The Sun.
London, England, 1853-02-04 00:00:00

UNIVERSITY INTELLIGENCE.

OXFORD, FEB. 3.
In a Congregation holden this day the following de-
grees were conferred :
FnMASTERS OF ARTS.
Henry Tudway, Trinity, Grand Compounder.
Wm. F. Buchanan, Exeter.
Francis T. Conington, Fellow of Corpus.
Henry Wadham, Scholar of Corpus.
John Escreet, Worcester.
RMph J. Coward, Brazenose.
Rev. Alfred Lennox Peel, Fellow of All Souls'.
Rev. Benjamin Malian), St. John's.
George H. Bengough, Oriel.
John H. Iles, Lincolp.
BACHELORS OF ARTS.
Martin Irving, Balliol.
Henry Burrup, Pe übroke.
Rev. Thomas Le Neveu, St. Mary Hall.
Osmond Dering, St. Mary Hall. •
George E. Martin, Postmaster of Merton.
The amended form of the New Viner Statute, the full
particulars of which were lately given in the Sun, Will
be promulgated in Congrezation on Thursday, the 3d of
March, at 10 o'clock, and proposed in' Convocation on
Tuesday, the Sth of March, at two o'clock.

PLAN PROPOSED FOR CONVERTING TO,
A
INCOME TAX INTO A EQUITABLE TAA
ON PROPERTY.

