down and building up —in remodelling and
re-arranging ! And so the matter is again
adjourned. Really, it is to be hoped, that when
the question is brought under the notice of the
Legislature by Mr. OLIVEIRA, some spur may
be administered to that " galled jade," whose
" withers" have long been wrung—the London
Municipality.

INDIA.—The General Screw Steamer Calcutta, which
leaves Southampton this ,day for India, rid the Cape
and Mauritius, takes out about 20,000/. in specie, sixty
passengers, and a full cargo.
THE LATE LIEUT. - COLONEL SIR HARRY FRANCIS
COLVILLE DARELL, BART.—The mortal remains of this
gallant and deeply-lamented officer having arrived from
Cagliari, in the island of Sardinia, where his premature
death took place on the 6th of anuary last, were yes-
terday consigned to their last resting-place, at Richmond,
Surrey, where many members of hislamily lie interred.
The funeral, which was strictly private; was attended,
by his only brother, the Rev. Sir -Lionel Darell, Bart.,
and other relatives and connxtions of the family: Cap-
tain Philip Payne Gallwey was also present.
THE ALLEGED DUEL. —The account• given in the
Essex Herald, and copied thence into most of the daily
papers, of a duel said to have taken place a fortnight
ago between Sir Robert Peel and Mr. Bernal Osborne,
is, we are assured by a competent authority, entirely
destitute of foundation.—Morning Advertiser.
MODEL FIREARMS.—A Moulton patent rifle has ar-
rived from the continent, in a package directed to the'
Earl of Clarendon, Secretary of State for Foreign Affairs.
This rifle is intended for Lord Hardinge, the General
Commanding-in-Chief, for the use of the public service,
and has been sent to her Majesty's Government, through
the Earl of Clarendon, by the British Minister at Brussels.
ANOTHER SOUP KITCHEN DEFUNCT. —Yesterday, a
poor woman, lately employed at the City Soup Kitchen,
applied Guildhallat
her
st
for relief,
T
e as thehe
applicantbreakingupsaoidh
f thatse
concern had left
had been waiting in expectation of receiving another ap-
pointment in the Leicester-square Soup Kitchen, but
that establishment was also broken up. Alderman
Wilson inquired what was the cause of that place being
shut up, and the woman replied that it had been closed
ever since Mr. Cochrane left this country. Alderman
Wilson then ordered the applicant a little temporary re-
lief and dismissed her.

PROBATE PIITY.—A return has been made to a motion
of Mr. Alcock, M.P., of the number of stamps sold
since 1815 for grants of probate, charged with the high-
est amount of probate duty. The return is " eight.'
THE GREENWICH AND NORTH KENT RAILWAY BILL.
—A Parliamentary paper published yesterday contains
the report of the Admiralty on the Greenwich and
North Kent Railway Bill, which proposes to make a
railway•from the North Kent line, near Charlton, to
Blackwell Point, on the Greenwich side' of the Thames,
whence it is proposed to run out a floating pier or jetty
into the river. This jetty, as planned" by the company,
is to extend into the river to a distance of 120 feet
below high water mark, for the purpose of establishing
a ferry across the river, so as to form a communication
with the railways on the north side of the Thames. The
Admiralty object to the plan. They believe that such a
protrusion into the Thames would prove very inconve-
nient to small craft navigating the river, while it might
ia some degree deflect the current ; but they suggest
that the formation of a dock or recess in the land, cut
out to receive the floating jetty, would equally serve the
purpose of the company and prove unobjectionable in
the eyes of the Lords of the Admiralty.

MONEY MARKET AND COMMERCIAL
INTELLIGENCE--(THIS DAY.)

CITY, TWO O'CLOCK.
The sales of Cotton at Liverpool yesterday were
estimated at 7,000 bales, of which 1,500 were taken
for export and on speculation. The market was
flat, but at steady prices. Railway Shares were
quiet at rather lower prices.

