The Sun.
London, England, 1842-04-04 00:00:00

MONEY MARKET and CITY NEWS..

(Applying to both the preceding-cases.)
" Ist. In estimating the balance- of the profits or
gains to be charged according to either of the first or
aecond cases, no sum or sums shall be set against or
4ducted from, or allowed to be set against or deducted
from such profits or gains for any disbursements or ex-
-1 penes whatever, not being money wholly and ex-
clusively laid out or expended for the purposes of such
trade, manufacture, adventure, or concern, or of such
profession, employment, or vocation ; nor for any dis-
bursements or expenses of maintenance of the parties,
their families or establishments ; nor for rent or value
lof any dwelling-house or domestic officers, except such
part thereof as may be used for the purposes of such
trade or concern, not exceeding the proportion of the
said rent or value hereinafter mentioned; nor for any
sum expended in any other domestic or private pur-
poses, distinct from the purposes of such trade, manu-
facture, adventure or concern, or of such profession,
employment or vocation.
" 2d. The computation of the duty to be charged
in respect of any trade, manufhcture, adventure, or
concern, or any profession whether carried on by any
person singly, or by any one or more persons jointly,
or by any corporation, company,'fraternity, or society,
shall be made exclusive of the profits or gains arising
from lands, tenements, or hereditaments occupied for
the purpose of such profession, trade, manufacture,
adventure or concern.
" 3d. The computation of duty arising in respect
of any trade, manufacture, adventure, or concern, or
any profession, carried on by two or more persons
jointly, shall be made and stated jointly and in one
sum, and separately and distinctly from any other
duty chargeable on the same persons, or either or any
of them ; and the return of the partner who
shall be first^ named in the deed, instrument or
other agreement of co-partnership (or where there
shall be no such deed, instrument or agreement,
then of the partner who shall be named singly,
or with precedence to the other partner or partners,
in the usual name, style, or firm of such co-part-
nership, or where such precedent partner shall not
be an acting partner, then of. the precedent acting
partner), and who slulill be resident in Great Britain
(and who is herebLrequired, under the penalty herein
contained for default in making any return required
by this Act, to make such return on behalf of himself
and the other partner or partners, whose names and
residences shall also be declared in such return), shall
be sufficient authority to charge such partners jointly.
Provided always, that where no such partner shall
be resident in Great Britain, then the statement shall
be prepared and delivered by their agent, manager.
or factor resident in Great Britain, jointly for such
partners; and such joint assessments shall be made
in the partnership, name, style, firm, or description ;
and no separate statement shall be allowed in any
case of partnership, except for the purposes of the
partners separately claiming an exemption or allow-
ance as herein directed, or of accounting for sepa-
rate concerns; provided that if any partners being
entitled to be charged at different rates, or to any ex-
emption of allowance, shall declare the proportions of
their respective shares in such profession or concern,
i n order to a separate assessment for the above pur-
pose, it shall be lawful to charge them separately and
respectively at the rate which such proportions shall
be chargeable with, by virtue of this Act; but if no
such' claim be made, then such assessment shall be
made jointly, according to the amount of the profits
and gains of such partnership : Provided also, that
Any joint partner in such profession or concern, which
shall have been already returned by such precedent
partner as aforesaid, may return his name and place
of abode, and that he is such partner, without return-
asg the amount of duty payable in respect thereof,
unless the Commissioners respectively shall think
proper to require further returns, in which case it
'hall be lawful for such commissioners to require
from every such partner the like returns, and the like
,Mbnnation and evidence as they are hereby entitled
+o require from the partner making the return of duty.
" 4th. If amongst any persons engaged in any
trade, manufacture, adventure, or concern, or in any
profession in partnership together, any change shall
take place in such partnership, either by death or dis-
blution of partnership, as to all or any of the part-
Aers, or by admitting any other partner therein, be-
.bre the time of making the assessment, or within the
)eriod for which the assessment ought to be made
:coder this Act; or if any person shall have succeeded
~, 1 co any trade, manufacture, adventure, or concern, en
. —.Lion- my profession within such respective periods as afore-
., oy the - said, it shall be lawful for the said respective Com-
.nissioners, and they and also the party or parties
•nterested, and every officer acting in the execution
of this Act, shall compute and ascertain the duty
payable in respect of such partnership, or any of such
partners, or any person succeeding to such profession,
trade, manufacture, or concern, according to the pro-
fits and gains of such business derived during the re.•
spective periods herein mentioned, notwithstanding
such change therin or succession to such business as
aforesaid, unless such partners or partner, or such
person succeeding to such business as aforesaid, shall
prove, to the satisfaction of the said ,respective corn-
inissioners, that the profits and gains of such business
have fallen short, or will fall short, from some specific
cause, to be alleged to them, since such change or
succession took place, or by reason thereof.
"sth. Every statement of profits to be charged
under this schedule shall include all and every source
and sources so chargeable on the person or persons de-
livering the same on his or their own account, or on
"RULES.
" Ist. The duty to be charge] in respect thereof account of any other person or persons ; and every
shall be computed on a sum not less than the fuli person shall be Chargeable in respect of the whole of
amount of the balance of the profits or gains of such such duties, in one and the same division, and
trade, manufacture, adventure, or concern upon a fair
by the same commissioners (except in cases where
and just average of three years, ending on such day the same party shall be engaged in different
of the year immediately preceding the year of assess
partnerships,
or the same person or persons shall be
ment on which the accounts of the said trade, menu engaged in different concerns, relating to trade or manufacture, in divers places, in each of which cases a
facture, adventure, or concern, shall have been usually
separate assessment shall be made in respect of each
made up, or on the sth day of April preceding the
year of assessment, and shall be assessed, charged -concern at the place where such concern, if singly
and paid without any other deduction than is herein- carried on, ought to be charged as herein directed ;and every such statement on the behalf of any other
after allowed : Provided also, that in cases where the
person or persons, for which such person or persons
trade, manufacture, adventure, or concern shall have shall be chargeable as acting in any of the characters
been set up and commenced within the said period of before described, or on the behalf of any corporation,
three years, it shall be lawful to make the computa- fellowship, fraternity, company or society, shall in-
tion for one year on the average of the balance of the elude all and every source and sources chargeable as
