The Sun.
London, England, 1845-03-06 00:00:00

PROPERTY-TAY•

The order of tiieefaii:); going into Committee on
the property-tax was then read.
Captain BERNAL OSBORNE said, that he could
not reconcile it to his conscience, or to the duty which
he owed to his constituents, to suffer this motion to be
agreed to sub silentio. He entertained most serious ob
jections to this tax as it was at present levied, and re-
served to himself a full right to express his approval
of a property .tax fairly levied. He must say, that con-
sidering that this tax was levied upon trades and profes-
sions, and that the Government held out no hope of any
alteration taking place, he considered the tax in its
present form so odious and unjust, that he should move
as an amendment that the House do resolve itself into
Committee that day three months.
Mr. MUNTZ wished to explain the reason why he
now opposed the proposition of the Right Honourable
Baronet for the continuance of the property-tax. Having
voted for it when it was first proposed, because at that
time he deemed it expedient and just, he thought it his
duty to explain the reasons that now induced him
to vote against it. The circumstances of the
case were quite altered now from what they had been
when the Right Hon. Baronet proposed the tax ; and he
(Mr. Muntz) had voted for it on that occasion because
he had felt convinced that it was necessary either to im-
pose this tax or to levy an additional duty on articles of
general consumption. But the question was now
entirely alterered—the question now was, whether
you should take off that tax or any other tax ?
and, while supporting the general proposition that the
imposition of a property-tax was fair and equitable, he
bad a decided objection to this tax, because he consi-
deredmsfiirnoi eleed
hai
1E;
oei
mtenhn:i
considered
imtdaoeexpi
nadxi
otnhF
commissionerasni
ibnjj
chuees
tt,il:hthehao.
the more
dn
ji(ndCoorhtne injustice.—(Cheers.)
met
reel:
td.l)Nn The
this tahxarwdhshoi
grosse
Many
pienoipuiset
paidce
in-
come whatever, for the sake opfhakodef up appear-
ances. He begged it to be distinct!
that he did not object to a propertyZ understoodc
They might quadruple a property-tax if theytax.—(Cheers.)
ers.)
liked,
he should not object to it. But he • considered the
tax, as it at present existed, most • unpst. An-
other reason why he objected to the continuance of
this tax was, that not only the House, bute
were labouring under misconception on the the
country,h.
t
the continuance of this tax. They, like the Riguhjte of
Gentleman, were flattering themselves that, in three
years' time, they would get rid of this tax. They would
do no such thing. It would be perpetual:: (Hear, hear.)
Not only would they. have to pay it for the rest of ther
lives, but their children, their grandchildren, and their
great grandchildren would have to pay it after them
(Cheers and laughter.) Not only were thet con tinuing
o
r
the tax, but they were doing away wi/lii .e means of
en property iincome-tax.
cmaose with
t ot
a hnx
ever getting rid of it. If he agree ilith 'the Right
differedNvassomfreohnl optheeoßf theigh Right Hon.
of
Hon. Baronet that a permanent improvement had taken
place in the condition of the country, then he might,
perhaps,the tax, h considera but
he that
entirelythereßaronet on that point. It was true that an improvement
had taken place in certain districts, but it was evident
why that improvement had taken place. Additional
burdens had been put upon one class, which had relieved
another. It was true the Right Honourable Baronet
had relieved the industrious classes belonging to the ma-
nufacturing interest ; but he had done this by laying
additional burdens upon the agricultural interest. " I
call this," said the Hon. Gentleman, "robbing Peter to
pay Paul "—(A
laugh? but I want to know who
is to o pay Peter ?—(Cheering, and much laughter.)
ul
The Hon. Baronet said the other day that Sir Robert
Peel was a difficult bird to put salt on his tail, but it was
quite clear that the Right Hon. Baronet had put salt on
some of their tails.—(Great laughter.) He did not
quarrel with the Right Hon. Baronet for entertaining the
opinions he did. He was willing to believe that he was
sincere in them. He believed that the Right Hon. Baronet
deceived himself, deceived the House, and deceived the
country.—(Renewed laughter.) He (Mr. Muntz) ex-
pressed his sentiments straightforwardly and honestly,
and felt no hesitation in saying that the income-tax
was a most vexatious, obnoxious, and inquisitorial tax,
and he would always vote against its imposition.
Mr. F. BARING said, that if it were now a question
whether they would vote for an income tax or not, and
that their will was perfectly unembarrassed by the finan-
cial circumstances of the country, he would oppose it.
But, considering the position in which the country
stood, he believed it was preferable to other
modes of taxation ; and the fact was, they had
no power to dispense with this tax. What was
the financial state of the country ? They ought
distinctly to understand whether or not they
had a surplus to deal with—whether they could
take of the tax or not. He (Mr. Baring)
did not think they could dispense with 5,000,0001.
The income for the year, without the China money and
a deficiency of 1 800 0001.
the income-tax, was about 47,900,000/.; the expenditure,
as shown by the estimates, was about 49,700,0001.;
leaving was speaking of
the condition of the finances'' of the country if they took
off the income-tax. He had. heard it said on the other
side that the resources of the country ought to leave a
margin to meet some of the casual expenses which fre-
quently came upon them. Now, if they took that
into consideration, he did not believe that they
could get rid of the income-tax without the imposition
of fresh taxes to the amount of two millions. That was
the present state of the finances of the country; and this
was his justification, and his onl justification, for voting
for the income-tax. lie voted for it, because he was not
ready to leave the country again with a deficient revenue.
lie would say that it was not wise, after having had re-
course to one of the strongest financial measures that
could be taken, to give up all the advantages which they
had gained by such a measure. lie was ready to sub-
mit to any taunt for expressing this opinion, because he
believed it to be a sound one. The Right Hon. Gen-
tleman (Sir R. Peel) the other night bad said that he
(Mr.i .Baring), and his friends around him, must
be n love with the income-tax, because they did not
oppose it. (The Right Hon. Baronet' expressed dissent.)
Why, the Right Hon. Baronet had said,
" yo.o do not
like the income-tax, why do you not vote against t ? '
The Right Hon. Gentleman said, why don't you vote
income-tax, or propose
against the incom other taxes to meet
the trifling deficiency
i
we have to make up ? Now, he
thought that was not fair because it made a great
difference whether you oppose a tax which is already laid I
on, or whetheryou oppose it originally.-(Hear.) He had
a decided objection to the income-tax being made a part
of the permanent taxation of the country. He had
constantly opposed it, because he thought it unwise,
and he would continue to oppose it ; but, though
j
he retained all the objections which he had
expressed when the tax was originally laid on,
it did not follow that he was to oppose its continuance
for a further period of three years, when it was neces-
sary to meet the deficiencies of the country. It was
..
one thing to entertain strong objections to an income-
tax, and it was another thing not to oppose its continu-
ance for three years, particularly w hen there was a
deficiency of 2,500,000/. to be made up.—(Hear.)
Lie did not think it would be wise to In

