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

BOLMBUSH MINING COMPANY.

Yesterday a special general meeting of proprietors was
held at Mr. Crease's cffices, Gracechurch-street ; Mr.
PILCHER in the char.

The statement of accounts showed an outlay in mine
cost from July to October of 4,5361., and ores sold 2,5241.
The total balance against the mine was 2,0571.
Mr. Cazesz read a report from Captain N. Seccombe,
which stated :—"That looking at the improved state of
the mine since the meeting in March last, the increased
amount of ore that had been discovere f, together with
the facilities for more extensive operations by opening a
communication from Hitchen's engine shaft at the 160
fathom level to the main lode, I think there can be no
doubt but with perseverance it will become a paying
mine. We sold on the 18th inst., 182 tone, which rea-
lised 1,9591."
The CHAIRMAN said the directors had suggested a plan
which he hi,ped would prevent for some time the neces-
sity of calling upon the shareholders every month for
money. He then read a resolution by which it was pro•
posed to authorise the directors to raise by way of loan
any sum not exceeding 4,0001.
Mr. WARTON considered it a very satisfactory mode
of relieving the shareholders.
Several ether proprietors having expressed a similar
opinion, the motion was unanimously adopted.
Captain SECOOMBE, i❑ reply to questions, stated that
for the ensuing six months he expected the returns would
be about 1501. alnonth short of the cost, and after that

time the mine would be in a paying condition. The
duchy bad recently granted them a very valuable addi-
tion to the sett, by which they would be able to work
their most prorni-ing lodes to great advantage.
Mr, E. CREASE--And we are not bound by the lease
to put up any machinery. (clear.)
The CHAIRMAN said the next resolution he was sure
would be carried unanimously.
Mr. JAMES then moved, and Mr. CUMBERLEGE se-
conded a resolution, accepting the grant of the piece of
land by the Duchy of Cornwall. Carried unanimously.
A vote of thanks to the chairman terminated the pro-
ceedings.
LIBERTY MINING COMPANY.

Yesterday a special general meeting was held at the
offices, Moorgate-street, to consider whether the corm
puny should be dissolved and a new one formed ; J. M.
Riddell, Esei., in the chair.
The CHAIRMAN observed that since the last meeting it
was upon consultation considered better to have a dui
of assignment to the present directors, as trustees in
trust to form a new company, to carry out the resolu-
tions then proposed for dissolving the present one. He
had been assured that if it was brought out under the
Joint-Stock Companies Act, 1856, it would be very de-
trimental to the interest of the shareholders, as shares
could not be transferred except by stampe i deed. It
was, therefore, intended to re-form the company under
the present charter, with a. capital of 40,0001., in 40,000
shares-25,000 to be ordinary shares and 15,000 pre
ferentiai, to bear interest at 10/. per cent. ; one ordinary
share to be given for every five shares in the old com-
pany, and the holders of every 25 scrip to be compelled
to take one preference share, upon which is. should be
paid on allotment, ss. in April, ss. in July, and ss. in
October.

A lengthened digcussion having ensued, the motion
was eventually carried. Some formal business having
been transacted, the proceedings terminated in the usual
manner.

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seasons ; and he thought the time had arrived when they
must endeavour to rid themselves, partially, at any rate,
of a most grievous impost. He should not detain them
with any observations upon the principles, or history, or
operations, of the income-tax ; but he might state that the
resolution which he should submit for their adoption, con-
templated in the first place the reduction of the present tax
from 16d. to 7d. in the pound, the original sum—or, in
other words, the remission forthwith of the war-tax. So
long as the necessity for it existed that tax was cheerfully
Fad ; but as the war had ceased, and the national ex-
penses were diminished, it was felt to be an intolerable
burden. The resolution also proposed the modification

or readjustment, by a graduated scale or otherwise, of
the whole system at an early period, and, if possible, the
total abolition of the tax in 1860. He for one was not pre-
pared to ask the Government to do an impossibility ; and
in that view of the case, he was strengthened by the opi-
nion of one of their excellent county members. He strongly
urged the propriety of not asking for more than they could
justly demand. He (Mr. Thew) thought they could not

