The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1842-03-15 00:00:00

£1,600,000

The second, or Schedule B, embraces the profits
in respect of lands occupied, which Sir Robert
takes at one-half the rental,—(the calculation
under the old income-tax was three-fourths,)—
and which, deducting one-fourth for profits
under Xl5O a-year or rentals under £3OO, where
the occupiers have no other sources of income,
he supposes will produce....
The third, or Schedule C, relates to capital in the
public funds and securities, which is estimated
to amount (omitting capital in saving-banks)
to £30,000,000, and which, deducting one-
fourth for incomes under £l5O a-year, will
produce an annual duty of
The fourth, or Schedule D, embraces profits of
trades and professions, which are estimated to
be yearly £56,000,000, the duty upon which will
be, deducting one-fourth as before, . .
The fifth, or Schedule E, embraces the income of
all public officers, estimated at £7,000,000 an-
nually, the duty upon which, deducting one:
fourth, will be
The total produce of the duty proposed may there-
fore be estimated as follows, viz
Schedule A
Schedule B.
Schedule C.
Schedule D.
Schedule E.

150,000

646,000

1,220,000

155,000

£1,600,000
15Q,000

646,000
1,220,000
155,006

Total income duty.... £3,771,000

For the levying, of this tax in Great Britain the ma-
chinery already exists ; but the same remark 'does-not
apply to Ireland. Upon this and other grounds the
ministry propose to exclude that country from its ope-
ration, except so far as the incomes derivable from
land, &c. in Ireland are spent in England, when the
absentee will be taxed equally with the English land-
owner, thus holding out a bonus for landowners in
Ireland to reside'upon their property in that country.
In consideration, however, of this exemption, the
stamp duties levied in Ireland are to be equalised in
some cases with those of Great Britain, and a shilling
additional is to be placed upon spirits, making the
duty, at present 2s. Bd. per gallon, equal to that
charged in Scotland—viz., 3s. Bd. per gallon. The
amount derivable from stamps is estimated at £160,000
and from spirits £200,000.

It is further proposed to impose a duty of 4s. per ton
upon all coals exported from the united kingdom, whe-
ther borne in foreign,or in British bottoms. At pre-
sent a duty of 4s. is payable upon this article shipped
in foreign vessels. The operation of the reciprocity
treaties has, however, decreased the productiveness of
this duty from £50,000 a year in 1831 to £6,900 only
in 1840, whilst the quantity .of coals exported has in-
creased from 356,000 tons in the former year to
1,307,000 in the latter. By reimposing the duty, and
making it bear equally upon British and foreign ship.;
ping, it is expected that d duty will be derived of
£200,000 a year.

The entire produce of .new taxes may be recapitu-
lated then as follows, viz. :
Income tax (in round numbers)
Stamp duties, Ireland....
Spirit duties, Ireland 250,000
Export of coal

Total new taxes.
Deduct from this amount [the estimated
deficiency of income:as compared with

estimated expenditure

2,570,000

And a surplus will remain of

£1,740,000
applicable to a reduction of duties by a re-modification
of our commercial tariff, or to contingericies unforeseen.
We come now to the reductions of duty proposed
by Sir Robert Peel for the relief of the producing and
consuming classes. Into this part of the subject, how-
ever, we are not at present able to go seriatim, inas-
much as the details of the entire plan, comprising a
complete re-modification of our 'exi.Wny commercial
tariff, are not as yet brought before us. We lake,
however, the chief:headS.Of reatietiOn aSstated. bj the
right hon. baronet. .

In entering upon this modification of the tariff the
government proposes, "in the first instance, the re-
moval or relaxation of all duties of a prohibitory nature;
and, secondly, a reduction of the duties upon the raw
materials for manufactures to a very considerable ex-
tent"—in some instances retaining only a nominal
duty for the purpose of statistical information, and in
very few cases imposing more than five per cent.
Of 1,200 articles of consumption it is proposed
to reduce the duty upon 750. Upon the remaining
450 articles no alterations are to be made, except in
some cases where the duties are only retained at pre-
sent to be made the subject of future modifications 'in
favour of countries with whom commercial treaties are

pending. Amongst the duties so in abeyance are those
upon French Wines, brandy, &c., 'and the products of
Spain, Portugal, and South America. The amount of
loss to the revenue from all these reductions is esti-
mated at £270,000 per annum. •

We have been told, with some evidences of glee, by
the Whig-Radical press, that it was the intention of
Sir Robert to " throw over" the West India interest,
and to propose an extensive reduction of the duties on
foreign sugar. It is, therefore, with some pleasure,
and with hearty concurrence in the views which have
induced his determination, that we find no such re-

duction amongst those brought before parliament on
Friday night. As.a boon, however, to the consuming
classes and, to some extent, a propitiation to the de-

mands of the Brazilian and Cuban planters, it is pro-
posed, in the first instance, to reduce the duty. upon
British colonial coffee, from 6d. to 4d., and:to adMit
foreign coifee, imported direct to thiS country, di fluty
of Bd. per lb., instead of ls. and as paid al: pre-
sent if imported direct, or 9d. per lbjf.sent.ro4o iy