any great alterations in the way of taking off
taxes which would have to be imposed again if, as he
though; the income-tax ought not to be a permanent
one. Assuming, then, that some tax was necessary, and
that the continuance of the income-tax was r quisite, he
would next come to consider what the propositions of
the Right lion. Gentleman were, and what was the
course he pursued, having obtained his means, and
as it would be very difficult to argue the
case without going into the whole of the
financial arrangements of the country with the Right
Hon. Gentleman, he hoped the House would pardon him
in asking for its attention for a somewhat hazer period
than otherwise would have been necessary. And, in
the first place, he sincerely regretted that the Right
Hon. Gentleman had left himself with so small a sur-
plus, about 90,0001. or 100,0001. He must say that that
seemed to him to be a small surplus to rely on. And
how did it rest ? On the sugar duties.—(Hear, hear.)
And on what did the sugar duties rest ?—(Hear.) Why,
on the calculation that the consumption of sugar would
be increased nearly one-fifth beyond what it was in the
year in which they had the greatest c, nsumption, and
next, that that consumption would be supplied by the
coming in of certain sugars at a higher rive of duty.
Now, what were the duties which the Right Hon. Gen-
tleman would have to fall hack upon? He wished mo
to act unfriendly to the Right Hon. Gentleman, but if
the classification was to be abandoned, he wanted to
know what was to become of the surplus ? It was clear
that the Right Hon. Gentleman would not get the
amount of duty he expected for the sugar duties. He
was warned of that by the Right Hon. Gentleman the
late President of the Board of Trade. He now
came to the taxes that wero proposed to be
taken off; and in doing so he admitted that they could
not take off any tax without its being beneficial to the
country, but there were certain classes that would be more
rapidly affected than others. In the proposal of the
Right Hon. Gentleman he could not see any particular
charm.—(Hear, hear.) There could be no doubt that
the alteration of the sugar duties would be a great boon,
but the proposal that was made would not effect it.
He had made out a case differing materially from the
ordinary rule of financial arrangement ; but in that
arrangement he was supported by the common sense of
the country. They could not expect bet that from their
reductions the same benefits would accrue as in other
cases of reduction. He was afraid, however, that
the Right Honourable Gentleman was hampering him-
self by the principle he was adopting, and that
the advantages to the community would not be so great
as he expected. He (Mr. Baring) admitted that the re-
duction on glass would be a very great benefit. lie did
not in the least conceal that ; but it must be also under-
stood that he did not mean that it would confer a
direct benefit : he certainly admitted that indi-
rectly that reduction would be of very great advantage
to the poorer classes. He believed that it would give a
considerable impetus to improvements, improvements of
very great extent, but some time must elapse ere its in-
fluence could come into operation. There were other
duties remitted by the Right Honourable Baronet,
and he admitted here also that these reduc-
tions were calculated to benefit the country ;
but he (Mr. Baring) should have proposed, in
preference to either of those reductions, the lowering of
the duty on soap ; for, as far as his opinion went, that
would have been found more beneficial to the working
classes. Still, no one could object to the taking off
taxes. If they dealt with taxation merely in the
abstract—if they turned their eyes to those reductions
without comparing them with others which might have
been conceded instead, the measure of the Right lion.
Baronet might be considered a V( ry liberal one.
And with reference to those articles on which
the duty had been remitted, would it not,
he asked, have been more advantageous for the classes
said to benefited, if those reductions had been made. in
the poor man's tea, in his butter, in his soap, in his
cheese, in his tobacco, and in his coffee ? He was
not so enamoured of the Right Honourable
Baronet's proposal as many Honourable Gentlemen
on that side of the House had expressed themselves to
be. The Right Hon. Baronet had assured them that
the income-tux would be taken off at the expiration of
three years. He doubted much whether, at the end of that
period, the Right Hon. Baronet could perform his promise.
lie had no doubt that the Right Hon. Gentleman the
Chancellor of the Exchequer had a firm conviction
that he would be enabled to do without that tax.
The Right lion. Gentleman said, no man could speak
positively as to what might occur in three years hence,
but looking at the premises, he felt satisfied that the re-
venue would right itself before the expiration of that time.
When the Right Hon. Gentleman used that language
he (Mr. Baring) confessed be did not believe the
prospects he predicted were likely to arise. The Right
lion. Gentleman turned to cerain years, in which he said
they would find that so much taxation was taken
off, and in a short time afterwards the re-
venue improved. Now, he begged the House to bear
in mind what the Right Hon. Gentleman's statement
was. The Right lion. Gentleman said, they intended
to take off taxes to the amount of three or four millions,
and in the course of three years they expected their
revenue would by these means be increased
five millions. Now, he (Mr. Baring) could not
entertain the same sanguine hopes. No man
had more confidence in the real power of the resources
of the country than he had.--(Hear, hear.) He never
had joined in the language of despondency which he had
occasionally lit and indulged in by some Hon. Members
on his own side of the House ; but still he must
confess be could not now agree in the views
and opinions of the Right Hon. the Chancellor
of the Exchequer. The Right Hon. Gentleman directed
attention to the state of the revenue in 1816. lie un-
derstood the Right lion. Gentleman to say, that three
millions of taxes were taken off in that year, and the re-
sult was that in 1819 the revenue improved. Now he could
find no common resources of information which could help
him to arrive at this conclusion.—(Hear.) The Right
Hon. Gentleman tried to assimilate the circumstances of
1816 with the present time ; but the Right Hon. Gen-
tleman had entirely forgotten the income-tax which
existed at that time.—(Hear, hear.) In the year 1816,
the ordinary revenue paid into the Exchequer was
71,900,0001. Was that so ?

The CHANCELLOR of the EXCHEQUER—In-
cluding the income-tax. .
Mr. F. BARING continued—Exactly so. He thought
the Right Right Honourable Gentleman had forgot-
ten the income-tat. Well, then, in 1816 the ordinary
revenue was 71.900,000/. In 1819 the ordinary revenue
was 52,155,0001., being less 19,745,000/. He was afraid
the Right Honourable Gentleman would hardly be
able to say that this was a consolatory result
for the first iastance which the Right Honour-.
able Gentleman gave in support of his statement.
It was on these grounds that the Cabinet had taken up
their impression that the income-tax would be taken off
at the eikrof "three ears. Other cases were more
clear. On 'the declination of trade in a bad year,
taxes were taken off to relieve it ; in another year,
trade revived and the revenue improved ; and then it
was said that this was the result of the remission of tax-
ation. To a certain extent he admitted this. But when
he came to look into the returns moved for by the
Hon. Member for Carlisle, he did not see anything
to justify the position which the Government had taken
up, especially if they were to take the whole amount into
account. There were two proofs. They might
take the experience of the years 1822, 23, 24,
25, and 1826. During those years there was a
large amount of taxation taken off. In 1831, 32, 33, 34,
35, and 1836, there was also a large amount of taxation
taken off. If they were to take the average of the
revenue of 1820 and 1821, and compared it with
the average revenue of 1827, 28, and 1829, they
would find that there bad been a reduction of about
13,000,000/.; but so far from the revenue having righted
itself from ordinary sources, in those years they would
find from these returns that there had been a loss
of not less than 4,000,0001. If they took the second
period of 1827, 1828, 1829, and compare it with
1837, 1838, and 1839 they would find that in the remis-
sion of taxes there had been a loss of 4,600,0001. If Hon.
Gentlemen would refer to the returns moved for
by Sir William Clay they would find that the taxes taken
off between 1815 and 1830 amounted to 18,000,0001., and
there had been a loss to the extent of
7,760,000/. in the ordinary sources of revenue.
The House would recollect that in the whole of
the Right Honourable Gentleman's explanation upon
this subject, he said that in taking off those taxes
he had proposed to remove, he would not only be con-
ferring a certain amount of relief on a large
portion of the community, but that he would be
borne out in doing so by the history of the acts of those
who had preceded him in office. From the year 1815
to the year 1833, about 33,000,000 of taxes had
been taken off, by which no less than
22,000,000/. were lost to the country. And now he
would ask the Right Hon. Gentleman how he proposed
to persuade this House that in his financial statement he
meant to carry out the pledge he had given relative
to the alleviation of taxes? There was one point
to which he (Mr. Baring) wished particularly to allude,
and if he did not consider it of importance he would not
trespass so long upon the patience of the House.
When first the Right Honourable Gentleman came
into office, in the year 1842, he stated the means
by which he proposed to take off the income-
tax at the expiration of three years. He said he should
call upon both sides of the House to grant the income-
tax, and that, at the end of three years, he would, with-
out charging the Whigs with any improper
expenditure of money, be able to take
off a great amount of taxation by the reduction
of the army and navy.—(Hear, hear.) Now he
(Mr. Baring) had looked at the amount required for
defraying the expenses of those two great services of the
country, and he had compared the estimates of the Right
Hon. Gentleman opposite for those services, with those of
the last year of " Whig mismanagement," and
he had found that the estimates of the Right Hon. Gen-
tleman, in this item alone, exceeded by half a million
those of the last year of " Whig mismanagement." He
(Mr. Baring) hoped the Right Hon. Gentleman would be
able to make out this part of his case to the satisfaction
of the House. He (Mr. Baring) did not complain of the
amount, if it should have been deemed necessary for the
sustainment of the honour of the country; on the contrary
he would not shrink from his share in the responsibility •
but he could not avoid saying that, after all they
had heard from the Hon. Gentleman of re-
duction of taxation ; and after the manner in
which the Whig party had been held up for " mis-
management " and " jobbing"--,-(Great laughter).—
it was not very satisfactory to have it announced that
half a million more would be required for this year for
the army and navy estimates than was demanded for
the same, purpose during the last year of " Whig mis-
rule and mismanagement."—(Hear, hear, and a laugh.)
He would not trouole the House with any further ob-
servations.
The CHANCELLOR of the EXCHEQUER appre-
hended,
from what the Right Hon. Gentleman had said
in the beginning of his speech, that it was not necessary
for him (the Chancellor of the Exchequer) to follow
him through All his topics. Neither would he follow

