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

OXFORD, FEB. 3.
In a Congregation holden this dfiby the following de-
;rees were conferred
It:MASTERS OF ARTS.
Henry Tudway, Trinity, Grand Compounder.
Wm. F. Buchanan, Exeter.
Francis T. Covington, Fellow of Corpus.
Henry Wadham, Scholar of Corpus.
John Escreet, Worcester.
Ralph J. Coward, Brazenose.
Rev. Alfred Lennox Peel, Fellow of All Souls'.
Rev. Benjamin Mallam, St. John's.
George 11. Bengough,
• John H. Iles, Lincoln.
BACHELORS OF ARTS.
Martin Irving, Balliol.
Henry Burrup, Pe übroke.
Rev. Thomas Le Nckreu, St. Mary Hall.
Osmond Dering, St. Mary Hall.
George E. Martin, Postmaster of Merton.
The amended form of the New Viner Statute, the foil
particulars of which were lately given in . the Sun, will
be promulgated in Congregation on Thursday, the 3d of
March, at 10 o'clock, and proposed in Convocation on
Tuesday, the Bth of March, at two o'clock.

PLAN PROPOSED FOR CONVERTING TIIE
INCOME TAX INTO AA EQUITABLE TAX
ON PROPERTY.

TO THE EDITOR. OF THE TIKES.
Sir,—lt 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 ; o that the contribution of each pei-
son having property o ier a certain amount during a given
year may be made r s 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 2,50, 3,50.0/., 4,5001., 100,5001. in
the year, would, if the x was at the rate of 11. per
1,000/.—nearly one farthing in the pound—and 500/. were
left untaxed, be called upon to pay severally 21., 31., 4/.,
1001., or in that proportion whatever may be the rate of
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 person's
property, any more than the precise amount of his in-
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 ell-
- at their true value, as buyers and sellers readily
confess. Valuations of lands, houses, or rents, alwaYo
differ to some extent. Still the value of cornmoditieS
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 01
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 04-
ceed 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 income,'
from a trade or profession, and incomes from lan'',
houses, or any other kiiid of property. Land in Eng;
land is worth about 27 years' purchase on the gross, an;
30 year's purchase on the net rental. A, who basil
rental of 1,0001. a-year, is therefore worth 27,0001.
his rent is derived from Ireland, it is not worth so mile"•
Houses vary in value, but they may be taken on avenge
at 17 years' purchase. So if B. has 1,000/. a-Yeas
from houses he may be assessed at 17,000/. Clias I,ooot.
a-year from Consols at par.; he is now worth 33,3331.
D, of the age of 40, has 1,0001. a-year 'for life on el;
vernment or landed security ; the annuity, taking the
interest of money at 3 per cent., is worth 16,690/.
can sell it for nearly that sum and for no more. BY
doctor, or F., a lawyer, of the age of 40, has 1,0001.. a,
year net from his profession ; his capital is incorporated
in him, dies with him, and is exposed to as great risk
capital invested in houses or trade ; from which a return
of at least 5 per cent. is expected as profit and insurnnce
by
against loss of capital. At this rate of interest, ana.„o.
the English life table, an equivalent annuity is vo„'
13,1121., on which he is therefore to be assessed. 6`;
farmer, or H, a manufacturer and merchant, has 1,0001 a
year, the produce of capital and skill ; he would be asseseept
at 17, 000/.inal ess he chose to return his age, and the alneu_at
of capital embarked in the business, when the assessment
may be reduced to 15,000/. or 14,000/. A tax 031311
farthing in the 11., or of about 11. on every 1,000/. °,01;
assessed property, would amount to a sum little si,Le
of the tax now levied ; and on the fore going prineiP',/aa
op fe
Underrs
st
persons,
stock),
t,)
h,
differing
enl
ic7.01.
mg,
eßs
01,1
a,3nx/ , `s,
inlno3
vr/ . , G
ability
assessedl7a/ and
would pay 271., B 17/., C 33/. (variable with the v`
the same sum annually.
Any error in these valuations
is inconsiderablefmc°ll::: pared with the inequalities of the incometax
in the Times of this date Consols are quoted *at iOO4/'
Long Annuities at ; that is, a man who draws 37
a-year in dividends from Consols is worth on each•
the third part of 1001, or 33/. Bs, 4d. ; while the 04'
who has Long Anniii, es is worth 6/. 10s, for ever!' L;
of the annuity. They are both taxed the same t"'
year under the Income Tax Act ; on the same propertii's
d'HeNaviceh7:lt.°lnif, e':11:1)--"e3sr:
invested at nearly the same rate of interest, one
o_,
taxed more than five times as much as the othl
It is an error of more than 400 per eeePro
Here, then, is a large margin to cover mere e11:4.,
of valuation, which could never exceed 100 per cent'
and would generally not exceed 20 per cent. The Pneof
Report and the evidence (pp. 217-39) contains ntfK,
important details which are here omitted. It is
luau
cient to say that tables may be constructed by whiic
the common cases may be calculated as readily o,ll'l
tainly as amounts of interest by clerks, or the content
of casks by excisemen. o
No valid reasons, it is said in the report, can be she
why any considerable part of the property °le" aect
country should be exempt from taxation, as the
,he
of such exemption is to throw an undue share of ".0
public burdens upon the owners of propery ;-
another form. The tax, however, on industrita
comes should not descend to incomes below 501. 3aa•
to render the tax equitable, 5001. should be
tritil
ducted from the capitalised value of every indlis faNs
income, which would be equivalent to deducting
tor
every assessment about 321. of the income of the 131;es,
or young, and still more from the old and infirm, 11,
The various grounds for this exemption are state`'
the evidence and the Draft Report. It would rentho
the possessors of small incomes without introducinggr•
principle of graduation, which was employed in rbi.
Pitt's measure within safe limits, but is necessarily 30g0
trary and menacing to large properties. Thus ]3',, as'
40, has 1751. 12s a-year as salary in a bank ; his tix,[be
sensed on its value, without deduction wow-
lot
1/. 18s. 4d.—with the deduction 11. Bs. '4d. A'
40, has 1,756/. a-
taxyear, derived from his profession, be
barrister ; his , before the deduction sveul;
~
19/. 35. 9d, and after the deduction 181. 13s.
I)._%gess."
would be equivalent to striking off 10s. from the "r‘i re'
ment of every person—rich or poor—which w°11;11.,
duce the tax of a man of 100/. a-year from 11. 10s.
wyear or one-third part, while the tax of a man of 200/•,,5; r.;
would be reduced from 31. to 2/. lOs , or one-sixth
and the tax of a man of 1,000/. a-year would be "3" e from 151. to 141. 10s., or only one-thirtieth part.
„f the,
With regard to the mode of collection, the form °f 10"
returns would be much simplified ; the tax on (~ the,
assessed value of the net rents ; the tax on
and (2) houses would be paid by the occupiers
(4)
(3) steel" es,
annuities for terms, (5) railways, (6) canals, (7),, by
tihe
B.ank of England, the East India Company,
and (8) some of the other property, would be pai'ther
and the,%,ic•
companies in which the stock was engaged, out of tlety
in
tions from the dividends. The tax on the prle„,,ranir
money And other securities, profits of trade an",the
facture, farms and professions, would be chargell,,—have,
- The tenants of real property -Vi°ll.. aS a,"
the right of recovering from the superior oviners'aeriiiib
present, their share of the tax; the owner, of ree° life or
from the mortgagee ; or, where he had only a
descent
temporary interest, nod the properly did not de3c
his heirs, from the reversioner. by the
Such is a brief outline of the plan propes,e'„,,,ioo
Chairman of the Committee of the House of ue—ititabl°
for rendering the income tax a property tax as lodge'
as is practicable in our present condition and kroi rots;
by the method of valuing revenues incomes, an'te reW
surance offices, by friendly societies,
by
by every merchant,
whicht is universally employed in deter pining
inive value of nearly all property by the Government lost
banker, or private in the kingdom ..___l
am, &c., FAI3II.
WILLIAM
andl,
nmoofrVoiaes°