TO THE EDITOR. OF THE TIMES.
Sir,-It is proposed in the Draft Report of the Chair-
man, which is printed in the proceedings of the Com-
mittee of the House of Commons, to make the Income
Tax equitable by reducing all the .incomes arising from
trades or professions to their present value;• and to assess
this and all the other property in the country at an equal
rate in the pound ; so that the contribution of each per-
son having property over a certain amount during a given;
year may be made as nearly as it is possible proportional
to the value of his property during that year. Four per-
sons who enjoy incomes equal, respectively, to life annui-
ties of the value of 2,500/., 3,5001., 4,5001., 100,5001. in
the year, would, if the tax was at the rate of 1/. Per
1,0001.-nearly one farthing in the pound-and 5001. were
left untaxed, be called upon to pay severally 21., 31.,
1001., or in that proportion whatever may be the rate o
f
taxation ; on the principle that the property expresses
the measure of their ability and of their just liability to
contribute to the public revenue, whether it is expended
for the protection of life and property in fulfilling the
public engagements, in war, or in any services or works
which the nation, through its representatives, decides
shall be performed at the common cost;
It is not pretended that the exact value of any persoilo •
property, any more than the precise amount of his ill'
come, can be determined. Scarcely any commodities that
are sold, whether lands or cotton, houses or horses)
stock or shares, life or perpetual annuities, are ex-
changed at their true value, as buyers and sellers readily
confess. Valuations of lands, houses, or rents, always
differ to some extent. Still the value of commodities
and securities can be fixed with sufficient accuracy for the
purposes of trade, and if for the purposes of trade, for
the purposes of taxation also. Actuaries value life
annuities every day. The Government sells and con-
verts Consols into such annuities every day, at tabu'
lated prices. The value of annuities on the lives of
the whole nation has been calculated in the English
Table at different rates of interest. Now, it is certain
that a uniform life income from a profession, cannot er
coed in value a life annuity. This is self-evident. Then
we have here a ready way in constant use for determin:
ing the relative values of life annuities equal to incomes
from a trade or profession, and incomes from land,
houses, or any other kind of property. Land in El)gi
land is worth about 27 years' purchase on the gross, an'
30 year's purchase on the net rental. A, who hact.
rental of 1,0001. a-year, is therefore worth 27,000/.
."
his rent is derived from Ireland, it is not worth so rale'•
Houses vary in value, but they may be taken on average
r
at 17 years' purchase. So if B. has 1,000/. ale`,l
from houses he may be assessed at 17,0001. C has 1,001)
a-year from Consols at par.; he is now 'worth 33)3331.
D, of the age of 40, has 1,000/. a-year for life 00 Gr.
vernment or landed security ; the annuity, taking To
interest of money at 3 per cent., is worth 16,6901. ;
can sell it for nearly that sum and for no more.
doctor, or F, a lawyer, of the age of 40, has 1,000/.
year net from his profession ; his capital is incorporated'
in him, dies with him, and is exposed to As great risk
r 7
capital invested in houses or trade ; from which a ret°
of at least 5 per cent. is expected as profit and insurance
against loss of capital. At this rate of interest, and utfi
the English life table, an equivalent annuity is wor
13,1121., on which he is therefore to be assessed. Cri.
farmer, or H, a manufacturer and merchant, has 1,000
year, the produce of capital and skill ; he would bea.ssessneut
at 17, 000/.unless ho chose to return his age, and the anl°ut
of capital embarked in the business, when the assessment
3,
may be reduced to 15,000/. or 14,000/. A tax about. all
farthing in the 11., or of about U. on every 1,000/• ot_ort.
assessed property, would amount to a sum little 01'10 A.
of the tax now levied ; and on the foregoing prine'Pliuo
would pay 271., B 17/., C 33/. (variable with the -'"'•
of stock), D 171., E 13/., F 131., G 171 H 171. nearly
Under the Income Tax, as now assessed, each of "'" ys
persons, differing so much in ability and wealth, P'l'
the same sum annually.
ny
Any error in these valuations is inconsiderable CO
Thus,
in with the inequalities of the income tax- .001; in the Times of this date Consols are q oted at 3/.
Long Annuities at 64 ; that is, a dra''," a-year in dividends from Conzlols harnwano who
the third part of 1001, or 331, Ss. 4d -ortsw.lfioiolriel
etlIv8er);'11,
who has Long Annuities is worth 6/. 1'
of the annuity. They are both taxed the same this
year under the Income Tax Act ; on the same property,
invested at nearly the same rate of interest, one is
taxed more than five times as much as the other; •
It is an error of more than 400 per een
Hero, then,. is a large margin to cover mere errors,,
of valuation, which could never exceed 100 per cen,!it
and would generally not exceed 20 per cent. The Draft
Report and the evidence (pp. 217-39) contains many
important details which are here omitted. It is !ilia
cient to sac* that tables may be constructed by whirr
eer.
the common cases may. e calculated as readily and ts
tainly as amounts of interest by clerks, or the conte"
of casks by excisemen.
• No valid reasons, it is said in the report, can be shore
why any considerable part of the pruperty ofoect
country should be exempt from taxation, as the el'
of such exemption is to throw an undue share 0-f the
ja
public burdens upon the owners of property
another form. The tax, however, on industrial
comes should not descend to incomes below 50/. ; an
d,.
to render the tax equitable, 5001. should be
risi
ducted from the capitalised value of every industr,.nei
income, which would be equivalent to deducting .I_',ter
every assessment about 321. of the income of the h;T"es,
or young, a,nd still more from the old and infirm/ hd
The various grounds for this exemption are stated
the evidence and the Draft Report. It would re' the
the possessors of small incomes without introdueinggr.
principle of graduation, which was employed in
lrbl.
Pitt's measure within safe limits, but is necessarily
trary and menacing to large properties. Thus 13,.;0.
40, has 1751. 12s a-year as salary in a bank ; his TA be
sessed" on its value, without deduction, w°nr
1/. 18s. 4d.-with the deduction 1/. Bs. 4d.
40, has 1,756/. a-year, derived from his profession° be
barrister ; his tax, before the deduction w°.°l*d It
191. 3s. 9d, and after the deduction 181. 13s. 9"' ss•
would be equivalent to striking off 10s. from the °dere-
ment of every person-rich or poor-which
Nv°ll,' 114 duce the tax of a man of 1001, a-year from 1/. 10e. sr
or one-third part, while the tax of a man of 2001. 3-j
ret ;
would bo reduced from 3/. to 21. lOs or one-sixth Pared
and the tax of a man of 1,0001.
a-year' would be lewe from 151. to 141. 10s., or only one-thirtieth part. f the
With regard to the mode of collection, the form °Ld
returns would be much sitnplified ; the tax on (1) tbe
and (2) houses would be paid by the occupiers on(4)
assessed value of the net rents ; the tax on (3) stock ines,
annuities for terms, (5) railways, (6) canals, (7),1/11,,r- the
and (8) some of the other property, would be paid "„dther
Bank of England, the East India Company, and the,aile-
companies in which the stock was engaged, out of “ei,„ in
tions from the dividends. The tax on the proPer;jen-
money and other securities, profits of trade and 111 th°
facture, farms and professions, would be charged 012,,ve
individual. The tenants of real property you'd
ss
the right of recovering from the superior owners, -eritg
present, their share of the tax; the
owner, of reelfe or
from the mortgagee ; or, where be had only at°
temporary interest, and the property did not dosc e
his heirs, from the reversioner. the
Such is a brief outline of the plan propos,ednillos
Chairman of the Committee of the House of Co
for rendering the income tax a property tax as eq ,edge,
as is practicable in our present condition and know' vts ;
by the method of valuin revenues, incomes, and rerelo"
which is universally employed in determining the t by
-pop A
dye value of nearly all property by the Gover.
or 'espy
insurance offices, by friendly societies, and, inn hies'
inby theev e, or private
kr every merchant,
ud o nl._am, c.,
: man o. _us
c.,