him in his comment upon the state of the revenue and
expenditnre•' tor, from the statement of his Right Hon.
Friend (Sir R. Peel), of which the Right lion. G. ntle.
man (Mr. Baring) made use, it was evident on the fare
of it that the expenditure exceeded the ordinary resenue
and that if there had not been extraordinary and nnex-
peer, d receipts. there would have been a de.ficiency, in-
dependent of the income-Lex ; and that was the ground
on which his Right Hen. Friend recommended the (Vol -
ttnuance of the income-tax. But they were asked, might
not other means have been found for meeting the defi-
ciency without the income-tax? But that tax had been
paid, during the years it had continued, with cheerful.
ness, and had been collected without expanse. It was,
therefore, thought better to continue the surplus to a
larger amount than the exigence of the moment required,
in order to give an immediate incentive to industrial ex-
ertion. The Hon. Gentleman had gone into some criti-
cism on the plan submitted to the Mouse on the part of
the Government, as comprised in the Budget of the year,
In the first place, the Right Hon. Gentleman complained
that the surplus calculated on by the Government vt
below what, under ordinary circumstances, they would
be justified in allowing it to sink down to. He agreed
with the Right Hon. Gentleman that it was not expe-
dient to allow the surplus to be too much diminished.
unless by the reduction a new stimulus would be given to
industry, from which an increase of the revenue might
be calculated on.---(Hear.) But what was the case in
the present instance? They had adopted a measure
which they thought calculated to give additional vigour
to industry, and to promote in time a rapid increase in
the taxation of the country. and they had in the year
that had come, and the one that would succeed it, extra-
ordinary resources to the amount of not less than
600,000!, in each of those years. This arose from the
money paid to this country under the Chinese treaty;
and they had therefore thought themselves j ustified in re-
ducing taxation with a smaller amount of surplus
than they could have done tinder ordinary circumstances.
The Right Hon. Gentleman had expressed great doubts
with respect to the general bearing which the reduction
of taxation proposed by his Right Hon. Friend would
have on the comfort of the lower orders of the people.
If he had not misunderstood the Right Hon. Gentleman
he stated expressly that with the exception of the repeal
of the sugar duties, which he admitted would have a
very material effect on the interest of that class of the
people, the other taxes repealed were not calculated to
afford them any particular benefit. On that point he
begged to differ entirely from the Right Hon. Gentleman.
There were two modes of repealing taxes which would
affect the lower classes ; first, that which diminished
the price of the articles they consumed ; the other, by
extending the means of employment to the different
classes of the community and thereby affordingthem the
means of purchasing articles from which they would
otherwise be debarred. Take the tax on glass as an in-
stance ; it was possible that the effect of the glass tax
on the poor man might for a time be limited, as he would
only replace his stock of glass as he consumed it. But
the mere announcement of the repeal of the tax had had
the effect of bringing fresh capital into the manufacture,
and caused a great increase of employment by the raising
of new buildings for the extension of the trade. The
p.,or man, therefore, did derive most effectual benefit
from the repeal of this tax. It was expressly upon the
goods consumed by the poor the diminution of the cot-
ton tax would operate, for it peculiarly affected domes-
tic consumption. The diminution of the duty would be
but little felt on muslins or those finer fabrics used by
the higher classes, He could not entertain a doubt but
that their diminution would stimulate manufactures, and
make the article cheaper. The Hon. Gentleman said,
take any tax, and read the report upon it, and you will
find sufficient grounds to reprobate it ; but that did not
prove that taxation ought to be abandoned. Any one
who expected that taxation would not interfere with
industry would be disappointed in that expectation. It
was only by comparing the effects of different taxes, and
considering what benefits would flow from the repeal,
that they could form a judgment which was the most
eligible for abolition. The Right Hon. Gentleman said
he did not feel any great admiration for the repeal of the
auction duty. lie begged to correct a misstatement
which he had made in reference to the opinion of
the Right Hon. Gentleman on the subject, and to
retract those expressions altogether. But the Hon.
Gentlemen said he thought it would be much more pre-
ferable if the Government had, instead of repealing the
auction duty, repealed the duty on the other great ar-
ticles of consumption. The Right Hon. Gentleman
would give him leave to say, if they had only 250.000!.
worth tee bestow, he did not know bow it could be be-
stowed in a manner more conducive to the interest. of
the community. It was not sufficient for the Right
Hon. Gentleman to point out other taxes which ought to
be reduced. He could not repeal half of the duty on
tea, nor two-thirds of the duty on tobacco, nor one-third
of the duty on soap, although he admitted those diminu-
tions would be attended with greater benefit to the com-
munity. The duty raised on tea was between three and
four millions, the ditty raised on tobacco was between
three and four millions, and the duty raised on soap
was above a million. Would not the diminution of
250,000!. upon any any of those articles be of
very little benefit to the public?—(Hear, hear.)
If that sum had been applied to the reduction of the duty
on tea, the consumer would not have bad the benefit of
it, as it would not have effected any reduction in the price
of the article. The same might be said with regard to
tobacco. The same might be said with regard to soap.
Any such limited reduction in the duty on those articles
as could have been effected by the sum of 250,0001. would
have been throwing that sum utterly away, giving nothing
to the consumer, and yet diminishing the revenue.
Viewing the subject in that light, the Government had
to consider—not what tax pressed most heavily upon the
people, but what tax, with the limited means at their
command, they could repeal with the greatest advantage
to the community at large ; and under the circumstances
of the case, he was prepared to contend that if that sum
had been devoted to the reduction of the duty on tea, or
tobacco, or soap, it would have been utterly thrown
away. With respect to the auction-duty, as that
was hereafter to become the subject of a special
discussion, he would not further allude to it ; but
he should be prepared to show that, considering
the amount which the tax produced, and the amount of
the revenue of which they had to dispose, there was not
one tax which more interrupted the course of trade,
which was more unjust in principle, or the repeal of
which was more essential. That repeal was not the less
essential because, the tax being levied by individuals, and
being in consequence of numerous exemptions burden•
some only upon a limited class, its repeal could not be
made the subject of popular clamour. He would then
proceed to the objection which had been made by the
Right Hon. Gentleman, that there was little probability
that the revenue would recover sufficiently to justify the
removal of the income-tax within the limited period for
which that; .tax was proposed. The Right Hon. Gen-
aerie- had stated certain arguments which had been used
by him (the Chancellor of the Exchequer) which it was
incumbent on hint (the Chancellor of the Exchequer) to
explain. He would have to state what arguments he
had used, and how much of those ergumenta the Right
Hon. Gentleman had excluded from his calculation.
Now there was no certainty in matters of this kind.
He never had and he never would take upon himself
to say with certainty what might be the state
of the revenue two or three years hence. No
man in his senses would ee nture to do so ; he had
stated, and he repeated it, that there were good and pro-
bable grounds for supposing that althetigh the revenue
might be diminished by those reductions for the preeene
yet that in three years it would be in such a orate us to
leave Parliament an unfettered discretion as to any
course which they might deem it expedient. to pursue.
He had stated then that his hopes of the future were
founded on the experience of the past; and the first case
that he had instanced was that of the property-tax th y
were now about to renew. He stated that they had un-
posed that property-tax
.in October, 1842, and that if
they took the amount of ordinary revenue of the country
at the period when that tax was imposed, and coiner
dent to the imposition of which they reduced duties to
the amount of 1,400,000/e they would find that, taking
the amount of the revenue on the 16th October last, the
amount which had been received was precisely that
which had been withdrawn from the ordinary revenue;
and that revenue in October, 1844, was within a few
pounds the same as it bad been before any reductions
whatever bad taken place. The Right Hon. Gentleman
would see that during that period a property-tax was in
operation—a fact to which the Right Hon. Gentleman
had altogether omitted to refer. The Right Hon. Gen-
tleman
bad said that he (the Chancellor of the Exche-
quer) had referred to antecedent periods. He certainly
had referred to antecedent periods to show that
great benefit was to be derived from a repeal of
taxes affecting the industry of the country.
The Right Hon. Gentleman then adverted to the aug-
mentation of the estimates; and he took some credit to
himself, and the Government, of which he was a Mem-
ber, that while they were in office they did not call on
the country fcr any increased expenditure. But the
Right Hon. Gentleman must know that that increased
estimate did not arise from any measures within the
control of the Government, but from the introduction of
a new element in the warfare of nations. Whoever had
been the Minister, the application of steam, as a new
element of war, rendered it necessary that an increased
estimate should be made to place the navy of this
country on a footing of equality with that of other
nations. The introduction of this power also made it
necessary that a considerable sum should be applied to
the making of works in the different ports of the country;
and that for the sake of national protection it was
requisite that an increase of vote should be taken.
He was not aware that it was necessary for him to
enter into any topics other than those which the Right
Hon. Gentleman had referred to. He congratulated
himself that the Right lion. Gentleman opposite con-
curred with him in the necessity for the renewal of the
property-tax. He was sure that the Right Hon. Gen-
tleman, although he differed with him upon the reduc-
tion proposed, thought the time would come when it
would be found that those reductions were the proper
ones.— (Hear, hear.)
Mr. EWART felt bound to vote against the amend-
ment. Anything that would set free the springs of in-
dustry was a benefit to the community, and therefore he
would support it. He thought, as far as they could do
it with propriety, it would be wiser to advert to direct
taxation than indirect. He believed that direct taxation
was the only means of relieving the poorer classes of the
country. On referring to the speech of the Right Hon.
Baronet in introducing the income-tax, he found that
the Right Hon. Baronet spoke of the justice of the im-
post, and of the classes of men in the country who had
a right to pay it. On the general principle, he (Mr.
Ewart) did not mean to find fault, for though he w as
not in favour of an income-tax, he could not say that a
tax on property was not a fair and just one. But he did
think that the comprehensive system of taxation used in
the time of Walpole was one which would, in many re-
spects, be better suited to the country.
Mr. BERKELEY approved of the property-tax,
which he considered had been administered in a mild
and merciful manner. He thought toe been
fairly and honourably made; but, at the came time, ho

