The Sun.
London, England, 1857-02-13 00:00:00

rourtbMbitton

SUN OFFICE, Eight o'Clock.

REDUCTION OF THE INCOME TAX.

The CHANCELLOR of the EXCHEQUER (in con•
tinuation) instanced an application of the Metropolitan
Board of Works for a loan of four millions for the im.
provement of the metropolis. After some general

remarks on the prosperous state of the country, and
the proposals made to the Government for the ad-
vancement of education and science, and the diffi-
culty and almost impossibility of the Government to
provide funds for the most deserving, he called

attention to the debt that had been created by
the war. The total amount of increage to the

funded debt Was 30,265,000/., bearing an interest of
907,0001.; to the Determinable Annuities, 116,0001. ; to
the Exchequer Bonds, 7,000,0001., bearing an annual
interest of 245,0001. ; and to the Exchequer Bills of
5,041,0001., being an increase of 191,0001., making

a total increase of charge on the revenue from the war of
1,460,0001., besides other sums that would have to be
paid at a given time. In reference to the policy laid
down in 1853, which partook of a, c impact, he
said that it should not be altered except under
extraordinary circumstances, and he considered
the circumstances on which it was based had been die-
turbed by subsequent events, it being based on the suppo-
sition of continued peace. After some further remarks on
the debts, independent of the above, consequent on the war,
of several millions, to be paid between this and 1859, the
right hon. gentleman proceeded to remark that since
1854 taxation had been reduced to the amount of 760,0001.,
and referred to his arrangements of taxation for the
ensuing year, and er.tered at length into the question of
direct and indirect taxation on which the result rested.
Tl-ere was an exaggerated feeling as to the amount of
direct taxation, and the current of feeling appeared
to be strong against it. (Rear, hear.) The amount
of direct taxation was not large if they put
out of view the war income tax, and reverted to the tax
as originally imposed by Sir R. Peel. First there was
the land tax, 1,150,0001. ; the assessed taxes, two mil-
lions ; and the income tax, at the original rate,
7,100,000/. There was also a class of direct
taxes, paid at uncertain periods, according
to the wants of the people, and consequently they were
not complained of. The first was stamps of every kind,
amounting to 7,450,000/. ; the succession duty, producing
half a million a-year, and estimated when it arrived at
maturity in 1863 to produce 1,200,0001. a-year—a

second income tax, in effect ; and another direct tax
was postage—(no, no) —although the people got
an equivaltot for it, three millions, the whole together

making 10,450,0001., and the total of the two classes
20,700,0001. The total of indirect tares from
Customs, etc., amounted to 39,850,000/., or double the
amount of the direct t ,xition. Taat was a ma-
terial question as to the ri I dive magnitude of
direct and indirect tax stion. Some persons appeared
anxious to retain the income tax to reduce others, and
he instanced the movement in favour of the re-
mission of the duty on paper, a tax that fell on
those classes that used it for newspapers, that

for writing purposes and that for packing &a., bore by
far the heaviest duty. He cmsidered it was a tax
that should be maintained at the present time, because
he thought that the public would not be materially
benefited by its reduction. Next came the wine duties,
but as a committee was to be named on them he should
abstain from entering into it. Spirits had increased in
consequence of the reduced supply of wine, and we were
DOW exporting spirits to foreign countriet to meet the
demand arising from the decrease of wine, and to
enter on the sulject now would be a perilous undertak-
ing. He next came to the duty on ffre insurances. He
did not see any reason to remove this tax as it
was one of the very last that ought to be removed. (Oh,
oh.) In coming to the tax ttion for the future year, he
should confine himself to deal :with thoseimposed to enable
this country to carry on the war. He would now go
through the war taxes. There was an increased duty
levied on spirits, which had yielded a large amount to

the Exchequer ; and so long as matters remained in their
present position he raw no reason to interfere with that
duty. The remission of the war tax upon malt would
occasion a loss of 2,000,000/. He now came to the
income tLx. (Hear, hear.) The hon. gentleman
then referred to the first imposition of the income tax,
and also t r the different periods at which it
was renewed, and said that if the war
had not occasioned the increasing of the
tax, the rate for the current year would be six-
pence in the pound, according to the arrangement made
by Parliament. The law, as it at present stood
was 16d. for the present year, and sd. in the pound for
the two folbwing years. The present proposition he
had to make to the house, looking at the in-
creased charges necessary to meet the debt to carry on the
war, was to ix the t tx as originally intended by Sir R.
Peel fer the next three years, at the rate of 7d.
in the pound. (Loud cries of hear, hear.) [lmme-
diately the announcement was made by the Chancel-
lor of the Exchequer a very large number of mem-
bers milled fr )na the house amidst laud laughter),
The right hon. gentleman then proceeded to explain his
pla❑ in detail, and resumed his seat amidst loud cheers.)