WILLIAM 1114°.'
* See Evidence in 2d Report of Committee on Joon°
Tax, p. 221.

---
mi g 114611). -
amnaorteheutdoerrdst
Jheustices
COMMISSION OF LUNACY AGAINST MRS. - ".;31 we '-•
This long litigated and deeply interesting case 15'0 Loll'
liev
Chancellor once
e‘onsi .
slew t
p....
superseding of the late commission' in lunacy- ..s, the
the subjoined remarks from the Lancet of JOO-13"',tion
29th ; they will serve to correct a -misrepresent ,tire
.c1:-riathti°an ovlfutvirli e'coth;
which is in circulation in relation to this e"eA:re st‹.
statement that the Lord-Chancellor had refuse" " taillb'
against m.... cern
..,ed
sede the commission of 1.0 , enso.lo
on the ground that he believed er to be cu. 'l'4'
mind, is a• plain misrepresentation of the fants•te the
Lord-Chancellor did not express any °Oilier', arsd.Cll3,lll,-
The J-4°. „erg"-
sanity or insanity of Mrs. Cumming.
to suet pre-
cellor stated that it was not in his power
the commission on . - .egenlerl 1 a4l-
- terms of the arra l,
posed. Dr. Winslow has been the official ineunlioien,
viser of Mrs. Cumming since the date of the e°ll,l, °eV
aud it is known that subsesubsequent observation bait olio
confirmed that eminent 'physician in his opinion, I.l'
J
er'
unfortunate lady is of sound mind." MIDDLtsE ii m
quarterly gelj bl°
' x osrlTAL.—The usual .._
that
03- the 0
court of the governors and subscribers to this t
charity was held yesterday. The report statehad bet;
number of in-paticnts during the 13'4 yeaarttnnaeac;
2,305 and 13,000 out-patients had been ,ed bY by
i during the same period. ! The report concluu,d , redde
ing attention to the deficit of 2,1-93/- 155. ' would coin
expressing an earnest ho that the public Sheete-d pe
he bal3ll all
forward and support the hospital. T 65., co
showed the total receipts to amount to 6,5511.
.. bOlBll
the expenditure to 8,745/. is. 7d., leaving '''
againikthe I,
-Qspitadi of 2,1831. 14. 74,