The Sun.
London, England, 1842-03-12 00:00:00

measure is wise and necessary. These are among
the different conclusions to which I have come
upon the subject, after the best consideration
which I could give to its various details. lam sure
that every Gentleman must feel the impossibility of
my affording any estimate for drawing any safe or
unerring conclusions upon the matter. But I feel it
my duty to give to the House the best estimates I can form,
and to state the grounds upon which I have come to the
conclusion at which I have arrived. In 1814, which is
the last year in which we have had income assessed
in Great Britain, the amount of property so as-
sessed was ab0ut,173,000,0001. The property taxed was
comprised, in five different divisions or schedules. The
Schedule, which was entitled Schedule A, contained the
Property Tax, which was derived from land, and was
divided into three classes—the rent of land, the'
rent of houses, and the rent derived from tithes,
Imines, qnarries, canals, and other sources.
Assessed property:in respect to the rent of land was
39,400,000/. ; the rent of houses 12,260,000/. ; profits,
tithes, mines, and coals, 4,470,0001., making a total of
the property derived from land 60,135,0001. Schedule
B contained the rent of land in respect of what
was held by . the occupying tenantry. fihe amount
of income in respect of this assessment was
38,596,000/. Schedule C contained an income de-
rived from the public funds and -similar sources
amounting to 30,000,000/. Schedule D contained
an income derived from the profits of trade &c., amount-
ng to 38,310,0001.. Schedule E contained an income
from public offices amounting to 11,744,0001. Coming
to schedule A, the assessment on the rent of :land was
39,400,0001., but I cannot doubt that the assessment at
war prices must have had considerable effect in reducing
the price of land.—(Hear.) If to that be added the effect
produced by the restoration of the currency in respect to
which opinions greatly varied, I have no doubt that it ,
considerably increased the rental of land.—(Hear, hear.)
But when I look to the progress of agricultural improve-
ments—(Hear, hear, from the Opposition benches)—
the
effects of the application of science to land, I
cannot but entertain the opinion that the present
rental of the land must be equal to what it was in 1814 ;
and, upon the whole, it being difficult to form any esti-
mate, resting on a perfectly satisfactory basis, I will as-
sume the rental of land at present to be equal
in amount to the rental in 1814, viz., 39,400,0001.
I do not know that I am acting in concur-
rence with the feelings of , the House—(Cries of
" Hear, hear ")—in entering into these details, and
giving calculations with respect to the proposal I intend
to make.—(Hear, hear.) The rent on houses in
1814 was 16,260,000/. The estimate of property in
respect to the rent of houses in 1814, was, as
is stated in schedule B, 16,260,000/. In order to
calculate the revenue which I can derive from
three per cent. on the rent of houses, I find
that, in 1814, the number of houses was 2,231,000.
In the present year I found the number of houses had
increased from the number in 1814, 3,460,000, and if
the value of the increase of rental, has been in proportion
to the increase in number, I shall be justified in esti-
mating the amount of the income from the rental of houses
at 25,000;000/. I can take the proportion of the rental
that was valued to the house-tax in 1814, and compare
it with the valuation made for the purpose of the pro-
perty-tax in the same year, and I' find that a calculation
made on that proportion will give nearly the same
result. A calculation founded on the relation which the
charge to the house-tax will bear to the property-
tax, will ' give the present amount of rental
25,000,000 L Taking., therefore, one • estimate or the
other, I think I shall not far err in making the calcula-
tion of the present amount of rental from houses at
95,000,000/. It is, I think, the best estimate I can take.
Now, with respect to the increase from tithes, there can be
no doubt whatever, as fin- as I can form a calculation
from the information of the Tithe Commissioners, that the
annual amount of tithes is 3,500,000/. I find that the
dividends from Railroad Companies, from canals,
and other sources of income of a similar kind,
amount to about 3,429,000/. I do not think
that the annual profit arising from mines and
iron works, &c., amounts to more than a total of
1,500,000/. I will then recapitulate the amount esti-
mated in schedule A. First, The rental of laud,
39,400,000/. ; the rental of houses, 25,000,000/. ; tithes,
shares in raiways, mines, and other sources, 8,400,000/. ;
and thi • will give a grand total of income, in respect of
which the tax is to be assessed, subject to the reduction I
have referred to, of 12,800,0001. But then I propose to
exempt ail incomes under 15C/. a-year—(hear, hear)—
that will make an immense difference. And I must
dedua on that account nit less than one-fourth of the
total of the assessment, deducting that one-fourth from
the produce of the tax which I have calculated
on, from the gross income of SAedule A.
I find it will amount to 1,600,000/.----(llear, hear.)
I deduct one-fourth in respect of incomes of 15cL, and
I estimate the total at 1,600,0001. Schedule Bis the
rent of land in respect of occupation. The sum assessed
in that respect in 1814 was 38,396,000/. In that year
the value of the tenants' occupation was assumed
to be three-fourths of rent, and I take it
now at one-half. • I assume, therefore, th e
rent of land that I can touch by my assessment
to be reduced to 26,000,0001., on account of the reduc-
tion of from three-fourths to one-half. Then, I may
apply, as cases of entire exemption, the income of all
ten Ants who derive profits of less than 150/. a year, and on
that account I must make a further reduction, sr) that upon
the whole 'cannot calculate upona greater amount of duty
than 150,0001. from the occupying tenants. Now see
what the effect of this will be. As I calculate the
profit gyni_xilalf the reiltzLain sure that ever tenant
year is 'exempt altogether, unless he has other
resources. I now come to Schedule C. Schedule
C comprises the income from public funds and securities.
