Star.
London, England, 1831-02-14 00:00:00

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SPIRIT OF THE JOURNALS.

POST.—Lord Althorp's financial career has commenced most inaus-
piciously. His on rageous proposal of taxing the Transfers of Stock
has raised a storm that men such es constitute the present Ministry
are totally incapable of allaying. In their distressing embarrassment,
the Chancellor of the Exchequer had yesterday (Sunday) a meeting
not only of his official colleagues but of his commercial and city
friends. Lord Althorp informed them that he continued unaltered
in his opinion respecting the justice of the proposed treasure of
taxing the Transfer of Stock; but that if his friends dissented
from him, he would not persist in it. Mr. Baring stood prominently
forward in the declaration of his opinion, that the proposed tax was at
once obnoxious and impracticable, and must in reason and in policy be
abandoned. An Income Tax, chiefly referable to the funds, was then
suggested, but received with disapprobation ; and on its being proposed
to be made general, it was objected that its application to Ireland would
under the present circumstances be highly itnprudent. Nothing sped.
fic was determined upon. All was dotilt and uncertainty at the break-
ing up of the meeting ; and Lord Althorp, in his perplexing and
pitiable situation. had only to request the EARLY attendance of the
friends of Ministers in the House of Commons this day, when he
hoped to be able to submit some new proposition to Parliament.
Cnaostic La.—There is, we believe, but one opinion with regard to
the propriety of the choice of the taxes about to be repealed or reduced.
The duty on sea-borne coils was one of the most wickedly partial and
oppressive that could possibly be devised ; and were there no other prcof
of the superiority of our own times, we might cite this tax, which no
statesman direst think of proposing, and which, at all evens, no Parlia-
ment would now grant. The wonder is, how such an infamous tax
has been suffered to continue so long. The reduction of the duty'
on newspapers and on advertisements will also prove highly beneficial.
To allude only to books The duty on advertisements amounted to a
prohibition to publish works below a certain size ; aid it made a deep
inroad into the profits of all books to which the pubic attention was
drawn. We instance books ; but the observation is susceptible of ge-
neral application. The effect of the reduction of duty will necessarily be
an extension of the means of communication to the public. To avoid all
cavilling about lines, as columns of newspapers are of various breadths, •
and the print may be large or small, it would be better to say a certain ;
number of words. The disposition of ministers to favour the diffusion
of knowledge through the press, is, at all events, highly praiseworthy.
The repeal of those duties which pressed with peculiar severity on in.
dustry, as the duty on printed cottons and an glass, also meet with
Cealapprobation. The repeal of the duty on candles is also a great
ol.With respect to tobacco, opinion is not, we believe, so favourable.
It strikes us, too, that the use of tobacco being attended with very in.
jurions consequences (a veteran snuff-taker can hatdly speak to be un.
derstood), a better subject for tarsation can hardly be selected. It is, at
all events, a luxury; and before relieving luxuries, the catalogue of ne-
cessaries should be exhausted. With respect to the taxes substituted
for those repealed or reduced, we are happy to be able to state, that it
has been determined to abandon that on the transference of Stock.
The tax on the transference of land, will, we suppose, be also abandoned.
Indeed, of the two, that on land seems the most partial in principle, as
it will bear almost exclusively on the smaller class of landholders. The
great landholder's estate goes by succession to his eldest son ; but the
owner of an estate of 5001. or even 1,0001. year, usually conveys is
to trustees for sale, and distribution among his children- By the
smaller landholders, therefore, the tax would almost exclusively be paid.
Tin as.—lt will be seen that the chief objection urged by Sir It. Peel
was to the imposition of a stamp duty on the transfer of funded property.
We objected to it likewise, and if our information should prove correct
as to the sum likely to be raised by it, there will be no great difficulty
In relinquishing it for some other less offensive. The removal of the
duties upon seaborne coals merits and meets with decided approbation.
The abolition of the duty on candles is equally satisfactory, anti will be
sensibly felt. The chief subjects of discussion in the Budget are, the
diminution of the tobacco and the newspaper stamp duties, and the im-
position of the transfer of stock duty. To the reduction of the stamp
duties on newspapers, speaking professionally, we can have no ob.
*deo. As there may, however, often be difficulties in de.
maiming the number of printed lines in a manuscript
presented for insertion, and as misunderstandings might thence
arise between the advertisers, the newspapers, and the stamp.
office, we think that it would be better to fix one rats (say Is. Gd.) tor
all advertisements, than to have a double scale of Is. t t 2s. bd. accord-
ing to their length. The produce of the tax would then be as greet,
while the inconvenience of its collection would be diminished, and one
motive be removed for giving imperfect notices from the desire of avoid-
ing Government charges. These doubtful points, however, may easily
be modified or changed t and, upon the whole, notwithstanding the
local troubles in the rural districts, we cannot help remarking on the
easy tone of confidence with which Ministers, both ins and outs, speak
of the resources of the country. So much the better for England, we
ay!
flasaLD.—The following table will present. the present financial opera.
flocs in a dearer view than we have before pawned to our readers
Taxes Reduced. Estimated Loss.
Tobacco £1,400,000
Newspapers 190,000
Coals and Mate........ 830,000 ....... . .
Candles •• • •.. 420,000 From October"... 100,000
Cottons
Glass
Auctions BO,OOO ..... 60,000
80,000 ... .... 80,000

£4,080,000
Taxes added.

Wine ..

£4.0811,000