too strongly reprobate the method by which it had been
attempted to saddle them with another year's double tax;
it was in his opinion a subterfuge unworthy the govern-
ment of a great country. The understanding at the time
of passing the acts by which the tax was increased was
that they were to continue in force for one year after the

termination of the war, and no longer. But he trusted
they would that night show their unanimous determina-
tion not to submit any longer silently,rand without remon-
strance, to such an oppressive charge. Mr. Thew then read
the resolution he proposed for their adoption, which was
as follows :—That the present enormous charge of Md. in
the pound, levied on incomes, is most oppressive and un-

just. That a reduction of the tax to its original amount
of 7d. in the pound ought to take place from and after
the sth of April next. That the present system of levying
the income tsx by taxing permanent and precarious
incomes alike, is manifestly unjust, and leads to a
general and systematic evasion. That the despotic
and inquisitorial mode of assessment is repugnant to
the feelings of Englishmen, and has been submitted to from
time to time under the impression that the tax was only
for a temporary purpose. And that this meeting hereby
pledges itself to use every legitimate means to obtain a
more equitable adjustment of the tax, or the total repeal
of it upon trades and professions." _ _ _

Mr. H. WELLS seconded the resolution. He claimed
their indulgence while he entered very briefly into the
question before them. He should simply go through the
resolution which had been read to them, remarking on the
various points therein brought forward. In the first place,
it was laid down that this tax was unequal, despotic, and
inquisitorial. N ow, he felt that there was no one who paid
the tax but would feel the justice of the character so as.
cribed to it. This tax was not only unequal, despotic, and
inquisitorial, but it was unjust and uneven in its assess-
ment. The farmers were assessed at half their rents. Now,
could they imagine anything more positively absurd than
to assess a man upon half his rent ? But the grossest in.
justice they had to complain of was, that it taxed alike
the income of the professional man and that of the man
who derived his income from the Funds or from landed
property. When a professional man died, who had an
income of say 3001. a year, that income died with him.
But when a man died whose income was derived from the
Funds or from landed property, his income remained
for those whom he left behind. It was a well-known
fact that injustice begat evasion, and it was certain that
there was an enormous amount of evasion under this tax.
They only need look into the public prints, and they would
find, day after day, notices from the Chancellor of the
xchequer to the effect that he had received from A. B C.
or A. S. S. certain amounts which they had forgotten to
return to the income tax, those being men whose moral
principles were such that they could neither forego the
temptation of withholding a certain amount of the tax,
nor persist in retaining it in their grasp. He (llr. Wells)
proceeded to remark on the manner in which the Govern.
ment of this country had endeavoured to carry on the war
tax through another year. The treaty of peace was signed
on the 30th of March, 1856. The ratifications of the treaty
of peace were not exchanged until the 27th of April, owing
to the distance of some of the contracting parties. To all
intents and purposes the peace was concluded in March,
and previous to the sth April ; and they must also remem -
ber that the tax was to continue during time war, and one
year after the termination of the war, and that that one
year was to be reckoned from the first sth of April that
occurred after the ratification of peace. Now, mark how
important a matter it was to them that the peace should
be concluded before the sth of April. He believed it
was a well-known fact that peace had already been
arranged in February, but the Government were not at
all in a harry to get the matter settled before the sth of
April. But, whether so or not, the treaty of peace was
signed on the 30th of March, the ratifications were ex-
changed on the 27th of April, which was flue for the cal-
culation of the year after the conclusion of the war. Now,
to all intents and purposes, if the tax continued up to 1857,
they would have it for one year after the war ; but the Go-
vernment availing themselves of the twenty-one days, cal-
culated from the sth of April, 1857, and therefore they
would have the advantage of paying the double income tax
for two years instead of one. He did not wish to use any
harsh terms, but he must say that looked very much like
a fraud ; at any rate it was a peace of successful chicanery,
to say the least of it. It was but a poor return for that
patriotism which was shown during the war, that Govern-
ment should condescend to do an act which, to say the
least of it, was dishonest, and contemptible; and in the
words of the resolution, he asked them, were they not de-
termined to use every legitimate means to obtain a reduc-
tion and equitable adjustment of this tax, or the total
repeal of it on trades and professions?
Mr. WiLsox said that before the resolution was
put, he should like to make one or two observations.
He agreed almost entirely with everything that the
mover and seconder had said as to the inequality of
the tax. He did not particularly feel the injustice of
it, and he looked upon it as permanent ; but if it could
be modified so as to meet the general views, ho
di i
not think it would be so unpopular as it was. He
thould like to propose some resolutions, which, if they
introduced the principle of graduation, or led the public
mind to think the subject was not absolutely unapproach-
able, would enable him to consider that he had done some
good. His own feeling was, that time resolution should go
for the reduction of the tax to the amount fixed by Mr.
Gladstone's act, passed in 1853, and by which the tax for
1457 was to be sd. in the pound, and to cease altogether
in 1860. He should like to propose this resolution rT
" That it is the opinion of this meeting that from and after
April, 1857, the tax to be levied on property and income
shall be at the rate of is. in the pound, subject to the fol-
lowing exemptions :—That the first 3001. in the incomes of
professional men shall be untaxed ; that the first 1501. in
all incomes of men in trade, annuitants, or persons having
a life interest only in their property be untaxed, from
which it follows that incomes of not exceeding 1501, be
free." This shoe pinched most severely the man whose
income was from 1601. to 2001. a year, and as taxes were
levied for the most part for the protection of personal pro-
perty, it followed that property should pay rather more
than the poorer class. He thought what he had proposed
would be accepted as a great boon by the country. At
all events, if the principle of graduation was once in-
troduced, it would be so generally approved of that
another session would not pass without the tax being
made equitable and just, which it was not now. If it
was the will of the meeting, he would suggest to the