---. ........___—...............—.---"' des", wo,
thought the Chancellor of the Exchequer had tobt:o
when!il:r,gietliyirhoililatrhifeyiragoodorelhreiteltructrielness.
cheerfulness.—(He
ealsikr,esclutdeitaaildigeibtecei
He believed the remission or duty on giss4"."'..iid be
great stimulus to the industry of the co"atrYt ', 1-,
entirely , scd olliY ~
, hich w .
aN '• vnded by the wealthy, and oaP°-- nileillw•
th- needy, lie hoped, however, that the ineafloted
approved of the remission of the aucuot O. ',1)0
would not be perpe:ual, us some expected, but _,,,atri
h,m,ell that thy improving resources of th ';s".
would enable them to dispense with it in a fey/Ye'
Mr. MUNTZ explai
Mr. HAWES would give the most mitigatedun °_4'.
on in his power tn the'continuance of
and did not think its removal would eudanger
Et Een.
of the country. lie did not think the Right lli there'
tleman had made out a ease for its contiquanae• din''
were any truth in the predictions of prosperitiTiever
creased revenue which the Chancellor of the BP',.. (lA-
so confidently mentioned to the House, then
.17,005.
Hawes) thought there were so many additionail;to
for abandoning this odious tax. It was a gre,at too of
on the country, and he did not think the retalic.obla
the other taxes was of a nature which woula cox
the country to bear up against this heel ts!odeof
profits and upon industry.—(Hear, hear.) Tlys woo •
taxingt capital was, in reality, more mischievousere 0,
ax on the great articles of consumption. 0 There,
another objection to the income-tax, maennichasoeser
lieved Ministers from the necessity of makinf ;voter
nomical reforms which were so desirable. Tne_til. eco•
bad never yet voluntarily advanced tovraw; boa
mercial reform. Public opinion had an,
tbe propelling motive. He considered ~, „oar
come-tax as the most formidable barrier "'OO
mercial_ reform. Now, if Ministers found the ";_. t. so
declining, they had only to add onto r two Per 7 iser
the income-tax, and bring it up the fortae poi
dard. If they had not this resource 'then theft° been
make those comn3ereial changes which bad Thehitherto goo-
se advantageous to the country at large, foot's,
Member then quoted Deacon Hume's evidence before oil
Committee on import duties. Mr. Hume had 0 0
much pressed by the Hon. Member for Covn% foi
whether certain branches of manufactures rnign, 19'
or be deeply affected by the removal of proteen° 00
replied that if protection were abolished, t! re. if 01
might momentarily suffer ; and he added 04%00
duty were levied for revenue, and revenue 4°l3e oftb°
was nothing to prevent the rise in the ieven.%ost l.
country to the full extent of one-third, vr. re'sll
proposition of any one duty whatever. T'ensiclsly'
In
nould speedily rise if revenue were alone co
.oir
taxation it was class interests which so insterri,
terfered with it. They had not acted oneo/
in the recent change in the sugar duties; they !wog
suited colonial interests, and driven ertain P.,:t 0
sugar entirely out of the market. The inconqut, so
capable of producing much more than at Ppeciles
would be easily seen if they compared tiot Pr,
periods of 1815 and 1844, and took into e'"evoesil
altered circumstances of the country. In s°v3e 'Olll.-A-
-pressed very severely, and he could not ands pogo
•Hon. Gentlemen meart when they said it valse •joiparA
in a lenient manner. In many cases it was nth' -Or
led
•:., .
when it ought to be imposed, whilst others
to pay. more than in justice they were entioo a
Mr. Fiylden, the Member for Oldham, had been
itt °
for 1.2,000 f. a year ; he remonstrated agains: woe
offered to produce his books to show that illesereal:
was not so great, but the Commissioners Perisej ta?
assessing him for 350 L, although he aPPet,•ect, ,k
Chancellor of the Exchequer on the 04- 0-
Gentleman.. co
although that Right Ht-pourable
aof warm interest in his behalf. -UPI° Oil Al
overwhelming necessity were shown, ~, for,
war, or some other calamity, he would not nom
continuance of so obnoxious an impost. geliwthis6thilf;
know what Ministers intended to do with,,,ll,aeloslieh'l
plus they talk-d about. The Rilit Hon. u`'" he srls
Chancellor of the Exchequersaid that, on - .
April, 1846, they wou'lclehaavee surplus 01. st''
how was that to be appropriated?a 0
....Iwo' (100
The CHANCELLOR of the EXCP.'",„.,istailt yr
2,000.0001. would he paid to the Bank of 4"1" a tblt_
for an advance for the opium compensation, I'lle qiiiP‘r-
maining 3;000,0001. would be carried from °D 4
to another until the end of the year. debg?,
Mr. HAWES said the people would led 6 00'
little benefit, in the end. from this 50-e,l-)giglis , fot
With regard to the statement made by the On .I.
Gentle.man, that credit was due to the Geve_riPlf'
removing the taxes on industry and oPenig; Ge;
commercial prosprrity—when the Pres-with 11 ,fei
ment came into office, they were aided WO lie beP ,10
in the commercial and natural world ; for - offivc d
ettletl3-re tbe
that the favourable state of the countel wsll tis
the return of good harvests, the amicable 0
openingsoil
their relations with. America. and the
inCle,e. 9°l
trade with China. He gave the Ries ',rep' ces till
great credit for his measures, but their ju'll to nll- Wed
yet felt ; but he thought that the income-e- ,oto 0,
Bank measure were more calculated tore ,artke!°o;
vance that prosperity. He did. not see t-00000
any adequate necessity for the in3positioa 0 t ant 00
tax, and he believed that if the Governie, 640ets
upon those principles which the Bight ''',4oololool
opposite said were the' principles of ooreloar- ..
would be a still greater revenue than "9 ,A 10
from the income-tax.—(Hear, bear.) dole,
Strangers were then ordered to with
House
Fdiovridtehde,
mwohteinont h.
....... .a. ppeared.--,.......: ;; 0
..........
• • <coot%

The Againstlle it .1.........................-
the ChaMinajority against the niotion..,•:; gr.
i‘
in use then went into a CO'uicatw the"'
On clause 1 being put, which prop.-- . „tie-
_,A tho wis. ,h
filledbtheevt-
im up with the word " three,' 01415 oe
thoser.ord .. two,"
free traders
moved that the blitnk,,bese cube ip;
a airnesutneaddhiomf
te"
stheprree..?.a.l3o.,
ottsiiigeAto,_
tended to press. his motion to a osil- be phe..ipr-
eweish, in fact, that the Minister shoal° ,he 55414
!.b-reommeeonin'esilad'ekeriryeegdyefaaaermtito propose this tas, no it 700
oetuiso.n toe that
tea geffe,et,isaryeassui pe,..e...
in the House might, He
grehatt•th.:t not sop
Pe'6
thet htt t the country willinglY to e‘•
present proposition. He tit"
Submitted to to
A tiOne
_income-tax, though he was surP- ferpter "pi
Exchequer,
eieteuy,
House,
ea,bow(f)uhtLe
ntohnAi
rditory.n London,
eawan'rhsaiitcathegret, had,ee t
in
si.ll,,eriictietiol s:;flothileo
Exchequer, against the propviearstyte*iet:ls 14,es$:btlfl
more spirit on the present occasion, and.
thought "'" Old'
City of London was concerned, he . the gs
Hon. Baronet would be justified in
called c t iin the
on
n the same
3.dpublleoft he .07,3 Ds
hea had been a supp rter of the Governaietipg;:bit
poi,ite to slt; oite
The MembersCHANCELLOR of therEXCHVCI • $e veld
~
Lila(
owns now A
urpoi.ooB 7
rih oh? 1, pad
speak, but was met with cries of "s•'-' that me bor
that as it appeared the wish of the Ilousewberfbete4 to
not argue the proposition of the 800. Me diseeer IA
the Hon. Member would not think it WI) frotv
him if he abstained from doing so• rif he
Mr. GREENE askid the Hon. Menibe
lbe
divide? ePt
r. CURTEIS—Yes.—(OII oh.) . bawl,
M
Strangers were then ordered to wit,
17
Committee divided, when there appeare°--
For the amendment ..................... 4
Against it ........................ •
..,,69
Majorit.y. . against-..
it .......... •••• Itie
On our re-admittance into the gallery
addsbitied
Mr. AGLIONBY was en his leg!, „co, Pi; so
House. He said the tax, in many Ins,_til peridirthait
with peculiar force upon the landlord, veu jopt ore
illustration tteuld b. tier explain what be be .fiere
any ~ligthened argum' nt. They rniguicin; eroP,er
that in man parts of the country sten 'hie ofr,o the
sold by what was called public roup• Fie dors 'Ad
whatever the crop mipht be, were kn be LA
oeked ii,(l P./ the
highest bidder—the landlord, be it rev:l4'o3
the rates and taxes. He very
same tenant for a couple of years--treclue? jes retell,
year—hut in that case the gross rents that the roe,
against the landlord. Would it be said,
deductf tbe ~00
lord had not a right in such a case to __, the vitt'
and •
taxes paid tor parochial purposes frow 00 ea
Wider 00
amount returned to the Comm were
_eare,e „ors
come-tax ? The land assessors, they W; 001forropel
were l'acie 0 wbol
all sorts of tricks. An appeal had bees njoitileldesi
than one instance, to the local authorities, i_rity to_ je
returned for answer, that they has no 11°1;1 Tiloaro
with the matter. 'The Board of StaruPsoopisslat 0,
London had no power to control the local ;he lee';sol
—their province being only to advise. had es
sessors and tie tax-collectors, in rusty °se by ;Fier
mistaken their duties, and the sprit 9 madea prof 01
to the Board of Local Commissioners 11,60bt es 0 he
satisfactory because they a
lder were in, ?„tenees'be
construction of the Act. Uhese elreu—,,ifen °dad.
thought that extended powers ought to he edelle'-
Board of Stamps and Taxes, for the purpose
_...,vt Oil
ing this evil. - -..-NUPP bie
-The CHANCELLOR of the EXCPJ-• 0 0
CO no' tt
that he should be ready to remedy, ss 000- 110
power, the inconveniences arising from thae,„Lted ofrer.
the tax. He had never had his attention nit. o!: be
circumstances stated by the on. 31 ero Ir.
co' tad ou'i.,
mouth (Mr. Aglionby), and, herefore, eb ~ reSrlo o
Ni!si iptentivyr
expected, at that time, to be prepared
Had the Hon. Member given notice d hlilor °“he 0'
bring the subject forward, he (the Chance
r_t better
chequer) would have made himself soinev"'
Aoeedit
quainted with the particular evil. . Wry- ha
Mr. AGLIONBY spologisecl for halloC,e dap_ it,
the matter without giving notice on a prevais‘,;l opea
as he had not intend, d to create any diseu,..ll,
be thought such notice was wholly unneeema.edil 0100
Sir R. PEEL said that it had been dee werelf,.,,too
to the 1 0111
fine themselves to the of advice. _
gene pot,
that the Board of
givingm Taxes should 001 tiv to
missioners. They confined nights I 5
iiptoastisnibglythseoimr oeplioncialoncoonmwn3hias
Act of ate %,-
their own peculiar reading of the Act ; u" noo'
generally, he thought that the con Yet
tsiwonaersreegeobrt iillll,9:66;oltftre4ilo7
stoners had given satisfaction. e.„. for C°c.l of
Mr. WAKLEY said the Hon. Member
,v twarlop
mouth spoke of giving more powerhoto :;roPetrgl Of
Stamps and Taxis. He (Mr. K
the Commissioners. Their limited poet, ~." The cogen_,7o'ol
to offer to the House, but it wWasatolZ:vnetl.t.sherroeeed:
greatest inconvenience, as, for instan. ~.o' 7rhe la. !ire.
landlord whose tenant d abscondert_oooo Diosneo
was called on to pay theyncome-tyto_ii Co 'lily'
The
ceivcd no rein! for his land, and the lt. rs ,i,bility...,o
had no power to absolve him L.
this veto SC.,r;eo
landlord not only lest his rents, btost,°,. b,cl 057.eore'
called upon to pay the tax upon retie rU,;ooch b ;,,,541 a
ceived. Such was the fact in th ut haa rec, .„ the
sented, and also in Marylebone• II
ge
~,,,b, iivetiro in
Copy of a letter from a Mr. Challoltoerinissioo! a wood
Edgeware-road, addees,ed to th •• GT: pe k • ore
the income-tax, and as it was not .
_r_Y, lo°oei 02.1$51_0viith
trouble the House with it:—,. The tocu,„„tiettuUhe el
of the Tr, asury have considered your;tot Ls she
regaid to tlie di.,tie.,s wade epee you if;n;
party-tax, and i agn da ected W occi""