profits and gains from the period of first setting up last aforesaid, and shall be delivered in that division
the • same ; provided also, that in cases where the where such person or persons, corporations, fellow-
trade, manufactures, adventure, or concern, shall have ships, fraternities, companies, or societies would be
been set up and commenced within the year of assess
ment, it shall be lawful to make the computation ac- chargeable, if acting on his, her, or their own behalf.
"Third Case.—The duty to be charged in respect of
cording to the rule in the sixth case of this schedule. "
2d. The said duty shall extend to every person
schedulepr A..fits of an uncertain annual value, not- charged in
or persons, bodies politic or corporate, fraternities,lst. The duty to be charged in respect thereof shall
fellowships companies or societies, and to every art, be computed at a sum not less than the full amount
mystery, adventure,' or concern carried on by of the profits or gains arising therefrom within them
respectively, in Great Britain or elsewhere, as afore- the preceding year, ending as in the first case, to be
said ; except always such adventures or concerns on
paid on the actual amount of such profits or gains
or about lands, tenements, hereditaments or heritages, without any deduction.
as are mentioned in schedule A, and directed to be 2d. The profits on all securities bearing interest,
therein charged.
payable out of the public revenue (except securities
" 3d. In estimating the balance of profits and gains before directed to be charged under the rules of sche-
chargeable under schedule D, or for the purpose of dule C, and on all discounts, and on all interest of
assessing the duty thereon, no sum or sums shall be money, not being annual interest payable or paid by
set against or deducted from, or allowed to be set any persons whatever), shall be charged according to
against' or deducted from, such profits or gains, on the preceding rule in this case.
account of any stuns expended for repairs of premises a 3d. Whenever the commissioners shall, on exa-
occupied for the purpose of such trade, manufacture, mination, find that any lands occupied by a dealer in
adventure, or concern, nor for any sum expended by cattle, or by a dealer or seller of milk (which lands
them for the supply or repairs, or alterations of any shall have been estimated and charged on the rent or
implements or utensils, or articles employed for the pur- annual value), are not sufficient for the keep and sus-
pose of such trade, manufacture, adventure, or corcern, tenance of the cattle brought on the said lands, so
beyond the sum usually expended for such purposes,, that the rent or annual value of the said lands cannot
according to an average .of three years preceding the afford a just estimate of the profits of such dealer; it
year in which such assessment shall be made ; nor on shall be lawful for the said commissioners to require
account of loss not connected with or arising out of a return of such profits, and to charge such further
such trade, manufacture, adventure, or concern ; nor sum thereon, as, together with the charge in respect
on account of any capital withdrawn therefrom; nor of the occupation of the said lands, shall make up
for any sums employed or intended to be employed the full sum wherewith such trader ought to be
as capital in such trade, manufacture, adventure, or charged in respect of the like amount of profits
concern ; nor for any capital employed in improve- charged according to the first rule in this case.
ment of premises occupied for the purposes of such "Fourth Case—The duty to be charged in respect
trade, manufacture, adventure,
,or concern ; nor on of interest arising 'from securities in Ireland, or in
account or under pretence of any interest which the British plantations in America, or in any other of
might have been made on such sums if laid out at in- his Majesty's... dominions out of Great Britain and
terest ; nor for any debts, except such debts or such foreign securities, except such annuities, dividends,
parts thereof, as shall be proved to the satisfaction of and shares, payable out of the revenue of, Ireland, as
the commissioners respectively to be irrecoverable and are directed to be charged under schedule Cof this
desperate; nor for any average loss beyond the ac- Act.
tual amount of loss after adjustment ; nor for any sum "The duty to be charged in respect thereof shall
recoverable under an insurance or contract of indem-
be computed on a sum not less than the whole and
nity. just sum and sums (so far as the same can be com-
puted) which have been, or will be, received in
:" 4th. In estimating the amount of the profits and
Great Britain in the current year, without any gains arising as aforesaid, no deduction shall be made
de-
on account of any annual interest, or any annuity,
duction or abatement.
or other annual payment payable out of such profits
" Fifth Case—The duty to be charged in respect of
orgains, except the interest of debts due to foreigners possessions in Ireland, or in the British plantations in
not resident in Great Britain, or in any other of his America, or in any other of his Majesty's dominions
Majesty's dominions. out of Great Britain, and foreign possessions.
" Second Case.—The duty to be charged in respect " The duty to be charged in respect thereof shall
of professions, employments or vocations, not contained
be computed at not less than the full amount of the
in any other schedule of this Act.
actual sums annually received in Geat Britain, either
"RULES.
°` Ist. The said duties on employments shall be con- for remittances from thence payable in Great Britain,
or from property imported from thence into
strued to extend to every employment, by retainer in
Great Britain, or from money or value received in
any character whatever, whether such retainer shall
Great Britain, and arising from property which shall
be annual, or for a longer or shorter period ; and to
all profits and earnings of whatever value, subject only not have been imported into Great Britain, or from
money or value so received on credit or on account in
to such exemptions and allowances as are hereinafter respect of such remittances, property, money, or
granted. value brought, or to be brought into Great Britain,
"2d. The duty to be charged shall be computed at
a sum not less than the full amount of the balance of : computing the same on an average of the three pre-
ceding years, as directed in the first case, without
the profits, gains, and emoluments of such professions, deduction or abatement.
employments, or vocations (after making such deduc- " Sixth Case—The duty to be charged in respect
of any annual profits or gains not falling under any
Lions, and no other, as by this Act are allowed) within
the preceding year, ending as in the first case, to be of the foregoing rules, and not charged by virtue of
of the other schedules contained in this Act.
paid on the • actual amount of such profits or gains, any
"The nature of such profits or gains, and the
xvithout anydeduction, subject to the like provisions
as are made in the first case in respect of the period grounds on which the amount thereof shall have been
of average, in the cases of setting up and commencing computed,
,and the average taken thereon (if any),
ugh profession, employment, or vocation within the shall be stated to the commissioners, and the compu-
period herein limited.
" 3d. The third and. fourth -rules 'in the first case :station shall be made either on the amount of the full
value of the profits and gains received annually, or
shall also extend to the profits arising under the according to an average of such period greater or less
second case, as far as they are applicable. i than one year as the case may require, and as shall