COMMISSIONS SIGNED BY LORDS-LIEUTENANT:
Cot my of Forfar—W. F. L. Carnegia, Esq., to ba
Vice-Lieutenant.

Ist Devon Regiment of Yeomanry Cavalry—W. W.
Butler to be Lieutenant, vice Bishop, resigned ; A. W. K.
Falconer to be Cornet, vice Buller, promoted,
2d Regiment of Devon Militia—E. Lopes to be Lion-
tenant, ♦ice Studdy, appointed to 3241 Foot; C. Wol-
ston to be Ensign, vice Lopes, promoted.
3d Regiment of the Duke of Lancaster's Own Militia—
John Robinson Pedder, Esq., to be Captain, vice De Traf-
ford, resigned ; Ensign Robert Blackmore the younger to
be Lieutenant, vice Pedder, promoted.
Northumberland Light Infantry Militia—John William
Green to be Lieutenant. _

Prince of Wales' Royal Regiment of Renfrew Militia
Lieut. Robert Walkinshaw Young to be Captain, vice
Stewart, resigned; Ensign Henry Dunlop to be Lieutenant,
vice Young, promoted ; Robt. Somerville, Gent., to be
Ensign, vise Dunlop, promoted.

NATAL PRIZE MONEY.
Department of the Accountant-General of the Navy,
Admiralty, Somerset-house, Feb. 12.
Notine is hereby given to all persons interested therein,
that preparations are now making for the intended distrir
bution of proceeds arising from the Russian brig Ida, cap-
str3d on the 17th April, 1854; the Russian sloop Emma
Helena, captured on the 15th May, 1855 ; and a quantity
of grain taken out of six, Russian l aunches, on the 16th
May, 1855.

BANKRUPTCIES ANNULLED.
David Smith, licensed ♦ictualler, Duke's-road, St. Pan
crag.

John Atkinson, builder, Westbourae-grove, Bayswater.

BANKRUPTS.

Wm. Edward Hawkey, tailor, Sykes-terrace, Mile End-
road, to surrender, Feb. 27 and March 31, at two, at the
Court of Bankruptcy. Edwards, official assignee, Sam-
brook-court ; Philpot and Greenhill, Gracechurch-street.
William Bryant, boot and shoe maker, Stratford, Essex,
Feb. 24, at eleven, and March '26, at twelve, at the Court
of Bankruptcy. Johnson, official assignee, Basinghall-
street ; Heath, Artillery-place, Finsbury.
Adolphus Scherman, general merchant, George-street,
Minories, Feb. 24, at two, and March 31, at twelve, at the
Court of Bankruptcy. Lee, official assignee, Alderman-
bury ; J. and S. Solomon, Finsbury-place.
John Smith, corn dealer, Staplehurst, Kent, Feb. 24,
at one, and March 7, at twelve, at the Court of Bank-
ruptcy. Lee, official assignee, Aldermanbnry ; Lawrence,
Plews, and Boyer, Aldermanbury.
Frederick Kindred, miller, Framlingliam, Suffolk, Feb.
24, at half-past two, and March 31, at twelve, at the Court
of Bankruptcy. E.lwards, official assignee, Sambrook-
court ; Aldridge and Bromley, Gray's-inn ; Baker, Ips-
wich.

Sigismund Gans, merchant, Essex-street, Strand, Feb.
24, at half-past eleven, and March 26, at one, at the Court
of Bankruptcy. Johnson, official assignee, Basinghall-
street ; Sydney and Son, Finsbury-circus.
John Dangerfield, sen., builder, Kirkley, Suffolk, Feb.
24, at half-past twelve, and March 31, at one, at the Court
of Bankruptcy. Lee, official assignee, Aldermanbury ;
Philpot and Greenhill, Gracechurch-street.
Thomas Cornell, carver and gilder, King-street, Regent-
street, Feb. 26, at twelve, and March 27, at one, at the
Court of Bankruptcy, Basinghall-street. Whitmore, offi-
cial assignee, Basinghall-street; Chidley, Basinghall-street.
George Caulton, brewer, Radford, Nottingham, Feb.
21 and March 24, at half-past ten, at the Birmingham
District Court, Shirehall, Nottingham. Harris, official
assignee, Nottingham; Bewley and Ashwell, Nottingham;
Hodgson and Allen, Birmingham.
John Lees, brickmaker, Garrison-lane, Birmingham,
Feb. 23 and March 21, at half-past eleven, at the Birming-
ham District Court. Bittleston, official assigace, Bir-
mingham ' • East, Birmingham.
Michael Parker, ironmonger, Kingston-upon-Hull,
March 4 and April 1, at twelve, at the Leeds District
Court. Carrick, official assignee, Hall ; Mends, Hull.
John Paul, seed merchant, St. Mary Axe, City, Feb.
17, and March 30, at eleven, at the Court of Bankruptcy.
Pennell, official assignee, Guildhall-chambers ; Hender-
son, Leadenhall-street.