eir
for
rer
ree

1

A IV
ofr

ee'-ee:l his rents
circumstance of a landlord not hri"t: c•,
forms no
.ground for the retniss•en o the
,dattery_'_wsairic:ths
rents having become a debt a Lich i!e ita.a)ver7l;4.r. them
recover." Was there any
) would, in
chance •,f his reit i
from the absconded tenants? "The landlordhe
expense
that ease, be profitine- by thet amount at
.t
v,,u,a.,
of the reeue." 'Chi's was a hard and a .(4.1,.° Rights'
„and he certainly thought it was the policy of thea,,
elon. Baronet to make
somewhat im
.• the tax as little obnoxious.
Possible Nu doubt the nicointetax if
n,mne with,
Proved in its mode of operation, might
wa,i,th°l4 much complaint, for he musstiy° thats itsile evils
eel not press SO hard upon the community
at first unticipated. When the ince
that the
Nod in that Renee, it might be remembered
firet pro-
!tight lion. Baronet had hina•elf stated th.iltoln,etro___
in
asking' tnust pressing neee,sity justified the
au_ re r such a measute. Nuw,
tax,--none other, in
deettir:uP rty 'eas a most desirable_ininasmuch as Government
this country.—he
~..11 _ etould be more desired
fessiees and incomess
Zit th. that
the tax on
Pre
least to be made
_a
Ltd eing so justifiable, ought at
the preamble to the
11,,,e. obnoxious as possible. In
to be raised from
private`'tlt was stated that the tax. was
but here was
AS well as from professional property,
and the
'lease where the landlord received no rent, ` yet
he had never
It_ttliotd was called upon to pay for rents_
,eusb.oa
i then.
plved He did nut wish to open the di,
it ;
ehsti re desirelsense of the House upon
the
but he
A!euid tit tak.e.t the
tieethat,
in bringing up the
rePqt, he shrlelrde movegileallne amendment, givingli
te the local Commissioners to absolve the landlords,remove
Under the
he had stated, and to.
the duties
'circumstances _
• e not likely
ts vcer
es such cases where the rea
to be receiltied.
lan, re,PIY to sorne observations from
Mr.
AGLIONBY,
for Cocker-
rao-,'„r. ATARILEY said the Hon.
Member
ard of Stamps
etiti'T wished to give more power to the .
;lied to extend 1
the axes, whereas he (Mr. Wakley) wished J_owers of the local Commissioners.
referred to by
tbli• AGLIONBY said that the cases
impute harsh-
ne,,, t(1n• 'Member for Finsbury did not
eh as they
ettrllis"hethde Board c f Stamps and Taxes, so
Sir it. an argnment against the law ilt
to ccen'ider
het}, . PELL wished Hon.
Membersthe tax to go on
as it e'r it would not be better to allow
ontinue, more
espt.eiv_ for the three years it was to
teopinions as to
it,
)I>:l.lo.lYt.es there were so many different
he would
task adittilicll I and under these circumstances
0 many minute
alteratioe' it was edvisable to make
eonsidera-
tioe, be ;,8, it 1 t But, independently of that
Members that in
tetuedyie„Jeld just point out to Hon. t
k make an
openia e certain grievances they
Img.No doubt the
Pore 4 for the existence of greater.
but he
(sir
R. ember had brought forward a hard. case,.ou
of
the
Reuae
vv'Peel) hoped that the general
opinion
and
he t , 'e'ild be against those minute alterations,atm
not
ttrinn,"-f,'tcd, therefore, that Hon. Members w(
k"1„ I'll",everri their neatenedt amendments.
from the
It'ore; f.'aI_R•LEY that if he might infer
be
4 Prisiti-„ Le Right Ron. Baronet that therfe
thewould
three
years 57 end to the tax at the expiration (~
to move
‘ll 44;
,uirl be the very last in that Houseni
Hight Hon.
litre4trl'ullent, becan=e he thought the . g
to better
111 c--, sehetne based on an anxious desire to
that it
tuitiono.,l
et
the people, lie felt confident
classes, andi
4eii al- intention to benefit the workin
nt that
amen"'
ttier,t u at he should be the last to move
anbe assured
thet 411°1 the euhject. But were they to
a final
l'lllete 111 e end of the three Years such.
he
tvoted-nt would be made ? He much doubted andit.,.re
the
ksiti,,e'." the Right Hon. Baronet whether it
w to this
tea? ii.titentions of Government to lit an end._ in
d the
sftrui,t-r, 'he Right Hon. Gentleman answered
quite satis-
(l thainte,' he (Mr. Wakley) would sit down
Govern-
toeet,• ',•• would be quite useless to resist the
hedici'a loth'' subject. But if the tax were to be continuede.,rm-
itg it uet think that any one would objk et to ther
Houset
le,eldas seen as possible ; and he did think the
not
eileetetjZtl7. doing its duty if those changes were
t, Sir itoill.,- earliest epportunity.
impossible for
"11 to ~ , itT PEEL said it would be
01;140 What leerliana nt would do at the expiration
t that
hthe-crtee Years lio .''lll here might recolle.
at% Pr°Posed the e, rit. ' 'ln
of t • ', five years;
this fax i'r the
tt. , et, had
met
a.t.,n ititince ,
opposition from _
tli '''' If the R. 4 ni e nee&
i etnisidera
..-e
._rwou o .
e ;,eii&t.etlee
r.,, '.ll. INlemb.er ft T 1 in.she
j7(Laughter, and
44poar, bettr')' to; tax.. f,r that tiniel—)
would be most
P' t° suPport 4 (Sir Hebert
PeLaughter.)
tt'opre., 11' Sl'OONEsr"dni4nt --(me amendments to
ents
11,0 aPoti this had also so
what had fallen from
ei4 Peeltet,, he
wuriasure,but after
night, hut, t on that
14 tithe report o d move them, no . _
amendments
eheeed WAS brought up. Those a
considerable
Trtieti
~,',
„would be of t benefit to a
bring
them
li 'tie public grt a
induced to f
the efere th_ _
0.. e, and he was only
in consequence o
the great di..:,,flan tioup of he
House,
measure
t of the
4.Y Were ;:!4,'' taation which the par .
ned. He be-
,A;N that 't';ltt.nded to remedy had occasioned.
very great
Acik, their adoption would remove a • the
ter e„ ato the t„... •
way affecting
ea,',,"e of thc, e ea, Withollt in any
0 he meant to
(liire4 Would
„?..ut,ttrY. The first clause he
under
schedul
ot d. LCI dellt,: :gable Persons assessed
such sum
liontlis ef• • from the profits of their trade.remanera-
e If) Perootley as
e
ti.
as Would have been a fair
services
,14"I'tnee h aut Menabers of their forfamilyy families.
le,:(i''otitl LaenY,truember of their respective
parties a's-
-1)400,1'44r sehetP,oent would be to enable
rates and other
nor 11;441 ratra 'TI,e.(D) to deduct Pot,-)r
eed by them
tra4°btl, , ' Pm-Ns:al 111
trade.rspect of premiseis.sll7men'dments
Itl perl3so Another of II h
profits of their
quit ~ !elatetuas
_, 4s
.to deduct from the
insurances upon
tleit av 4, if,TeY Might have paid for
t hardship
opt Dtessed ""eY could conceive the great
derived his
the
peer tianuP°n the Small trader, who with
14•14t'avls%essi,tietaot, from his trade, as comparedmeamount.
*itii thlh2 lsete, ,rFal property to the same
but
Iles it e death , died the property still survived,
f ir then—
taitiki not reasopatalueless. Was it not
act 'the e-
aprtlPh4vald for :„u:e---that he should . '
de-u
when
making
reet,i'vvainoutt f. 041.4 insurance upon his lifet
His last amend-
rtei„ tl' a eleu, ,the Property-tax?
.account of
ch ' article, Le 'I authorise deduction on
though
pt,,e,srlicle, h, ~1t for the purposes of trade,
her Pur
wilt-J.:. LI tC4Y ueeasionally be used for ota
servant
(I.4ee','"s ele6nl
toote a professional man,
hoor
w in conse-
tkpt..e,,,,,k4 teuz v greatly, and .
' a horse to
to (•11 h• er the necessity of keeping
allowed
it (le is buti,
a if
• SP 10_ "SS• He was certainly
Sp
but
ith h4iThe r the
Purposes of trade tt
dinner
piths
a friel;daQtl that he
went out
sso he could
stake
Y,'lccleeat• 411 d rode his horse, unleh
horse for
tkr vtlrt,, 101 l that he had never used t
.e horse
ii_
_es.
till fel. 4 ses than
isls tr hose which were essentiallythe ec
horse
4r, ott ridded! I if e acknowledged that
uld be
p,-,lllt ukch for his own leasure, then he who.s
pur_
tere:lll' wis'hr ,the operation Pof this tax• For, t hel was
stlhj: the%
1,," introduce that clause, (1
an majesty's
e,,t1.41a, it while it relieved many of her
affect the
1,,,„ of ibeeld not in, any Way injuriously
titeo."l J, iti.T. FoUntry,
t "er S
included in the
i',41111,„"1 the,,,, I'LL begged not to be
this tax
'(-'"t' Yeel'' who were ready to continue. ‘
tion of
qatlillter) 'bwithout considerin any modification
as to
tilie4qtle, 410 looked at it in two ways—first,
be
4ell'e• °d
ill teh,wc," a probability that the tax wouldChan-
,jele‘i.' the t's`e Years • and he thought that the
he
l at: "tie ,'"cheque; had failed to show thatd
of
kt,, Krejci - condition to t• k ff the tax at the en
s-
tvl,4%
Jett; Certa.inly takl
.Lee °three of the most p•r•eold
/ets.illiett,s' the tax ti:ight TI'M calculated upon to.e)rtag_
tilt,si, or.,
ram
b ,
,th e,,,, 4 half. But if you took three aae
1-e p)-tit,,i b-e °I which two were years of depression,able
!11,,th vq,,,e no hope of such a surplus as would enable
was
It b:' Wl,',:rlt to dispense with the tax. There
that
kjtl.r`b PreVhillirilich he 1 )oketi at it, namd•Y' • ed
E'
the
thr4,,"tY Was that' the tax must be continu
Ck. i'ldtt :,-,,i('"rs, thvv Ought to consider in waywhat_.
uy 44),k, ''.ole th -k
I d hardships of tne,
tt th G 111 t, oae nuwie' ge
measures ad opted
i.tter•f, ever,„ ' the coroprehensive
done
i."'k
,tlit,"11111t, he thought they would have done
this
''' the 4oitit,'"i_lilla,d sacficed a part of the produce of
But,
It.
(Biked no inspi quality and inconvenience.
Gentle-
Z ~,,lipc,„l4,)ttp? 50, he thanked the Hon.
amendments,
tt liqti re r) r bringing forward i
he hoped
'I- GNI t• to the third t nee, especially,
other suc-
Zlity i( ties,. \ t'al art would in some way or °
th,us earn .•
-peeth would be, practically,
er ai
14 ibttitlllt it 'l24'llotit mGover
anment to !'look!de-
fistis ci.Z.t. he left to the
far as practicable,
4 thet
viewing them out as
Honourable
%ea),\ati
he would give the
r.
fear,
A et.,,
t,,Piqt t `,11(.1 he? support in his power.—(Hear,
L
Government
the Uovernmen
'‘s, itiu `have repeated, that
it was
"t"srs, c'l'ltiihlelar,_°Posed some modifications, as
three
to s,
:or be '', tuat the tax must continue for
in
'le tlltUt i, 15,1iQved that there was great
dangert
the
t.. 4
d.ree 11‘ with all its objectionable parts. .
had
pia
ttlMt,,l,etedll'ust be admitted that public attention
the
ti",,`! IN ono to the taking off such taxes
.as
and
`,
'ilik'lty "unlow ta than- to the hardships
help
a, lee Of ti,,, Xes
0,0 thtt '", property-tax. He could
not
they
It Rkt th t 4 Governt must foresee that
the
e'-s4 theye Cud of threesears, have to renew
as
D, ',oi Nht, therefore, to make it as palatable
111 '• lki eere
f %Itt h Whllii
the tax
,test e si,„ G did not hope or wish that .
,_
n'tetieq it'e"tintlkid. lie thought that the feeling 11!
Ntycl,,,,,.‘taS increas' e• dhe wished to see it
'llit vtvete\ear ) 1, In'
an
extent
L -4tit ear,) .. .or he thought the greater
ater the
ekt., ct ~, Principle of direct taxation the gre
T.,.
....
4k ' It° (xl they conf d the public.—(Hear,
ti,,, ktm wAs aou_ to
upon
tax would be
k *i._ 14 N._ ',sire to hope that the
had taken
, kr,7N toh 'e )ears, and the Government
vitti,l•t-‘t isli
i.. 1.3 in imposing that tax, which
would be
ha to 1.411°11 of public misery' and a benefit to
that
-erels:llt e,,e'd. 44 to the auction duty, he thought that
tikk, kytee,(4lt had not been given to the Right
embarrassingii
t'ttie tki ket,r4. ' hear) It was a most
_.
Ntii:lki and Petro
harassin and expensive in the col
\(,,4 fle'tctiese.",e, 'tight Hon, gßaronet deserved the more
ett„-I• h - them hel been for the repeal-
ite- `iitel ea. p a no clamour
tt -l'' ' and) th '
would
v only wishi.d the Government
power
,i,
Nit t use who th ht with him, the
k'n"
fed them ja eXt • "g
tt4,, hie 'ending the property-tax, by taking
Lkle it tit DrcitialltY and in'ustice He thought tat
itr44;rute i,,°PertY ought tee be iaxed on a different
'''le''t, al ''''lllating -pro :rt • —(Hear, hear.) He
hei,t, ceter, that the taxPshoUld be extended to the
'Lltbuf e that--(Hear, hear.) He could not admit the
feteeet*tshedt ''"•gue abstract, Ireland.”— ye laugh.).
olio , Zies..te, ° tax Irish
kit `vlti,.. -4-0()N- , Property,
4 ele the could not resist the temptation, re!
to ll ea, •
kq. e. the, wake of the Ilon. and Learned G 1 1.1 1 ,
Pee ic'l "g'ht th
h d to direct
kilt and , , t More they approac.:e .
keel. edtl 'len was the feeling in the district he ref
Gentle-
keel. tir he letotre they were consulting the publicieand
iit?ht att? eOliditintrY. WAS daily approachinz,
more
be
le, tly,
~,
,01l in which the property-tax could, 'eh
tie , -fty **II, Oriefi .• 1 • I hear.) eue
"l`bk't pet,ef the „lint cta ly applied.—(Lear,
sly, and a
fs••
')‘e le 1411tage
.rY !vus crowing enorrnou
,`'lli,,t 1 ic,a,,,, :4 k.uid raise a great sum.—(Hear.)
that a
i et, , y.t4,',-r exieted any prole,!,. f. a' the cry
''.ll
klttlY
- W(-11(1 drive -
le "th. 4 t4x. Ot. capital nut .
ild no
Lk tbil:t pfieet. r three-aisd-a•lialf per cent. mot
'PrePelstie -there was 11,,N an immense and grow-
klytly Neil f!' to he provided for, and how were they to
I,,lt'ic!ti‘:,r,l3„ but
hy enceuraging industry and taking
eistteit, 0114 (2,,.. uPon it, espeeielly those arrangements
.. ?
Iti 4, , hee.r\ ''''.lll whieh ehiefly in:erfered with
.I'.
LL in tiles int. oi
eget k e Leitiiie ea ;he euaje • . • •
44 kaeount' ee• ' would yield
—. 0+ ulrect tazt4tiou
•
--41Ik

