The Sun.
London, England, 1853-05-11 00:00:00

THIS EVENING, MAT 11,

THE WEATHER.—SUI °MCI, MAY 11.
THERMOMETER, IN THE SHADE.
56—highest since noon yesterday.
41—lowest this morning and daring the night.
53 this day at soon.
BAROMETER, 30'15.
WIND, N. W.—Fine breeze, and sunshiny weather.

LONDON, WEDNESDAY, MAY 11, 1853.

But there is another view of the case, which
proves thwt "trades and professions, industry and
skill," are not benefited by the tax being levied on
the gross receipts in place of the net profits ; that
the cases of contributors under schedule D is even
more deserving of commiseration than those of the
owners of !anded or household property. Mr.
BRIGHT instanced the case of manufacturers, to
whom no allowance was made for the depreciation
of machinery, or the wear and tear of articles
requiired in their business, and which must
be . periodically replaced out of the earnings.
This is unquestionably a very gnat hardship, and
so is the refusal to make any allowances for the
insurance of the premises where the business was
carried on. But still, is that a sufficient reason
why others should be also injured, without any
effort being made for their relief ? Is it because
Mr. BRIGHT' s friend, who imported a cargo of
cotton from New Orleans to Liverpool, was re-
fused permission to make any deduction for the
insurance which he effected, and was thus charged
for profits which he did not gain—a matter which
it is difficult to understand, and which, but for
our confidence in the veracity of the Hon. Gentle-
man, we could scarcely credit that the house-
owner is to be charged on the amount which he
has applied to necessary repairs, or in prudent
insurances ? It is something like the Irish coach-
man, who, when his master complained that the
pole of the next carriage had been driven through
his own panels, comforted him with the assurance
that he had performed a similar operation on the
preceding vehicle half an hour previously ; or
the policeman who quitted a sufferer, who had
just been plundered of his watch, by
pointing to
another whose snuff-box and handkerchief had just
been appropriated by the same skilful manipulator.
It may suit the fundholder very well to set the
landowners and the merchants, manufacturers, and
tradesmen by the ears, to stand aloof while the
different classes of victims are mutually belabour-
jug each other. The dodge will not, however, be
permitted to remain unnoticed or unexposed ; and
though the evil may for a time remain without
remedy, owing to the determined partisanship of
the Financial Minister, and the servile subservi-
ence of those who were once considered indepen-
dentl.: p,. , r and consistent politicians, we believe that
_.-)..tßtsruth and justice will ultimately prevail, and that
the Property Tax will be established on a sound
`-'"7-..krAtid equitable foundation.
In addition to the arguments put •Advrard by

~.

• -

. _ .
And during the week, the entertainments will commence with the
grand spectacle of AMAKt tSA; or, Scenes of Kafir Warfare.
To be followed by a display of Fqeestrian Scenes in the ARENA,
introducing Mr. Cooke's highly-trained steeds. The infant Victor
Claude Cooke and his pet Drawing-room ['ony. The Entertain-
ments supported by the eminent Artistes of the Establishment.
To conclude with Hugo Vamp, Esq 's, new Cemic Drama, entitled
IN FOIL A DIG; or, Life at the Diggings.
[toe-office open daily from Eleven to Four. Stage Manager, Mr.
W. Went.

marl WATER AT LONDON BRIDGE.
Tess DAT —Morning 40 min. after 3 Evening 55 min.aft. 3
To-Meawr—Morning 12 min• after 4 I Evening 28 min.aft. 4

tb,t rjgr"7ll4l"ll4P.l
-*-000, • "

