The Sun.
London, England, 1848-03-22 00:00:00

MONEY and C4O.IIIIVIERCIA s,EWS.
CITY, QUARTER TO Tii
The Cotton Market at Liverpool yesterday was heavy,
the sales being 2,500 to 3,000 bales, and American
selling at 4 d. to 6d. per lb.—Railway Shares were dull,
and prices were still declining.
The private advices by the Overland Mail have not
yet been delivered, but there is sufficient in the news.
paper summaries to prove that matters are in a very
unfavourable state at Calcutta, although rather better
at Madras and Bombay than might, perhaps, have been
expected. Money was scarce in the first-mentioned
city, and the Union Bank appears to be a complete
wreck, the worst indeed that we remember in the annals
of banking. Misappropriation of funds, a combination to
raiso the prices of the shares, and a deliberate misre-
presentation of the accounts are among the acts of the
late directors, and it need not excite surprise that in
Calcutta there was a general feeling of indignation.
The shareholders appear to be threatened not only with
the loss of their original capital, but likewise with tre-
mendous sacrifices.
Some disappointment is felt at the statements in the
American papers, per Ivanhoe, relative to the uncer-
tainty as to peace with Mexico being concluded upon
the terms of the proposed treaty, but there is a hupe yet
that an arrangement will be come to.
Some of the Continental mails of this morning are
still due, although the news from Belgium respecting
the suspension of cash payments has just been received.
The measure is one of precaution, but may have, espcci
ally if followed in other continental kingdoms, the effect
of drawing specie from England, an occurrence that
would induce an advance in the current rates of discount
here.
The necessity of revising taxation is now so generally
admitted in England, that the main point is as to the
best means of effecting the desirable end. To dispense
with Indirect taxation is not yet agreed upon as the best
plan, but a party advocates it strongly in a pamphlet en-
titled " A Budget of Two Taxes only." He states that—
" The plan here submitted, and which is well adapted
to these requirements, consists in the abolition of the
whole of the taxes known as customs and excise, toge-
ther with the assessed taxes and all local taxation—such
as poor-rates, repair of roads, church and county rates,
and to raise the supplies necessary for the national
wants by the simple machinery now applied to the col-
lection of the stamp-tax ; which, as being easy of col-
lection, the least oppressive and least felt, would re-
main as at present, merely extending the legacy duty
to all property, and equalizing it at 10 per cent.
This alteration would equalize the amount at pre-
sent deducted from one class of legatees, and
extend its application to a class now most un-
fairly and unjustly exempted from its operation by their
own class Legislature. The imports would double in
the second year, and the rewards of labour would be
greatly increased, both in actual remuneration and in
cheaper living. This tax would produce, at the very
least, 14,000,000/. per annum. The tax upon property,
fixed at 10 per cent., and the tax upon income, at 5 per
cent., upon all property and every income, would be
• most just, as all would benefit—the rich equally, though
in a different manner, with the less affluent. This tax
would likewise produce, at the least, 24,000,0001., the
value of the property of the United Kingdom being esti-
• mated at 5,000,000,000/.
" Taking the expenditure as at present at fifty-one
millions, which by judicious reductions may be with
ease, and without the slightest disturbance, or impairing
the efficiency of needful services, be reduced to forty
millions; with eight millions for the support of efficient
institutions for education and employment, due by the
State to the people, and for the maintenance of a more
. perfect system of roads, repairs of edifices devoted to
public instruction, and to other local expenditure, we
have a grand total of 48,000,00 a, leaving the pablic
debt untouched."
The English Funds have decidedly advanced, and
there is a more active business doing. Consols for
transfer have ranged from 814 to 81i, and for time
from 814 to 82. Exchequer-bills have realised 235. to
275. premium, being again lower. India Stock for ac-
count is at 233.
The Foreign Securities have been also better. Spanish
Five per Cents. have been 124 to I, and the Three per
. Cents. at 22k. Portuguese Four per Cents. have been
144. Brazil Stock is at 70. Dutch Two-and-a-Half per
Cents. are 414 to 41k.
Railway Shares are in a few instances a shade higher,
but North-Westernjand Groot Wctern are again excer
Liens. Brighton are steady.
BRITISH FUNDS THIS DAT AT ONZ O'CLOCK.