The Sun.
London, England, 1856-12-24 00:00:00

EDINBURGH.

A meeting of the merchant Company of Edinburgh was
held on Friday ; Mr. C. Lawson, Master, in the chair.
Mr. JAMES RICHARDSON, in moving resolutions on this
subject, described the origin and history of the tax, as
imposed by Sir R. Peel in 1812, and auocoanively continued
for periods of three years, till Mr. Gladstone passed a bill
continuing it till 1860, in order to enable him to carry out
other important financial measures. In 1854, however, a
change was made on the tax, when Mr. Gladstone pro-
posed that it should be doubled during the existence of
the war, and should so continue for a year after the 6th
April subsequent to the ratification of the Treaty of Peace.
In 1855 a further addition was made to the tax by the
present Chancellor of the Exchequer, but upon the same
condition. Here there was a matter of bargain with the
community. Now, the Treaty of Paris was signed on the
30th March, 1856, but the ratifications were not exchanged
till the 27th April. It was reported that there was an in-
tention of taking advantage of these few days to still con-
tinue the tax for another year, and it was to meet that
that a general movement throughout the country had
arisen. Now, they would not press the Government
to do what the finances of tie country would not ad-
mit of. The revenue of the present year was eighty-
seven millions, while that of the last year of the
peace was fifty-four millions. Now, he did not ask for so
low a state of our armaments as existed before the war—
(hear)—but all the reduction he proposed in his resolutions
to ask was somewhere about seven and a half millions, and
there was at least an ample margin between the fifty-four
and the eighty-seven millions to accomplish this, as well
as other reductions that the community called for. Mr.
Richardson concluded by moving a series of resolutions on
the subject.
Mr. MACFARLAN seconded the resolutions.
Mr. BLACK, M.P., said that if they did him the honour
of intrusting to him their petition to Parliament, he would
not only be happy to present it, but to support it to the
best of his power. He was not surprised that there was
so strong an opposition to the tax, because he looked upon
it as of the most oppressive and inquisitorial character, and
he must say that if it were possible they should have it re •
moved root and branch. Mr. Black referred to the recent
Amendment Act for giving back to proprietors the tax
upon the sums paid for repairs and rates, but the Act, he
said, was so ill-worded that he feared many Commissioners
would feel themselves unable to carry it into effect. The
tax, he remarked, was full of inequalities and injustices;
they could not make it just; while it was the source of
gnat immorality. But they could not refuse to pay the
expenses of the war, and for himself he would rather pay
the whole tax for another year than hang it up longer with
all its painful circumstances.
After some further discussion, the resolutions of Mr.
Richardson were unanimously agreed to.

INCOME•TAX —ln consequence of the receipt of a re-
quisition numerously signed the Mayor cf Devoupert
(Mr. Watsoe) assembled the inhabitants on Monday
evening at the Town-hall, and, in taking the chair, state
that he quite agreed in principle with the present move
went against the • additional 9.. f., which sas a war tax,
and which ought not to be continued at a time when the
people had a right to expect the blessings of peace. The
tax bore heavily on the civil servants of the Crown, B.
many of whom resided in the borough. Dr. Rowe said
that, although the country bad hitherto subnutted to the
burden cheerfully, the time had arrived when it bee a
necessary to show the Chancellor of the Exchequer that
thoy were impatient He moved, "Tnat i.. ie the
opinionof this meeting that the increased inc ,me-tae nowiev:;
has greatly aggravated its previous inequalities, and that
it therefore should be lessened at the earliest
period in accordance with
wthtree
optlehdeLr,se
Chancellor of the Exchequer." Mr. I. Ten by the
seconded, and Mr. Symons supported
f 0 drawing
the tarY
having
was carried unanimously, e resolution, it
Oram, Mr. Rattenbury, and Dr. .
up a petition, &c., proposed by Mr,
Tripe, The three towns
of Plymouth, Devonport, and St(
phatically pronounced against this) Clark, banker, Mr.
Ilteallx0:1s have