The stocks of produce in the principal European
cities were, on the Ist insant, as follows :

SUGAR COFFEE.
1852. 1853. 1853. 1852.
Tons. Tons. Tons. Tons.
Great Britain 85,353 114,961 16,800 15,332
Hamburgh 1,750 3,500 8,500 8,500
Bremen
Holland
Antwerp 4,160 1,395 4,715 5,545

Total
The Bank of England weekly return to the 7th
inst., shows a further reduction of bullion, proving
that the Australian gold lately received has not
come into its coffers. The Bank holds less specie
now than for many months. Compared with the
previous week, the changes are as follows :
Active circulation £23,469,845
Increase 345,290
Bullion 18,225,221
Decrease 129,873
Rest
Increase 25,822
Public Deposits 4,265,469
Increase 330,947
Other Deposits
Decrease 721,006
Seven-day and other Bills 1,418,032
Decrease 9,705
Government Securities No change
Other Securities 13,608,166
Increase 101,421
Notes unemployed 8,274,395
Decrease 410,015
The negotiation of bills of exchange was effected
yesterday afternoon at rather fuller rates on Paris
and Amsterdam, but Trieste was lower. Hamburgh
improved a shade.
The exports of gold from London direct, during
the week to Thursday last, were 24,785 ounces,
and of silver 32,7001. and 6,510 ounces.
The official notices in last night's Gazette respect-
ing the period for which Exchequer Bonds
are to be issued, have removed uncertainty
on that head, and has so far afforded satis-
faction, but Stocks have not improved, and
the premium on the floating debt has not risen
above 2s. and 6s. Consols are mai to 100 k for
Transfer, and 100/1 / for Account. The New 3/
per Cents. have been marked 1021 to .71, and the
3 per Cents. 991 Bank Stock has been firm at
.228 i. South Sea New Annuities have improved
to 99i I.
Foreign stocks have been fluctuating. The Red
Greek Bonds have advanced to 9, and the Blue to
91. Mexican have been dull at 261. Buenos Ayres
are up to 72k. Peruvian Deferred, after being 65i,
have declined to 61i, a preference being shown for
the 4-i per Cents. Spanish 3 per Cents. have
realised 48k. Dutch 2 per Cents. are at 66, being
firm.
Railway Shares are rather unsteady. Caledonian
have been higher, and Lancashire and Yorkshire
in more request. York and North Midland are
firm. North-Western are heavy. French shares
are dull.
The Gold Mines are quite nominal ; only one
bargain is officially noted.
Joint-stock Banks are dull, and also Land Com-
panies.

BRITISH FUNDS THIS DAY.
( From the Official List.)
Business done,
Bank "Stock
3 per Cent. Reduced Annuities 99i i
3 per Cent. Consols Annuities
New 31 per Cent. Annuities - i
Long Annuities, Expire sth Jan., 1860
India Bonds, £lOOO
Ditto, under £lOOO 3O p
South Sea Old Annuities
South Sea New Annuities
Consols for Account Ist Juuo
Exchequer Bills lid. June. March.
XlOOO 2 6 p 2p
£5OO —
Small —

PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian New Bonds, 1829 & 39, 5 per Cent.
Ditto Small
Ditto New, 1852, 4i per Cent lool
Buenos Ayres Bonds, 6 per Cent 724
Grenada Bonds, Ex. Dec., 1849, Coupon 22
Grenada Bonds, Deferred
Greek Bonds, Red .
9t
Ditto, Blue
Mexican 3 per Cent.
Ditto for the Account 26
Peruvian Deferred 3 per Cent.
Sardinian Bonds, 5 per Cent.
Spanish Bonds 3 per Cent 4B
Spanish 3 per Cent., New Deferred 23i
Ditto Passive (Converted) 54
Venezuela Bonds, 3„1,- per Cent.

Dividends on the above payable in London.
French Rentes, 4. per Cent.
Dutch Exchange, 2}, per Cent. 12 Guil. ... 66

TWO O'CLOCK.

Consols
Ditto June Account

100 n
1004 g

EXCHEQUER BILLS.