SUN.—Saturday was, as is usual, a comparatively
blank day for business in the English funds, and exclu-
sive of a purchase of Consols at 90k for the next ac-
count, scarcely a bargain has been made. The market
left, off firm at 90 90# for Money, and 90# 901 for the
April Account. Exchequer Bills rose to 33 35
premium.
In the Foreign Market, the speculators in the New
Spanish Three per Cent. Stock, being anxious to
secure the profit of the two last days, have refused to
carry the quotations any higher, in consequence of
the manifest indisposition on the part of disinter-
ested.persons to join in introducing this description of
security. Prices have accordingly declined, and the
last quotation was 234 23k, and 24# 241, for the old
Bonds. The quoted prices of other Foreign Stocks were
Belgium, 103 104 ; Brazilian, 66 68, ex dividend ;
Danish, 80k 811 ditto ; the Dutch Four per Cents.,
100 100 f ditto ; the Two and a Half per Cents., 52
521; Portuguese Four per Cents, 351 364; the
Three per Cents., 204 211; Columbian, 27 271 ;
Mexican, with all the coupons, 40} 404, ex dividend ;
ditto, without any over due coupons, 38 to 381.
In the Share Market prices were well maintained,
although the extent of purchases was comparatively
trifling. The principal improvement was in Brightons
and Blackwalls, the latter of which advanced 1/. per
share, and left off the old at 11/ 12, and the new,
10 101 per share, ex dividend. Brightons were 361
36# ; Birmingham and Gloucester, 56 58 ; South
Western, 591 601; Gosport, 59f 601; North Midland,
69 70 ; and the New Shares, 341 35f per share ;
London and Birmingham, 84 86 ; Great Western,
27k 28k, the half shares 141 144 premium ; South
Eastern and Dover, 23, 22f ; and Eastern Counties,
14, 13f , ex dividend discount.
The alteration proposed to be made on the duties
at present payable upon foreign manufactured arti-
cles continues to excite considerable opposition. A
memorial from an individual connected with the
glove trade, with regard to the contemplated reduc-
tion in the rates on French and other des .!riptiens,
is deserving of notice from the facts embodied therein,
alike interesting to this and to other trades. After
some preliminary observations it is stated—
" Your memorialist wishes to direct attention to
this very important fact—namely, that even with the
present duty the English manufacturer, in the better
description of gloves, cannot compete successfully
with the French. For many years the make of these
qualities in England has been gradually declining,
and the import of the French has been proportionably
on the advance."

