The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-17
HIGHLY
TEN DAYS Il
r M u Il p F..
ARRIVAL OF THE SHERIDAN.

loteA
Acknowledgements Thousand of the Soldiers
NEUTRALITY-SUSPICIOUS. General EIphinstOnc
and n SON of Burns, the Poet, Massacred-
Assassination of the British Ambassador
to CabooI, Sir william NI'Naghtcn-Twelvc
Thousand British Troops ordered TO In
dia-ImpOrtnnt News from Engiand--Di-
vision on PceIs Corn Biil-Total RevOlu-
ton of the Financial and Commercial Po-
Icy of Great Britain-New Tarin-Proper-
ty Tax--sir Robert PeeI's Speech on the
Subject, Sc. &c.
The Sheridan arrived from Liverpool last evening.
She sailed thence on the 10th ut.
Highly important Intelligence had reached Eng.
land from India.
Advices from Bomb1y to February l states that
Cabool has fallen, the whole British force there,
amounting to six thousand men, annihilated one
entire British regiment, the 4lth, erased at one fell
swoop from the army ~, and five native regiments
cut to pieces. The ladies' of the envoy and the
officers, sixteen in number, have been carried
into captivity by the ruthless Atighans. Sir VIM.
McNeagh,an,o our envoy to Cabool, had been treache-
rously assassiuated by a son Of ID )st Mahomed, his
head cut of, paraded through the streets on a pole,
and stack ir derision on the walls Of Cabool by the
Infatuated insurgents.
Eight thousand troops were TO leave England for
India.
The Cotton market was very heavy, but American
fully supported last quotations. Lower kinds had
declined. Money was abundant in London. Fluc-
tuations in Consols limited. Wheat has declined IL.
per quarter.
Nothing later from China.
THE CoURT, &c The Queen caused cards to be
issued for a grand dinner at Buckingham Palace,
March ii, on which day Her Majesty holds her
first levee this season.
The Prince and the Royal Infants, as well as Her
Majesty, continue to enjoy excellent health.
1t is worthy Of remark, that at the present period
there are three countries in Europe, the existing gov
ernmen,s of which have just been firmly established
in power by the vote of their resp ective legislatures.
We allude TO Great Britain, France, and Spain, all
near ~neighbors to each other.
SIR ROBERT FEELS New FINANCIAL AND CON-
MERcIAL PoucY.-In the House of Commons,
March I1th, Sir Robert Peel brought forward his
new scheme of finance. He shows a deficiency of
E10, 900, 600 in the revenue since 1897. And he pro-
poses, to meet this, and support two large wars, one
in India and one in China, that a proper ty tax be
levied, terminable in three years, unless otherwise
determined by Parliament, at the rate of I'd in the
pound, or 81. lS5. i'd. per cent, upon the property
and the income of the country, exempting, however,
all incomes which do not reach ESQ a year.
For the levying of this tax in Great Britain the
machinery already exists but the same remark
does not apply &c Ireland. Upon this and Other
grounds the ministry propose to exclude that coun.
try from It's opr ration, except SO tar as the incomes
derivable from land, Ne. in ireland are spent in En-.
gland, when the absentee will be taxed equally with
the English landowner, thus holding out a bonus for
landowners IN Ireland TO reside upon their property
=, I.s ..,,,tx, Ia patIA hA,A
exemption. the stamp duties levied in Ireland are to
be equalised in some cases with those of Great Bri-
tain, and a shilling additional is 10 be placed upon
spirits, making the duty, at present Is. 81. per gal
per gallon. The amount derivable from stamps is
estimated at El6J ,0O), and from spirits f2OO, 900.
1t is further proposed 10 impose a duty of A. per
ton upon all Goals exported from the united kingdom
whether borae in foreign or In British bottoms. Now
a duty OF As is payable upon this article shipped
in foreign vessels. the operation of the reciprocity
treaties has, however. decreased the productiveness
OF this duty from ESQ, COO a year in 1881 to E6, 900
only in 1910. whilst the quantity of Goals exported
has increased from 300, O00 tons IN the former year
10 ,3O1 900 In the latter. by reimposlng the duty,
and making II bear equally upon British and foreign
shipping, II is expected that a duty will b. derived
OF f20O,OO0 a year.
The entire produce Of new taxes may be recapi.
tulated then as follows, wiz
Income tax lin round numbers. ...... ga 200 900
stamp duties, Ireland. ............... 100 900
Spirit duties, ireland .....t......... $50 00e
Exporter coal. ...... 100000
Total new taxes. ...f43ioyOO0
Deduct from this amount the estimated
deficiency Of income as compared
with estimated expenditure. ........2,570
And a surplus will remain OF. ....... fl 100000
applicable To reduction of duties by a re. modi6ca
ton of our commercial tariff, or TO contingencies un.
foreseen.
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 sab.
ject, however, we are not at present able 10 60 seria-
tim, inasmuch as the details of the eRtlre plan, com.
prising a complete re-modification of the existing
commercial itI1l, are not as yet brought before US.
We take, however, the chief heads OF reduction as
stated by the right hon. baronet.
In entering upon this modification of the tariff the
government proposes, lin the first instance, the re-
moval or relaxation OF all duties of a prohibitory ma
ture and, secondly, a reduction of the duties upon
tne raw materials tor manufactures 10 a very consid-
cradle extent'-in some instances retaining only a
nominal duty tor the purpose OF statistical informs-
uoh, ana IN Nety lew cases imposing more than five
per cSa'' VI iSto articles OF consumption II is pro-
posi- 70 ,snuce the duty upon $50. Upon the re.
naming 400 articles no alterations are 10 be made.
except IN some cases where the du,;es r on,v
retained al present TO be made the suh,ec, of f,,urs
mooIhSauons 10 favor oil countries with whom com.
mercial treaties are pending. Amongs, the dn,;es
90 In allegiance are those upon French wines HANDY
nc, and the products of Spain, Portugal aad Sou,s
America. Inc amount OF loss TO the revenue from
all these reductions Is estimated at f270,oO per an
mum.
AS a boon TO the consuming classes and. TO some
extent, a Precipitation TO the demands of the Bfazilian
and Cuban planters, 1t is proposed. ia the first in
stance, to reduce the duty upon British colonial
coffee, from 81. TO Al and TO admit foreign coffee,
imported direct TO this country, at a duty OF Sd. per
ID instead OF Is and l.. 3D. as paid at present if
imported direct, or 81 per ID. if sent round by the
Cape. The loss To the revenue from this reduction
is estimated at fl70 900.
Upon foreign timber Sir Robert proposes that the
duty should be reduced IN the year 1872 to 1913 from
sos per load, the present duty upon square timber. to
3os, and upon deals to 35s per cubic foot. aud lath'
wood, o0s and in the year 1913 to lS44, TO 25s.,
corresponding reduction will be made from IOs the
present duty, TO Il. upon square timber, and q. on