EAST KENT. —Sir Ed ward Dering, one of the inemibiteurli
for East Kent, has issued an address to bis no,:rnftre
eats, in which be says,—" It is with feelingsof
of my
regret that I have to inform you that the state
m_ , Perlis
health will prevent me from attendinghtea
approaching
session. mentary duties during the early part
ofr the
emmpeeded me
session. My medical advisers
to seek a warmer climate until thh
the point of
have passed away, and I ant therefore
.e
ntu77, Gazette, afivf.rivg
embarking for Egypt," The
'AA
those wh.) have atelyi
eavteoldec?ds of spring
to this ad,lress, observes that
seen Sir Ed aqtrd have
ap-
pearance. He is suffering with
a attack c
wind-
pipetikieinalhLeisredap
medical men recJnitnend his
and throat, and
his
until the spring. One, of Sir
visiting a warmer climate him, and we are quite
Edward's friends l_ beenfrsi‘ruahcakn
his temporary absence from his
apology he
sure the electors owfilrEaac-_°t Kent will readily accept. the
'and strength."
with renewed healthParliamentaorygedrustifeos and will rejoice to see himi return

lation is in a downward or an upward direction.
Of the two, however, the dealer in produce is always
liable to the most injurious loss; because the degree
in which he loses—especially if the margin of calcu-
lated profit was in the first instance narrow—way
bring his net returns below the first outlay, while
the money-dealer only loses by not getting the ad-
vantage of the rise—a negative loss as compared
with the loss of the other. For some months past
the course of events in the money market has been
adverse to the dealer in produce to a most extraor-
dinary and unusual degree. Violent, sudden, and
extensive fluctuations in the rate of interest have de-
teriorated the value of that property and securities,
contracted their credit, and convertedfairly-calcu-
lated profit into absolute loss ; and this in a period
exhibiting characteristics which might fairly have
been expected to exclude all such irregularity,
commerce being, though flourishing, in a steady
routine condition, neither distended by speculation,
nor in danger of collapse from exhaustion. Indeed,
such has been the nature of the fluctuations, and
such their origin, that no caution would have suf-
ficed to secure the trader against their injurious
action. Place it once in the power of an oligarchy,
holding council and making edicts in secret, to de-
termine the rate of interest, and all security, all
certainty, all steadiness of commerce, in a country
where commerce is conducted upon credit, is at an
end. This is the case here in England now. The
commercial world have just felt, nearly to the full,
the evil the power is capable of creating, and they
are still staggering under the blow. Is it sur-
prising that people thus suffering should begin
to cry out, and should apply themselves to
shake from their shoulders what they conceive
to be the least firmly fixed portion of the burden
they bear ? A tax professedly temporary,
and in part actually expiring, has the appearance
of being less of a fixture, and of being more
immediately removable by a sudden exertion,
than an institution ,like tLe Bank Charter, and
hence it is that the traders of our towns are more
disposed to attempt to relieve themselves by an
attack upon the income tax than by laying siege in
form to the Bank and its machinery.
Whether it is, however, the one or the other that
is destined to bear the brunt of 'Vito attack which
justifiable discontent will urge onward, we warn
the Chancellor of the Exchequer that he will find
it henceforth impossible to maintain both. If he
be bent upon maintaining intact the bungling ma-
chine which Sir R. Peel permitted Lord Over-
stone and other large money dealers to foist upon
him, he must make up his mind to surrender for
ever the privilege of retaining those elements of
high and productive taxation which have so often
served the country in her hour of need. The coun-
try cannot, and will not, we are convinced, bear
the two species of pressure—that which is caused
by the taxation of profits for the purpo: e of the
State, and that which results from the taxation of
profits imposed by the Bank in order to get gold
into its coffers—in co-existent operation. The
whole question of this Bank Charter must con'. e
on, we apprehend, in the ensuing session of Panida-
went, and must be thoroughly discussed and.abso-
lutely disposed of one way or the other. It is not
safe for such a commercial nation as this, with our
transactions largely—enormously, we.may say—
increasing at decreasing profits, to sit horn one
year's end to the other upon such a barrel of
hhopae
thats
in future to let a fire burn up to the point of 1847,
gun-
powder as the Bank Charter, with no othert
secu-
rity
againGovernmentst a
n
explosion than
foolish hoelis

STATE OF ThADE.