The capital assessed in 1814 was 30,000,000/. The pay-
ment of interest and dividends in 1841 amounted to
29,400,0001. Now I think there cannot be a question
that I ought to deduct the whole amount of pay-
ments on account of Savings' Banks. I must,
therefore, on that account, make a deduction of
one million, which gives me a net income, assessible
to the property-tax in the public funds, of 28,400,0001.
To that I must add for the dividends on Bank Stock, and
Indian Stock, and Foreign Stock, the dividends of which
are payable in this country, the amotuit of 1,500,0001.,
making the total amount for the year 30,000,0001.,
the amount in 1814. But again I must apply a deduction
on account of all incomes being less than 150/. I deduct
one-fourth on that account, and the amount which I esti-
mate as the produce of my tax upon the public
funds will be ' 646,000/. Schedule D, in the
year 1814, contained the incomes arising from
the profits derived from trades and professions ;
and here I must confess that it will be a most
difficult thing for me to form any estimate under this
head* which shall at all approach to the truth;
but I find that the total amount of exports and imports
in the year 1814, as compared with the total amount of
imports and exports in the year 1842, is as 86 is to 138,
and I find that the declared value of the exports in 1814
as compared to 1841, bears against the ratio of 45 to 51;
but on the other hand, of British shipping in the year
1814, there were employed only 1,990,000 tons, while in
1841 the amount was 3,292,000. I must form some es-
thnate, although I admit that I have not sufficient
data, but I do not , think that the income de-
rived from the profit of trades and professions
during the present year will bo found to fall short of
6,000,000/. Here again I must deduct one-fourth on
account of the exemption of all incomes under
150/. a year, which will give me a net amount of
1,225,000 L as the produce to be derived from the
proposed tax on the profits of trades and professions.
Schedule E includes the incomes of all public officers.
In 1814 the income of all the public officers amounted
to 11,744,0001. On account of the great reduc-
tions in our establishments which have since
taken place, a
great reduction must be made from
the income of public officers. I do not think
Iran safely estimate the amount of income derived from
public officers at more than 7,000,0001. in the present
year, instead of 11,744,0001., which it was in 1814.
Now, if from that 7,000,0001., I deduct one-fourth
on account of the exemption far incomes under 150 Z
a-year, I shall have available for the purposes of taxa-
tion a stun of 5,250,000/. This will give a tax of 155,0001.
a year. I will now recapitulate the total amounts of my
estimates, to explain to the House what I expect to de-
rive from my proposed duty on incomes. From schedule
A I estimate the amount of my receipts .at 1,600,000/.
From schedule B I estimate the amount of my receipts at
150,000/. From schedule Cat 646,0001. From schedule
I) at 1,220,0001. And from schedule E at 155,0001.,
making a total aggregate estimated receipt of
3,771,0001.—(Che0r5.) I will 'now state what aro the
views of her Majesty's Government with respect to the
duration of this impost, if it should meet with the sanc-
tion of the House.—(Cheers.) I trust that Parliament
will confirm this measure. In order to give the oppor-
tunity of a full experiment, I trust that Parliament
would not be unwilling, in case of necessity, to continue
the duration for a period of five years.—(Hear.)
But there may be, as there have been before,
and of which I do not despair, those revivals of
commercial property--(Hear)—which, coupled with the
measures I am about to propose, may make Parliament
naturally anxious to reconsider this subject at an earlier
' period than I have mentioned ; they may wish to have
an opportunity of ' fixing the duration at an earlier
period than five years. And though I nayaelf trust, in
case the 'experiment should not succeed, that
Parliament would not hesitate to prolong the duration,
I think it just, in the first instance, to limit its to three
years—(Hear, hear)—that is, to give Parliament the
oppo7tunity of sanctioning it at the expiration of three
years.—(hear, hear.) The sth of October will be the
first half year. Sir, I come now to consider a matter,
intimately connected with this, of great importance, the
position of Ireland in connection with finance. Sir, in
my opinion, if war shall arise, if there should be some
great contest which should call this country to come
forth and protect her own, I should not hesitate to ex-
press my opinion that Ireland ought to contribute, and, I
believe, would be desirous to contribute her full share on
the occasion.—(Hear.) But, when lam proposing a tax,
confined in the first instance to the period of three
years, when the amount of that tax does not exceed
three per cent, I must of course consider with reference
to the public interest, whether it be desirable to apply
that tax to Ireland. I must bear in mind that it is a tax
to which Ireland has not been hitherto subject ; that it
is a tax in respect to which, for the levy of it, no
machinery whatever exists in Ireland--that one advan-
tage here is, that I could raise it with less trouble than
any other, the machinery being complete. With respect
to Ireland, there being no assessed taxes, that machinery.
is defective : I should have to broach it for the first
time and I should have" to apply a totally new machinery
I should have to apply to Ireland these taxes if the
public necessities should require it ; but there is in the
present state of society in Ireland something so peculiar
that makes the devising of the machinery for
that country a matter of great and serious considera-
tion. At the same time, as no part of the empire
will be more benefited by the measure- which , I am
about to propose, than Ireland—as Ireland is united