Mr. GLADSTONE is a skilful tactician. On Mon-
day he endeavoured to convince the House that
the contest on Mr. PALMER'S motion was really
one between the industrious classes and the
owners of real property. He carefully kept his
own protegees, the fundholders, and with them the
holders of all description of securities, mortga-
gees, annuitants, sic., out of sight, while he de-
claimed on the injustice ! to the contributors
under schedule D. His obsequious and compliant
followers cheered his arguments, and., by a decisive
majority, affirmed the principle by 75—that a
man was to be taxed on income which he did not
receive, or which at least was not applicable to his
private purpose, being essential to the mainte-
nance of the property from which he derived his
income. The plain and simple method of taxing
net income only under all the schedules could not
be adopted, because, forsooth, that act of common
justice would occasion a considerable loss to the E-
xchequer, and that, in the opinion of a Financial Minis-
ter, constitutes a sufficient answer to every grievance
that can be brought forward. To the uninitiated
it might seem a natural expedient to increase the
nominal amount of the tax, so as to afford com-
pensation for these losses ; but that would be too
equitable a proposition to find favour in the sight
of one whose views on fiscal matters are distorted
by the corrupt medium through which they are
regarded, for, in truth, the entire system is based
on injustice, the rule being to lay hands on any-
thing that can be obtained, without regard to
equity or even expediency.
We fully and cordially concur in the opinion
so distinctly and unequivocally asserted by the
Chancellor of the Exchequer, that " the Income
Tax bears more hardly on trades and professions,
on industry and skill, than it bears upon pro-
perty." We recognise and freely acknowledge the
magnitude of the grievance. But it is not by a
side wind, or in an underhand manner, that we
would supply a remedy. We would not at-
tempt to mitigate one species of injustice
by perpetrating another. If the law inju-
riously affect the industrious classes, why not
modify it by recognising the distinction between
the hardly-acquired and precarious earnings of
industry and the invariable proceeds of realised
property ? Surely the " certainty "is an element
that may be taken into account in the estimate of
value, and the " permanency" of an income is an
incident not to be altogether despised. But these
matters should be regulated by a judicious dis-
crimination between the different classes of income,
and not by charging an Income Tax on that which
is not " is come."

* Robert Hunt, Esq., Keeper of Mining.
delivered at the Museum of Practical Geology.

Lecture

DEATH OF THE VISCOUNTESS FIELDING.—It is with
much regret that we announce the premature demise of
this noble lady, who died on the Ist instant, at Naples,
from a rapid consumption. Her ladyship was daughter
and heiress of the late David Pennant, Esq., and of the
late Lady Emma Pennant, on whose demise her ladyship
succeeded to the extensive domains of her father in
Wales. By her marriage with Rudolph Basil, eldest
son of the Earl of Denbigh, her ladyship has left a youth-
.ful family.
THREE PER CENT. STOCKS.- —ln consequence of the
bill for the conversion of the Three per Cent. Stocks
having received the Royal assent, books were opened
yesterday at the Bank of England for the applications
of those proprietors who may be desirous of converting
their stock into any of the three descriptions of new se-
curities offered by the Government. Thus far the prin-
cipal applications have been for the Two-and-a-Half per
Cent. Stock, but no great eagerness was manifested by
the public to make the conversion, the fact of the Bank
being ready to receive notices not having generally
transpired. With regard to the proposed Exchequer
Bonds it was wholly impossible to form any choice, the
particulars, which are to be published in the Gazette,
not having yet been- issued as to their precise terms.
Meanwhile, it may be useful to remind the public that,
except as regards the holders of the various petty Three
per Cent. Stocks, amounting altogether to 9,500,0001.,
the proposed conversion is in no degree compulsory, and
is limited to 30,000,0001. of stock, either Consols or
Reduced. Those who are satisfied to hold these de-
scriptions of Three per Cents., with the certainty that a
year's notice must be given, an'd that a considerable rise
in the general price of the funds must take place before
any forced reduction of interest can be attempted, have
on the present occasion only to remain quiet.
UNIVERSITY REFORM.—Some time since the Heads of
Houses appointed a committee of their own body to re-
port on the recommendations of the Royal Commis-
sioners, so far as they concern the University as distin-
guished from the Colleges. It is understood that this
comiloo"W°eudene—sdWaye,
will nbieitpteue wblisihllerdepbeofrotrteoththeelobnogarvda,caantidont.hat the report
AFFA-ut OF
authority, that
tahree 2i7ntfhermulte.d,' audpueenl goodtook
place between Sir Robert Peel and Mr. Bernal Osborne,
member for Middlesex,l the origin of the meeting being
the speech which thelion, baronet delivered upon the
Jew Bill. The ball from
through his antagonist's Coat Osborne's weapon passed
sleeve, and the affair
happily terminated without bloodah ed.—Eesae Herad. ,