an immense result, and also that we were growing into a
state in which we were more and more obliged to con-
sider trade and manufactures, by which alone a great
and growing population could be supported—(Cheers)—
he considered direct taxation more and more iiesirable,
and he would be sorry to pledge himself to get rid of
the tax.—(Hear. hear.) But it was obvious to common
sense that fleeting property ought not to be taxed at the
same rate as fixed property; although, on the other
hand, it must be admitted that permanent property was
subject to changes, from which fleeting property was
exempt.—(Hear, hear.) He had perceived, in the course
of his observations, from the cheers of Hon. Gentlemen
opposite, that they wished to infer that he was favourable
to a repeal of the corn-laws.—(Hear, hear, and a laugh.)
But he assured them, that by repealing the corn-laws
they would check industry and diminish the employ-
ment of labour.—(Hear, hear.)
Mr. FOSTER was gratified to hear such sound prin-
ciples.—(Hear, hear, and a laugh.) lie himself was
friendly to the Bill on two e•rounds—first, on that of di-
rect taxation; and, secondly, because without it they
should not have got so large a remission of indirect
taxation. Ile (Mr. Foster) found, from what had fallen
from the Chairman, that he could not now make the
motion of which he had given notice, but he would take
the first opportunity of moving—" That the owners or
lessees of mineral works, quarries, lime works, and
ether similar undertakings, now assessed under Sche-
dules A and B, be allowed to make their returns in the ;
same manner, and with the same option of privacy, as
other trading companies under Schedule I)."
The CHANCELLOR of the EXCHEQUER made
some observation across the table, which was not heard
in the gallery.
Lord EBRINGTON was happy to concur with much
that had fallen from some of the previous speakers, and
was convinced that it was not direct taxation which
drove capital from the country, but taxes in favour of
individual monopolists, and :monopolist communities,
such as the West India interest.—(Cheers.) He did not
agree with the Hon. Member for Finsbury, that the
Right Hon. Baronet had benefited the labouring classes.
They asked for bread and the necessaries of life, but
instead of relieving them, the Right Hon. Baronet, in
his first tariff, took off the duties upon articles of luxury
rather than upon the necessaries of life.—(Hear, hear.)
He (Lord Ebrington) confessed that he was not more
surprised than delighted at the speech of his Noble Re-
lative (Lord Sandon.) —(Cheers.) He was delighted
that Liverpool was added to the towns which spoke in
favour of free-trade.—(Cheers.) He was sorry, how-
ever, that the latter part of the speech damped
the expectations which were raised by the be-
ginning ; and that the Noble Lord who opposed
free trade in sugar the other night denoune, d free trade
in corn that night.—(Hear.) He would only detain the
House now by repeating, that direct taxation was most
equitable and most easily collected, whilst indirect
taxation was vexatious, expensive, and prejudicial to
industry.—(Hear, hear.)
Mr. DARBY originally supported the income-tax,
believing that the necessities of the country called for
it ; and upon the same principle he should give his sup-
port to the present measure. He hoped, however, at the
end of three or four years the revenue would be placed
in that state as to put the government in a position to •
dispense with its continuance. All attempts to raise or
perpetuate either the property or the income-tax they
might depend upon it would result in a failure.
Lord J. RUSSELL wished to ask the Chairman to
state in what form any amendments to the Bill could be
moved. Whether they could be moved substantially on
the report, or whether they could be moved on again
going into Committee?
Mr. GREENE was understood to reply that the
amendment could be moved on bringing up the report.
Mr. WAKLEY asked, after what the Noble Lord the
Member for Liverpool had said, whether it would not be
better for the Right Hon. Gentleman the First Lord of
the Treasury to state if it was his intention to resist
all the amendments or not? If it was his fixed deter-
mination to resist any alteration in the Bill as it at pre-
sent stood, it would be most inconvenient for the House
to agree to it. That there ought to be amendments
there could be no question, but it it was distinctly under-
stood by the House that the tax was not to be con-
tinued beyoad three years, he believe the Bill might be
endured in its present form. There was an under
current going forward which would swell into thunder
if an impression should arise that the law was to be con-
tinued after three years.
Sir ROBERT PEEL said, under existing circum-
stances, he thought it advisable that the Bill should be
continued in its present form; but still he would not
venture to say what amendment he should oppose, or
which he should agree to. Some of them, however,
certainly were objectionable—net in one respect only,
but in many. For instance, the Honourable Member
far Birmingham was going to make an amendment
to insert a clause to enable parties charged under sche-
dules (D) and (E) to deduct from the profits of their
trade the amount of premiums paid for insurance upon
their lives. Now why was this to be confined to profits
upon trade ? Why was the clergyman not to have the
same privilege ? .Again, the Hon. Member for Norfolk
was going to move an amendment with respect to tenant-
farmers. Tenant-farmers who had unfavourable bargains
were to be charged at a lower rate than others. But the
Hon. Gentleman did not give them the benefit of an in-
creased levy upon tenant farmers who had favourable
ones. If these amendments were to be agreed to, they
would have those persons whose incomes were derived
from temporary sources all at once come and claim to
have the same allowances made to them. Thus it would
be seen, if they sanctioned one, they would have no end
to the number of these amendments. He, therefore, en-
tertained a strong opinion in favour of the existence of
the present law as it now stood. With respect to the
other question, as to whether the measure would be con-
tinued beyond three years, the time for considering it
would be when the three years had expired. At the
present period it was only necessary to consider small
alterations, and certainly he must say that he enter-
tained a strong opinion, if they continued the Bill at all,
that it should remain in its present form.
Lord J. RUSSELL thought that if the Bill were only
to be continued for three years long o
er, he culd not well
agree to any proposal which seemed likely to lessen the
annual amount derived from it. But the Right lion.
Baronet stated fairly that if the Honourable Gen-
tleman's amendment was carried, a further question
would arise, as to whether the same allowances should
not be given to other parties. lie certainly must say
that this principle was a just and fair one, and he hoped
on a future day the Government would declare their
intention so to modify the all as to make it less objec-
tionable than it was at present.
Sir R. PEEL said the present surplus of revenue only
amounted to about 100,0001. a year, and now the Noble
Lord was advocating a diminution in the receipts of the
income-tax. Supposing the House should overrule the
income-tax, he hoped they would permit them then to
consider what taxes which the Government had pro-
posed for remission should be withdrawn.—(Hear.)
Lord J. RUSSELL suggested that the Right lion.
Gentleman might have got the full amount of revenue if
he had had a more rational and reasonable proposition
with regard to sugar.—(Hear.) Instead of the tax im-
posed on that article going into the Exchequer, it went
into the pockets of the producers.
Mr. SPOONER said he wished, in proposing his
amendments, to make a distinction between real property
and the profits upon labour. lie did not bring his
amendment forward to reduce the income-tax, but to do
justice to the honest, hard-working trader. The landed
proprietor couid leave his property behind him, but the
industrious tradesman was compelled to make provision
for his family atter his death, by paying away a small
portion of his profits.—(llear, hear.)
After some further discussion, the remaining clauses