Mr. MOYSE said, having heard the observations of the
mover and seconder of the motion, he was disposed to
think that they had taken the best coarse, and it was very
advisable that the meeting should come to one decision.
Lynn, as a port, ought to look very much to the bearing of
the income tax on themselves and their shipping. He would
cite a case of his own which would show the way in which
the income tax bore heavily on the shipowner. A few
years ago ho lost a vessel, and making his next year's re
turn before the special commissioners he wrote this matter
off some 2,5001. He was then ccolly told that he had
lost nothing in income—that it was capital, and that there-
fore no reduction could be made. The next year the
three other ships belonging to him were insured, and one
of the items in his schedule handed in was for insurance.
He was then told that the insurance was to secure his pro-
perty and not to increase his income, and, consequently,
could not be taken off. He know it was said that laws are
made not only for the protection of the man of property,
but for the protection of trade generally. There was a
great deal of truth in that, but it did not convince him
that the man who gained his living by labour should
pay the same as the man who had it from property, either
real or any other. He did not think it advisable to tie
themselves to minittim. Let them get rid of the war
tax. He believed it was quite true that the Government
delayed ratifying the treaty of peace on purpose to get two
years double income tax. It was for them and the country
generally to make such an appeal to the Legislature that
they dare not keep on the tax, and he defied any Prime
Minister of England to hold his place against so strong a
feeling as now appeared to exist in the country on this
matter. He had great pleasure in moving "That a peti•

tion, embodying the foregoing resolution, be prepared by
the Town Clerk for signature, and that the members for
the borough and the western division of the county be re-
quested to support the same in Parliament."
Mr. WALES seconded the motion.

Mr. WILSON suggested the removal of the last clause of
the original motion, as to the total repeal of the tax on
trades and professions. (No, no.)
The Mivou then put both resolutions, which were
unanimously adopted.
A vote of thanks to the Mayor, moved by Mr. W. WHIG,
seconded by Mr. MASTERS, and acknowledged, concluded
the business. The meeting then separated.