Charles Fox, corn and flour dealer, Hulme, Manchester,
Feb. 16, and March 19, at one, at the Manchester District
Court. Hernaman, official assignee, Manchester ; Part-
ington, Manchester,
John Wm. Langridge, stay maker, Birmingham, Feb.
28 and March 21, at half-past eleven, at the Birmingham
District Court. Christie, official assignee, Birmingham ;
Harrison and Wood, Birmingham.
Gavin M'Clymont, jun., draper, Bradford, March 9 and
April 6, at eleven, at the Leeds District Court. Hope,
official assignee, Leeds ; Cariss and Cudworth, Leeds.
Charles Hadson Clayton, milliner, Liverpool, Feb. 26,
and March 20, at eleven, at the Liverpool District Court.
Bird, official assignee, Liverpool ; Dodge, Liverpool.
John Davison, anchor maker, Kingston-upon-Hull,
Fob. 25 and March 25, at twelve, at the Town-ball, Kings-
ton-upon-Hull. Carrick, official assignee, Hull; Wells
and Smith, Kingston-upon-Hull.
Philip Porter, cotton broker, Liverpool, Feb. 27, and
March 19, at eleven, at the Liverpool District Court. Tur-
ner, official assignee, Liverpool ; Tyrer, Liverpool.
Michael Stepanoff, merchant, Liverpool, Feb. 27, and
March 19, at eleven, at the Liverpool District Court
Turner official assignee, Liverpool; Littledale and Bards-
well, Liverpool.
George Cavern, jeweller, Carlisle, Feb. 21, at eleven,
and March 31, at twelve, at the Newcastle-upon-Tyne
District Court. Baker, official assignee, Newcastle-upon •
Tyne ; Watson, Newcastle-upon-Tyne, or to Harwood
Clement's-lane, le,mb d-street.
James Watts, innholder, Norton Saint Philips, Somer-
setshire, Feb. 23, and March 23, at eleven, at the Bristol
District Court. Acraman, official assignee, Bristol; Sel-
wood. Somersetshire.

William Calvert, an William Calvert the younger,
hosiers, Sunderland, Feb. 23, at half-past twelve, and
March 27, at twelve, at the Newcastle-upon-Tyne District
Court. Baker, official assignee, Newcastle-upon-Tyne ;
Harle, Bush and Qaskell, Southampton-buildings, Chan-
cery-lane, and No. 2, Butcher-bank, Newcastle-upou-
Tyne.
Sir Charles Fox and John Henderson, engineers and
contractors, London Works, Smethwick, Stafford, Fore-
street, Limehouso, and 8, Now Spring-gardens, March 2
and 30, at eleven, at the Birmingham District Court.
Whitmore, official assignee, Birmingham ; Colmore and
Beale, Birmingham.

SCOTCH SEQUESTRATIONS.
William Kelly, contractor, Kent-road, Glasgow.
David Wright, farmer, Harwood, near West Calder.
Hinson, Turner, and Company, clothierp, North Bridge.
straet, Edinbnrgh.
William Shirley and James Farie, Larne P ottery Com-
pany, Greenock.

BANK OF
Au Account pursuant to the Act '
the. Week ending on Saturda:
IBEVI DST,
Notes Issued .. 23,767,500

ENGLAND.
7th and Bth Victoria, cap 32, for
y the 7th day of Feb., 18b7.
'AIIIIIXT.

Government debt.... 11,015,100
Other securities.- 3,449,500
Gold coin and bullion 9,292,500
Silver bu11i0n........ -

123,767,500

£23,767,500
.. MAR-SMALL, Chief Cashier.
1857.
PARTMENT.

Dated the 12th day of lrabruary

Government securities
Oncludg.Dead Weight
Annuity) 11,524,457
Other securities— ... 17,901.6811
Notes 4 894,295
Gold and silver coin.. 686,746

f. £35,0..7,18
MARSHALL, Chief Cashier.
r, 1857.