Evidence in 2d Report of Committee 011 1'133e
Tax, I). 221.

or giSCir
COMMISSION OF LUNACY AGAINST MRS. -
_,f.sve - ie-
lieve, once more under the consideration
This long litigated and dee interesting case is, i„o111'
of theto the
Chancellor and the Lords Justices, with a 'Olive coPi
superseding of the late commission in lunacy. ,try the
the subjoined remarks from the Lancet of ./anu` Ojai'
29th ; they will serve to correct a misrepreselloll3B
which is in circulation in relation to this case :'—o super-
statement that the Lord-Chancellor had refused to sup
mind,
sede the commission of luna against Mrs. Cli;soot
on the ground that he believed herc to be of ,u The
misrepresentation
Lord- is a plain ' • of the facts the
Chancellor did not express an opinion as Chair
Tho L°l: rsede
sanity or insanity of Mrs. Cpummingy.
cellor stated that it was not in his power to suet„ cie Pro'
the commission on the terms of the arrangerri_dioal a
posed. Dr. Winslow has been the official ree ic,
viser of Mrs. Cumming since the date of the commis,as 00;
and it is known thaesubsequent observation otbat tb:
confirmed that e • • • • his opini"l
cra/
unfortunate lady is of sound mind." v gel/ ble
eminent physician in
MIDDLESEX' HOSPITAL.—The usual quarter.l-coltio,,i,
court of the governors and subscribers to theicsi
that the
2, 305,
charity was held yesterday. The report stated had I,rto
number of in-patients during the last Yearttoodet'Ai-
during the same period. The report conclud.„"., a'oclvio
jug attention to the deficit of 2,193/. 15?. ~I_('llid ce
~t
and 13,000 out-patients had been a,ei by 0.'.,
expressing an earnest hope that the publiebaLunoolevoa
forward and support the , hospital. The gala 65., ace
showed the total receits to amount to o,°'•bala
leaving 11' the expenditure to 8,7451. is. 7d., le