From 1837 to 1841, both inclusive, 6,345,365 pairs
of foreign gloves were imported into the kingdom, of
which 6,241,617 pairs were retained for home use, or
an average of one million and a quarter pairs annually.
"-The cost of labour in the production of the make
of gloves, which would be mainly effected by any
reduction of the present duties, in proportion to the
cost of the raw material, exceeds 200 per cent. With
the present duty the English manufacturer is enabled
to compete with the French in the middling and in-
ferior qualities ; but should these duties be reduced
one-half, competition would be hopeless, and a ma-
nufacture so productive of labour be destroyed.
" The labour afforded by the glove trade is entirely
manual ; no machinery superseding, as in many other
manufactures, human labour, and a very great pro-
portion of :the persons employed are women and
children, who work, not in crowded fltctories, but in
their own cottages, and whose earnings contribute
greatly to the a 'vantage of the agricultural popula-
tion, lightening the poor's rate, and adding greatly to
the comfort of many families, where the husband is
employed in agriculture, and the females in sewing
gloves?' _ _

In a similar situation the boot m tkers, straw-pia'
manufacturers, and many others of a like descriptio
w,ll most probably be placed. Alluding to the Aov
mem wial, one of the oldest and most experienced ski
twolter; observes :

" We are of opinion that no reduction in the rota;
price of gloves would f9llow the reduction of dutiet,
and submit that an injury would be inflicted on ou
Import trade, as a great portion of the Mediterraneai
lamb skins, hitherto consigned to England, would g,
direct to the French manufacturers."

Awl it is worthy of o serration, th:tt no opportunity
exists of reducing the duties payable upon raw ma-
terials so as to lessen the cost of production here :
hus the whole loss occasioned by the decline ir.

prices, in consequence of foreign 'competition, IN
have to he borne principally by the wages of the
art izan.

THE INCOME TAX.

THE RULES BY W.IIICH THE INCOME TAX ARISING FROM
TRADES AND PROFESSIONS IS TO BE ASCERTAINED.
Sir Robert Peel on Monday evening referred Mr.
Puulett Scrope to, the act of 1806, for the rules 133
Which lie proposa:l to ascertain and charge income de-
rived from trades and professions.
Tll2, following is the schedule in the 46 Geo. 111.,
cap. 65, sec. 112, to which the Right lion. Baronet
alluded, and the principal rules of which he announced
would be embodied in the new Income Act :
" Rules for ascertaining the said last4nentioned du-
ties in the particular cases herein mentioned.
"First Case.—Duties to he charged in respect of
any trade, manufacture, adventure, or concern in the
nature of trade not contained in any other schedule of
this Act.