were agreed to.
The House then resumed, when the Chairman reported
progress, and the report was ordered to be brought up
on Friday.
STAMP DUTIES' A S4IMILATION BILL.
On the order of the day for the third reading of this
Bill being read,
The Hon. Mr. BOUVERIE rose anti said he wished to
draw attention to this Bill, because it contained principles
of a most iniquitous character. The Bill proposed to
renew an Act passed in the present reign for another
three years. That Act imposed the stamp duties as spe-
cified in the 55th of George 111., cap. 180, upon Ire-
land. Before then, the stamp duties of Ireland were com-
paratively of a light character, and it was with a view to
bringing under the notice of the Government the unfair
and unjust operation of these stamp duties, as now
applied by this Act to Ireland, that he now
ventured to trespass upon the time of the House.
One would think that the amount of tax would be in pro-
portion to the amount of property to be transferred, but
on reference to the schedules affixed to the Act, they
would find that this was not the case. On the contrary,
the amount of duty diminished in a ratio as the value of
the property increased.—(Hear, hear.) On reference to
one schedule, they would see that the stamp duty on
a bond not exceeding 501., was IL, or two per cent. On
a bond above that amount, but not exceeding 1001., the
stamp duty was 11. lOs., or one-and-a-half per cent. On
a bond above 100/., and not exceeding 1,000/., the duty
was 21., or one per cent., and so it went on until it
reached 20,0001., when the rate of duty did not amount
to more than one-tenth the per centage on a lesser sum.
--(Hear, hear.) Now, it was evident there was no clear
or justifiable ground upon which this system of taxation
could be maintained. Then, with respect to real pro-
perty, the same principle was applied.—(Hear, hear.
The rate of duty upon mortgages not exceeding 50/.
was two per cent. ; not exceeding 1001., one-and-a-half
per: cent., and so on—the greater the amount the
less the duty. Now he must say that nothing but
inattention or ignorance could justify such a principle as
this. In England the system was bad enough, but with
reference to Ireland the case aas peculiarly strong. In
that country there ought to be a great relaxation or
remission of the stamp duties, because if they considered
the condition of Ireland, their grand object ought to be
to facilitate, by every possible means, the transfer of
property from one man to another. They ought to use
their best endeavours to enable the inhabitants of that
country to obtain permanent property in land, at as
cheap a rate as possible ; yet by the present Stamp Act
they imposed a higher rate of duty upon r. person who
bought a small patch of land for 201., than they did upon
a person who possessed large means, and who was pur-
chasing an extensive estate.—(Cheers.) This Stamp
Act. which they were p
w assing sub silentin, had an obvious
tendency to interferewith the prosperity of the country
to which it applied.
The CIIA.NCELLOII of the EXCHEQUER, who
spoke in such a low tone of voice as to be
had very sc ircely
audible in the gallery, said that this subject
frequently been undwr the consideration of the House.
He did not intend to deny that there were many stamp
duties which required revision, but they were not at
present in a position to enter open that revision. The
House would recollect that the present Bill was intended
as a compensation fer the property-tax ip d
osed upon
this country not being extend, d to Irelmand. He id
not think it would be ~thrisahle to enter into a' general
' discussion of the stamp duties at the present moment.

Lord EBRINGTON said the paucity of small free•
holders in Ireland had always appeared to him to be
a source of great difficulty in governing that country,
and he regretted that the Chancellor had not thought
fit to make an alteration of the stamp duties, as appli-
cable to Ireland, so as to facilitate the establishment of
small freeholds in that country.
After a few words from Colonel RAWDON, the Bill
was read a third time.

On the motion that the Bill do pass,
Mr. HAWES said, that after what he had heard that
night, he should feel it his duty, when this subject were
again brought before the House, to take the sense of the
House on the subject of direct taxation in Ireland.—(So
we understood the Hon. Gentleman.)
The CHANCELLOR of the EXCHEQUER said,
the report upon the property and income tax Bill would
be brought up on Friday next.
The Bill was then passed.
RAILWAYS (IRELAND.)
Mr. B. BALDWIN moved fur the report of the Lords
of the Committee of Privy Council for Trade for the
transaction of railway business, on :the following
schemes for extending railway communication to the
West of Ireland, viz., 1. The Great Western (Ireland)
Railway (Dublin to Mullingar); 2. The Great Western
(Ireland) Railway (Alternative Line); 3. The Great
Western (Ireland) Railway (Extension Line) ; 4. The
Irish Great Western Railway (Dublin to Galway.)
Mr. FFRENCH seconded the motion ; and in so
doing said that he had the most perfect confidence in the
wisdom, justice, and integrity of the Railway Depart-
ment of the Board of Trade.

Sir G. CLERK could have no objection to the pro-
duction of this report, seeing that in the ordinary
course the report would be presented to the House as
soon as it was prepared by the Railway Department of
the Board of Trade.—Motion agreed to.
The House then adjourned at Half-past Nine o'Clock.