ho Cape. The 101 lto the revenue from ilia reduction
le estimated at Z 170,000,

Upon foreign timber Sir Robert proposes that the
duty should be reduced in the year 1842 to 1843 from
555. per load, the present duty upon square timber, to
305., and upon deals, to 355. per cubic foot, and lath-
wood, 20s. ; and in the year 1843 to 1844 to 255.,
305., and 20s. respectively. Upon Canadian timber a
corresponding reduction will be made from 10s., the
present duty, to is. upon square timber, and 2s. on
deals and lathwood. The proposition of the late go-
vernment with respect to this article, it may be remem-
bered, was to reduce the duty upon foreign timber to
455., and to raise the duty (+) upon Canadian timber
from los. to 15s. To the consumer, to the Canadian,
or to the British shipowner we need not state which
proposition is the most favourable. By this reduction
the loss to.the revenue is estimated at £600,000 a year.

It is next proposed to abolish altogether the duties
levied • upon exports of manufactured goods, which
amount at present on woollens to £30,000 per annum;
upon linen yarns, to £4,000 per annum ; on silk, to
£4,800 per annum; on manufactured iron, to £24,000;
on some other articles, to £9,000; on glass and earthen-

ware, to £B,OOO ; and on provisions, to £5,200: making
altogether £Bl,OOO, which, added to the duties on mi-
nor articles, makes a total of £lOO,OOO a year of esti-
mated loss to the revenue from this source.

To countervail the advantages possessed by railway
companies, it is proposed to decrease the mileage paid
by proprietors of stage coaches to a uniform rate of
lid. per mile, to take off entirely the assessed taxes
upon guards and coach.nen, and to reduce the present
licence duty of 6 guineas to 3 guineas. It is proposed
also to take away the duty imposed upon the letting of
job carriages. By these reductions the loss to the re-
venue is estimated at £70,000 a year.

In connection with the equalisation of the stamp
duties in Ireland, previously mentioned, it is contem-
plated at the same time to make some reduction upon
those leviedrUpon.some at:ticles in Great Britain. In
particular, the duties upon policies of insurance are to
be modified, the ditty of 355. upon charter parties to
be reduced to 55., and the stamp of 3s. upon a bill of
lading to 6d. The effect of these reductions, however,
upon the revenue, is included iu the statement, given
above, of the effect of the proposed equalization in
Ireland.

The financial arrangement of Sir Robert Peel as a
whole may be thus summed up :

Estimated deficiency on present income for the

year ending sth April, 1843

Reduction on various articles of tariff, as raw ma-

terials used in manufacturing, &c

Loss on coffee

Logs on timber

£2,570,000

270,000

Repeal of export duties
Repeal of duties on stage-coaches, &c

170,000

600,000

100,000

70,000

£3,780,000
4,310,000

Amount of new taxes, as detailed above

£530,000
to meet increased estimates for India, increased charge
for China, and remission of duties on account of com-

Surplus

mercial treaties

FEELING ON. 'CHANGE WITH RESPECT TO SIR
ROBERT PEEL'S FINANCIAL PROJECT.

We do not remember any public measure of a financial
nature, the first announcement of which created one-tenth
of the sensation with which that of Sir Robert Peel's finan-
cial project, delivered on Friday in the House of Commons,
was received in this town on the morning of Saturday.
Gratification and surprise were in every face we met ; the
words, " A property tax," " An income tax," " Revision of
the tariff," were upon every tongue ; but the most prevalent
feeling, we feel bound to say, was amazement at the courage
of the minister who had had the boldness to come forward,
uncalled upon by any dictation or even suggestion out of
doors, and propose to parliament so gigantic an innovation.
Independent of the merits of the plan, in detail, such were
the feelings with which it was viewed by our commercial
community ; whilst, with respect to the manner in which it
had been propounded by the right hon. baronet, there was
but one feeling in the minds of men of all parties—that of
UNMINOLED ADMIRATION.

We cannot report that a more mature consideration of the
subject in all its bearings has materially changed public feel-

ing in our community as to the merits of the measure. It is
admitted by all intelligent men, that the resort to a tax upon
property and income had become, in the existing state of
things, a step of urgent necessity, or at the least one which
it was desirable to resort to ; and the ministerial proposition
is. accepted with very general cheerfulness, in particular, by
those classes whom it most affects. In some quarters there is
a little grumbling at being called upon thus to pay the penalty
of Whig mismanagement of the public Affairs; some little
dislik'e, too, is expressed by politicians of a certain grade
towards the alleged inquisitorial nature of an income tax.
Such tvhispered cavillings, however, can scarcely be said to
weigh to any extent against the general approbation with
which the relief from a state of financial difficulty, and the
power thus afforded to government to loosen the strings of
commerce and industry, are viewed by the generality of
our commercial men.

With regard to the details of the reductions in our tariff,
we 'have not as yet had an opportunity of noticing the opinion
entertained, as these only arrived amongst us at the close of
'Change hours yesterday. So far, however, as they were
pointed to in the statement of Sir Robert Peel, with one
exception, noticed elsewhere, the changes made are looked
upon with great favour.