The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-05-22


The government. the income tax and the iarlii
insepsrably connected MIR. Hume was afraid that
the income lax would add 10 the difficulties of the
country, and was convinced that the reductions of
the new tamil were only the beginning of greater
changes question was raised by Mr.. b. Wood
for the better ascertainment of the income of per-
sons engaged IN business some profitable and
Improbable. Eventually the matter was left in the
hands of Sir r. Peel by The honorable member for
The present. An amendment OF Mr.. Barring. TO ex-
empt foreigners deriving income from the British
funds, and an amendment OF Mr. Ricardo in favor
oi the holders OF ternlnable annulties, were mega
uved. Sir Il. Peel said thai he would bring on the
tariff before the third reading OF the income tax
bill.
In the Commons Mr.. Roebuck failed in procuring
a relaxation OF The income tax IN favor OF persons
exercising trades and professions, the majority
against HIM being 2j5 to ll2 Sir Charles Napier
made an equally unsuccessful attempt in favor of ma
val and military officers possessing small incomes
for their services.
In the Commons, The chartlst petition was presen-
ted by Mr.. T. Duncombe. II was said to have been
signed by upwards OF three millions OF the indus;ri-
Gus classes. In committee on the income tax, Sir
Peel said il the firm determination of go
vernment TO proceed with the tariff without delay
1t most desirable that the mercantile inter
ests the country should not be kept suspense for
he had doubt uncertainty and delay conduced
materially to aggravate the distress which existed
The right hon Bdronet then proceeded 10 enter into
some of the technical details Of the property tax bill
and commended that the house having acknowledged
10 be carried ont 10 it, fullest extent. The med-
sure, to be bcneoialo the country, must be gene
raj one The tariff was IN that forward state, that
he had no doubt OF being able 10 bring it under the
consideration ofthe house Immediately after the IN
come tax bill was reported. Mr.. Hume moved that
the dividend on stock accruins in April should be
exempted from the lax, as otherwise, the tundhold-
crs would have 10 pay the income tax one quarter
before it was collected from the rest Of the commu-
nifty. The Chancellor of the Exchequer said if they
were not 10 begin TO tax the dividends until july the
result would be that they would be obliged TO collect
the tax from the undholder three months alter the
expiration Of the tax as applied to other classes
Upon division, Mr. Hume's motion was negatv-
ed by majority OF l59 TO 81. Mr.. F. Barring
come tax should not be levied ON the dividends
derived from the public funds by foreigners residing
abroad. The Chancellor of the Exchequer opposed
the motion, and said that he thought 1t perfectly
right that foreigner deriving his income from this
country should be liable to the tax Mr.. Labou
chere supported the motion of Mr. Barring. Sir Ro-
bert Pee could not see why foreigners should be eS
empied from this tax, or why they should profit by
the Improvement OF the funds in consequence of
this tax being resorted to, and yet be exempted from
contributing his share of the very impost by which
stability was given TO his investment. Mr. J. Hume
contended that il was breach Of faith 10 tax the
funds at all, If the tax was 10 be laid on, he could
not why distinction should be made between
foreigners and Englshnien, and he could not, there
fore support the motion OF Mr.. Barring. Mr.. j. A.
Smith supported the motion, on the groand that we
should do nothing which would have the effect Of
interruptine The constant flow of capital to this
country Mr.: Masterman thought the foreigner
ought in Justice 10 be taxed as well as any other
holder of the public funds. After few observa-
lions from Mr.. lIawes, Mr. f.. Barring replied, and
the committee divided, when his motion mega
lived by majority of BOB TO 40 The house got as
far as the 18th clause of the bill Sir Il. Peel laid
on the lab, the treaty which had been concluded
by her maies,y's government with the republic of
Bolivia.
Colonial Passengers Bill.
Lord SANKEY'S emigration bill, If carried into law,
will have a serious effect on the emigration from the
Irish ports, particularly regards our own colonies
A, present. when sending vessel with emgranis 10
the United States, come under their laws. which
only allow Two souls 10 every five tons OF the vessel
old measurement. To British America We come I'M
der our own laws, which allow hrec adults TO every
five tons, new measurement and two children I'M
der fourteen OF age or three under seven years,
being reckoncd a. one adult and infants are not
reckoned in The ships complement consequently
the number OF pas-ene 10 the tonnage at ship TO
Quebec l. about double l!lat to Newly ork, and.
therefore. enabled Ia make The passage to the
former pori pr"poiion1bly lower. For instance.
family of six persons, consisting OF Il man, ms wife,
and four children. oi the respective ages OF seven.
i've, three. and one year, can obtain a passage 10
Quebec for the sum OF SO ; and the lowest rate I'M
der which the same family could obtain passage 10
New Y rk would be Ell
Now. as II i the general impression among the
lower orders this country that the United states
hold the greater Inducements to the settler the
ntes Is to cnmpe! the poor enigrant To make our
colonies his choice, simply because he cannot COM
mand the means 10 transport himself TO the States.
Lord Stanley's emigration bill proposes further
limitation of the number of passengers TO the ton
mage % a ship, the consequence ol which Will be
corresponding advance IN the rate OF passage to Br-
ush America which, If II once approXlnaes to that
of the United States, will most assuredly destroy
the emigration to our colonies. The poor man
must remain at home, not having the means OF re-
moving himself to any other country: and the man
in more comfortable circumstances will make the
| nied States his selection.
from the London standard.1
TnE BANK OF ENGLAND AND THE MONEY MAR
KEr.-In the Gaeettc Of Friday night we have the
return of the quarterly average of the weekly liabi
ties and assets of the Bank of England from the first
of February to the 23d April. which, compared with
the three months from the 9TH of December to the
lst of March, gives the following results The cir
culaton is now ELI 80 900 against cl6,769 900, be-
ing an increase of f!66,eN; the depositors are S.
.00). against ES9jl.o00, being a decrease
of f67l 900, and making the total liabilities
G2J ,5ls,OC0. The securities now Ell $4,000
against f23 .0o3 being decrease of fl,Sol, 0W
the bullion is E659o000 against &5,6S7 900, being
an increase of 1893 600, and making the total of
the assets f2S 600 The surplus of rest Is now
f2, $1,000 against E3,O63,0 900, being decrease
during the month of t.93,OD
We have formerly had occasion TO observe that
great defect in the form of the bank returns Is,
that the securities held not distinguished. On
tha, account it is impossible TO come to such accu-
rate conclusions the precise character Of the
changes which The circulation undersoes az we
could arrive at were there only the distinction made
between public and private securities. The present
return exhibits considerable changes; but, as we
observed last month, 1t is pretty obvons that they
have been much more owing to operations connect.
ed with the public revenue than the victsltudes OF
trade and commerce. For example. the increase
in the circulation is obviously connected with the
payment of the dividends, whilst the much larger
decrease IN the securities has greatly arisen from
pi thp adj on
during the shutting of the bank books for the pay
meni ofthe dividends, aud partly. and we apprehend
IN much larger proportion, By the redemption OF
clearly aud distinctly prove that the bank directors
are acting with an unusual degree of circumspcc
tion.
Ii should be borne in mind thai far al this circu-
aon is acted upon by the puhlc revenue the aggre-
gate result compared with tn last return very OBJ
viousy shows that strict eye has been kept OH the
decrease of the deposits