LONDON AND WESTMLNSTER

BANK.
The eleventh annual meeting of the Proprietors of the Lon-
don and Westminster Bank was held at the Central Esta-
blishment in Lothbury, yesterday. The chair was taken
at one o'clock, by P. M. Stewart, Esq., M.P.
The CHAIRMAN said, before submitting to them the
report of the eleventh annual meeting, he hoped he should
be allowed to occupy a few moments by adverting to the cir-
cumstances which had characterised the period that had
uaeNt
lrii/aectsrhhegde
et
made. sincehjeo sitw. hsesptoeoroncil
fnatkesctmti
hpbaepaanll
contemplation
ratkueinosandnl7oomri
of
meeting. erhLteaneisihcolcntaknaohatgttathbni.hise:tntnj These circumstances
had rendered that period one of great importance to the
o
l
banking
joint-stock
in general, and cue of
oaeethf
vhcl:atiasneoest prnnedlieodbr.
aoacnaaatpni
nnsanoneitedl
kdnhnuepei
iheesanenrperiod,
iidincodoimportancesoadftreeuffhes
nansteremoved,nohrirlesnygis,
then cast in the way of establishments of that nature ; and
resolvedcrtoelen dttgtho.
or
eadgtpoeulrtnlti
olierosgoeuetkshot mbentnsgooltsamtcb,l
saothienfialectthem-
selves
tParliament,osecnc
ate
obstacles to the easy dispatch of their legitimate
business were removed, and that they were now ac-
knowledged as a national banking establishment, not only
legally established, but also legally invested with everypri-
vilege which could properly belong to such establishments.—
(Cheers.) The meeting would recollect that the Act of 183.3,
from which that bank sprung, was defective, inasmuch as
it did not give to large partnerships, such as theirs, a facility
of suing and being sued. They of course thought that in an
Act which called them into existence as the proprietors of a
large banking establishment this defect must be inadver-
tent ; and in the year 1834 they applied to Parlia-
ment for an Act to invest them with the
required privilege. They carried the Bill on its own strength
and merits triumphantly through the House of Commons, in
spite of the opposition of the Government of the day, who felt
themselves pledged to what had been overlooked in the re-
newal of the Bank Charter in the year preceding. But
they were stopped in the House of Lords ; and the
only alternative which they had was one which, though
clumsy in its nature, was still effective in its operation. In
order to give the public the advantage of suing them, and
to obtain for themselves the reciprocal advantage
of suing the public, it was necessary that a
special contract should be entered into for this pur-
pose between the customers of the Bank and the
trustees, who had the management of its affairs. Now, he
was glad to say that the Act of last session had done away
with that obstacle, and they were now invested by
law with the manifest right, as . well as the
necessary privilege, of suing. and being sued, being
placed in the same situation as joint-stock banks
throughout the country which were not established within
sixty-five miles round London. Another privilege which
they had erroneously thought would never be denied to
them was that of accepting bills. They imagined that they
had that power, as a matter of course, the moment
their existence was acknowledged by the Legislature, and
they acted accordingly. They thought that the refusal of
such a power would be a mockery, that it would be like saying
to an individual, "You may correspond with another person,
but it will be at your peril that you answer his letters."—
(Hear, hear.) A suit, however, was commenced against them
by the Bank of England in the year 1835 ; and after they
had run the round of the law courts, it was, in 1837, declared
by the collective legal wisdom of the country that the views
taken by the Bank of England were based on a proper
interpretation of an old statute ; for that, although
legally established as a bank, they were acting
illegally in accepting bills of exchange. The wise
discovery made on that occasion by the judges was
that Queen Anne was not dead—(A laugh)—that an old
statute of her reign was in force at that moment ; or, in other
words, that a statute of 1707, manifestly enacted to prevent
bankers of that day from issuing notes, was to be interpreted
in 1837 as preventing bankers legally established from ac-
cepting bills of exchange. Not damped, however, in their
ardour by that result, they soon adopted a remedy.
Their customers adopted the habit of issuing their
bills without an acceptance being inscribed upon them ; and
that practice continued until the Act of last session was
passed, which freed them also from this hindrance ; and they
were now invested with the full and just privilege of
accepting bills of exchange in the same way as any other law-
fully established bank.—(Hear, hear.) He might say, in
passing, that, besides contending for these privileges,
the Directors and Managers, assisted by the members
of the General Banking Committee, struggled for the
general objects sought to be obtained for joint-stock
banks throughout the country ; and the result was
that they were successful in securing a modification of the
measure as it was first propounded to Parliament in the last
session.—(Hear, hear.) In some minor instances, indeed,
they were unsuccessful. Ile himself had humbly endeavoured
to obtain an alteration in one or two points which he
thought important to the banking interests of the country ;
but finding that he was opposed by the author of this
measure, he thought it would be useless to persist. He
must, on that occasion, acknowledge that in all
the conferences which the representatives of the
joint-stock banks had had with Sir Robert Peel,
they were met by him with the greatest courtesy ; and
the moment having arrived for revising the law they had
found comparatively little difficulty in obtaining that acknow-
ledgment of their rights and extension of their privileges
which were now enjoyed in common by all establishments
of that description.—(Hear, hear.) The situation of their
branch had, he thought, greatly improved since the last, an-
nual meeting. They had obtained all the legal facilities for
which they were formerly about to struggle; they were now
invested with the power of accepting bills of exchange ;
they had further the valuable privilege of suing and of being
sued ; and for this latter purpose they had registered their
trustees in the name of any of whom a legal process might
be commenced. Having secured these privileges, the Direc-
tors did not think that the interest of the Proprietors re-
quired that they should seek to acquire power under the Act of
last session for the regulation of joint-stock banks. Their
simple reason for coining to that conclusion was, that by ob-
taining a charter they would acquire very little, if any, addi-
tional power; whilst it would have subjected them to the in-
convenience of entirely remodelling the constitution of the
bank. Another inconvenience would have arisen from the
adoption of that course. The charter was limited in its dura-
tion to twenty years, and they did not like looking forward at
the youthful age of eleven years, feeling perfectly satisfied
with the powers and privileges which had been conferred upon
them, and believing that they would work well for the Com-
pany. Such was their foresight, be it prudent or be it far-
fetched, that they did not like to invest themselves with a
charter which would expire in twenty years, and then throw
them back again into the hands of the Legislature of the
day.—(Hear, hear.) Nor was this a mere fanciful objection.
They were eleven years old that day ; the old lady over the
way was about 150.—(Laughter.) If they continued grow-
ing as they had done in the early part of their ex-
istence, there was no saying what might happen—
as they now surpassed her in modesty, they might
by and bye surpass her in other attractive qualities—
(Laughter)—and the young lady in Lothbury might attain
by her sturdy solidity—for that was her character—
(Hear, hear)—no less celebrity than had been en •
joyed by the old one in Threadneedle-street.—(Laughter.)
The only advantages which a charter conferred were that of
enabling a bank to hold real property without the interven-
tion of trustees, and that of enabling the company to
sue and be sued in its own name, without the
theds
interference
Directors
feoefl
calle
do
uflipcsenr s .
to Onll nthese
the g ro
eusiti
blishment with a charter. So much with regard to their
present position. As respected their future prospects,
he was happy to say, that they were as fair and
promising as any which could be presented. They
had struggled through a period when money was of so
little value that it was difficult to find any profitable em-
ployment for it. He trusted that the stimulus which had
been recently given to industry and commerce, would en-
hance its value, and enable them to give a better account of
their stewardship. There was one very favourable circum-
stance—it was, that the proprietary of this bank were
tgrrya,dluvahlelyreeveenr teringmo tehyienLmoiigidhotniormln,artdhethcoeum.n:
Shareholdersre danlivmedo,r
terest of the bank ; but Shareholders in London could render it
much greater assistance.—(Hear, hear.) He would illustrate
the fact which he had just stated. During the last year, the
sale of shares in the London market was about 7,000, 4,000
of which came from the country, and 3,000 from London ;
but is the buying of those shares only 2,203 had gone
back to the country, and 4,800 had been retained in
London ; so that the proprietary in London had been
increased to the extent of 1,800 shares. One word
before the report was submitted to the meeting. The
sum and substance of that report was a statement
on the part of the Directors that they continued to be
enabled to declare a dividend at the rate of 6 per cent. per
annum. On account of the cheapness of money the Directors
had experienced some difficulty in bringing about this result ;
but not only had this result been obtained, but they hadfurther
been enabled to add 3,0001. to the reserved fund ; it now
amounted to 70,0001. He would remark that there had
been paid in dividends to the Proprietary, during the exist-
' ence of the Bank, upwards of 350,0001. Although they had
begun at a low figure, he did think that they acted Wisely
in pursuing that course, following the maxim of old
D. r. Johnson, that it was pleasanter to see smoke brighten
into flame than flame dwindle into smoke.—(Laughter.)
It they continued to proceed as they were then doing, he
hoped that some present would be recipients, even if he
should not have to declare it, of a higher dividend.—(Hear,
hear.) . If the present report did not satisfy them,
taking into account, as they should, the difficulties with which
the pirectors had had to contend, why, he could only
say, in the language of his countrymen, that they were
. " unco, to please."—(Hear, and laughter.) Good as that
report was, it was a voucher for the faithful discharge of duty
on the part of their servants. Still, though they might be
satisfied for the moment, let them not be so perspectively—
(llear, hear)—let them aim at a higher result still; and in
order to do that, while the Directors endeavoured to discharge
their duty in their own sphere, let the proprietary, now in-
creased in number at the doors of the establishment, assist in
their efforts, as far as lay in their power.--(Cheers.)
The Secretary then read the following report :
" In making their eleventh Annual Report, the Directors
have to state that the profits of the past year, after defra lets
the current expenses, paying the income-tax, and nuls.ing