Notice has been issued that all Exchequer bills,
-whether dated in June or March, may be converted into
Exchequer bonds, bearing 21 per cent. interest from the
Bth of June next until the Ist September, 1864 ; and 2i
per cent. thereafter until the Ist September, 1894, upon
application being made on or before the 25th inst. This
measure, it may be presumed, is based upon the suppo-
sition that only such an amount will be exchanged
as will be sufficient to relieve the Exchequer bill
market from its present flatness, and enable the bills
falling due in June next to be renewed at the rate of
those dated in March—namely one penny per day.
Under any other view it would appear highly inexpe-
dient to offer to change the floating debt, which at its
present amount is not in the slightest degree excessive,
into a form of security involving a loss to the
country of the difference between 11. 10s. sd. per
cent., the existing rate of the March bills, and 21. 15s.
per cent., the proposed rate for the Exchequer Bonds.
It is true that, in the present state of the money mar-
ket, there might be a difficulty in keeping Exchequer
Bills in circulation at a penny a-day, but at all events
they would float at five farthings ; and in that case their
annual interest would still be only 11. 18s. per cent.
On the 18,000,0001. of Exchequer Bills in circulation
the difference between this rate and 21. 15s. would
amount to 153,000/.

Notice has also been issued that the Exchequer Bonds
to be offered to the holders of the South-Sea and other
Annuities about to be paid off, as well as to the pro-
prietors of Consols and Reduced, are to bear interest at
the rate of 21 per cent. until the Ist of September, 1864,
and 2/ per cent, thereafter until Ist September 1894,
when the Government are to have the power, if they
shall see fit, to redeem at par. The coupons are to be
payable on the Ist of March and the Ist of September
in each year. _

It appears that the voluntary applications for the
various new securities offered in exchange for Consols
and Reduced amount at present to 29,773/. for the
Three-and-a-Half per Cents., 1,135,3561. for the Two-
and-a-Half per Cents., and 3,5001. for the Exchequer
Bonds. The closing quotations for the New Two-and-a-
Half per Cent. Stock (or " Assented Threes") was 91i
tQ 92 Times.

THE NORTH OF SCOTLAND STEAM-PACKET COMPANY.—
Tile half-yearly meeting of the shareholders of this com-
pany was held at Inverness on Thursday last ; George
France, Esq., in the chair. The chief business before
the meeting related to the proposal to purchase an, addi-
tional steamer for the carrying trade between the Moray
Firth and Leith. The manager (Mr. Henderson) sub-
mitted to the meeting a balance-sheet, showing a profit
for the last six months equal to a dividend of 6i per cent.
ou the paid-up capital of the company. In considera-
tion of the dividend ordered last meeting, the whole of
the sum was reserved to meet contingencies. It was
intimated that a vessel admirably suited for the purpose
—the " Martello," of Leith—was now in the market,
and a resolution was agreed to pledging those present
to use their best endeavours in procuring a subscription
for new capital adequate to her purchase.—lnverness
Courier,

THE • MARKET GARDENERS ROUND LONDON.—The
extent of gardens round London required to supply the
two millions and a quarter of eaters there, will hardly be
credited. Within a radius of fifteen miles of London
there are 200,000 acres of land in the hands of market
gardeners, all labouring for the London market. Ten
thousand' loads of turnips, 100,000 sacks of peas,
20,000,000 heads of celery, 40,000,000 cabbages, and
100 tons of water-tresses are said to be sold annually in
Covent-garden market alone, to say nothing of the pota-
toes, carrots, beets, onions, herbs of all kinds, &c.,
which are sold in immense quantities.
FATAL ACCIDENT AT SOMERSET-HOUSE.--Yesterday
morning, a fatal accident occurred to a man of the
name of William Dillon, labourer, aged 35 years, who
resided in Hercules-buildings, near the Hercules Tavern,
Lambeth, under the following circumstances :—lt ap-
pears that a heavy piece of timber was being hoisted
by a crane, when the men lost control of the handle,
which fell on the head of the unfortunate man. He was
picked up in a state of insensibility, bleeding profusely
from the back of the head, by his fellow-workmen, when
the foreman had him conveyed to the Albert Ward,
King's College Hospital, Carey-street, Lincoln's-inn-
fields, where Mr. Hulke, the house surgeon, attended by
the medical staff of that valuable institution, rendered
every assistance that medical skill could suggest, when,
notwithstanding their united exertions, the unfortunate
man expired, shortly after his admission, in the ward.
Mr. Baker, the s6mmoni:ig officer, has forwarded the
information to Mr. Charles Bedford, the coroner ; but
no day is yet fixed for the inquest.