MANCHESTER, DEO. 23.

been done at
made
byand in ware-
housespresent
theretherethe
arebale
noof
In cotton cloth a considerable business has be
an advance over last week's rates. :._,ellers ar
advance of lid. upon all kinds of fabrics, e asking an
goods that have not seen the light foornrae
some large clearanceeasnthhaaevterbaedeen
oaf alarmedgreat
risk, tthief
This bespeaks a healthy state of the 'marketny
a day
put'
being, but manufacturers are somewhat for the time
isn a an
manufacturer.
lesturer
. cottonT he
known
readily
symptoms
n 8
epohnolio: mt,
jiduwnisesiloen:yitratirsgfpasnoohad,dtrieaou,avoiPhs.refteos(
bUcalsoletirtishes htaeeiclas:uvkmiPeoeieannnraktatl operations
lengthbn
us °.f commenced men c e d looking
rapid rise of the raw material. At
g
of 01 .ae
them
ivnabgnycaeteome disadvantage,
the continued aActtivity
thhaevmiogbyatrhipearuepnwilayrdtackoiteluiras thippers for the last fortnight
f c Friday
eed l
ad abyulsaisntesa: immense
cl b u
t businessha
over the ratesof surprise.
dto ido.r
pery arinba.
been freely given
(wiehmilmensdomh:tshingThis advance, forced upon
set.of the cotton-market, has not
sbeeoeunldo bbtasirneebdelieenre done.aiid there,
Tb.
between last and present rates has btea
the terms current on Friday and batar-
and foreign.
and the trade it in a very healthy state. Such
()se on the eve of Christmas, has not been
The many years.
" From circular of Messrs. .Tohn Slagg and Co. says :
to have Tuesda last to the close of the week we continued
ei, steadyy demand for nearly all kinds of goods, and
a fair
, ; "mount of business was done at gradually Lardening
/".I.`c 8. Yesterday and to-day, however, owing to the ex-
citement in Liverpool and the consequent higher prices of
"rug, a further advance of 3d. per piece on shirtings and
Madapollams and lid. per piece on jaconets is asked, but
so far without success, and the business of the day is con-
sequently much restricted.

LEEDS, DEC. 23.
There has been a good demand for cloth in the publie
markets this morning, and, in proportion to the quLittity
offered for sale. more than average quantity has been sold.
The stocks in the halls are much lower than usual at this
en
:le
xaptledc t ef (it
SeriFoll of die year, and Are not at all in excess of the de-
mand. Prices continue very firm.
The woollen market at Huddersfield was scarcely so
brisk to-day as it was last Tuesday, buyers acting w,th
a good deal active, aution The demand for spring gouda,
however, is and the prospect of the trade generally
iiis,:agtiosof,aisctmorayn.ufaAcftt:rrec7hinristthmiassdmisturcihct mare
may bed
Prices of both cloths and wools remain steady.
•

LAMENTABLE ACCIDENT —A fatal accident occurred
at the railway station, Louth, Lincolnshire, a few days
ago, under distressing circumstances.
The R
Mason, vicar of Bilsby, near Alford, wasstanding on
t!,e platform with one
of his daughters, waiting fur a
passenger train, by which he intended to return home,
,c,en an engine, rushing through the station, caught the
rev. gentleman by his coat, which was a long one, and,
the cloth becomieg entangled in the crank connecting
the driving wheels, he was dragged down whirled several
times round, and. then dashed
was taken up quite dead. l'he rev, gentleman was in
his 58th year, and has left a numerous famili•
TEE ROYAL BRITISH RANK. At the Court of
a 4 declared under the upon the platform. He
Bank-
ruptcy yesterday a first dividend of 6s. 6 in th e pound
on debts amounting to 380,0001., and the assignees have
riot retained anNthitig to meet legal or. other expense!.
estate of the Royal British Bank
It is expected that a further dividend will be declared in
about six weeks. Credit is given to the
assigzees and
their t.iiiciters for the promptitude exhibited in dividing
the funds in hand and, bad not Chancery proeedings
interfered, 10s. would have been before this distributed.