The morning call., 1894-08-17

- az pIeoeHb is tnaI llVlDS plum
cannot De obtained from raising sheep.
Prices were AZ to Is cents pound for
'seeqy wool and 90 to 90 cents for clear
wool, under the Mckinley bill, whereas
present prices are respectively q TO 30 and
10 TO ~ cents pound. This reduction
GUS OH profits TO 30 or 90 per cent. Our
market = going to be guided altogether by
european markets. Under the tariff law
we nau market OF our own. as only the
enoIcest foreign wool came in.
Inc mutton market is now overstocked
ana the price of mutton is very low
livery grower is anxious to sell his sheep.
lie mas virtually to go out of the business,
except those who own land and are very
rlcn and can afford to do business on very
small profits. In Australia l TO 2 cents an
| acre 10 paid for land, here % cents. There
are 1000. 600 10 5,000.0 900 sheep ia Califor-
MA; and wool-growing used to be the sec
ond Industry after wheat in the State
| The product tor the last .en years aver
aged between 100000 and 10000. 600
pounds in California, which brought IN
the grease or crude state 13 to IA cents q
| pound. This year the spring clip just
marketed does not average over to 3
cents, and as the fall clip brings third
less than the spring supply. If the market
| does q ot improve fall wool Will not aver
| age over 4 to cents a pound.
The foreign grower gets the benefit,
| but the poor sheepman is left out in tie
cold, with the exception he gets free
! burlap for his wool bags, which amounts to
cents difference in 100 head of sheep. So
| he loses all the profits of his business He
may be able to buy his clothes mnyb be 4 or
per cent cheaper"
The manager of Baker & Hamilton's
| business stated that the tariff bill will
have the effect of Introducing manufac-
lures of iron from foreign countries into
America and selling them below prevail
ing prices.
If there is any one feature of the bill
which has aroused more interest than any
other in this land of million aires. big eS-
tateS aud oveTgrOwn corporations, it is the
provision for the levyiDg of an income tax
on persons and corporations. The bill
provides that on and after January l. 1895
and until January l, 1900 there shall be
assessed and paid annually by every resi-
dent of the United States a tax of per
cent on the income derived from any
source whatever over and above $4,000;
and like tax shall be levied upon the
gains, profits and income from all property
owned, and of every business, trade or
profession carried on in the United States
by persons residing without the United
States.
The law provides further that all per-
sons having an income OF more than $500
year shall make an annual statement of
their income to the Collector Of Internal
agents or corporations shall make q re-
turn of the income of any minor or per-
son for whom they act. Thsss returns
must be verified by oath. and when no
return or false return is made IL shall be
the Collectors duty to make a return ac-
cording to the best information be can
obtain, aud to add 80 per cant to the
amount of tax due. And in all cases of a
willfully false return 100 per cent shall be
added.
The taxes on incomes shall be payable
On the first day of July in each year, and
TO any sums unpaid after that date per
cent on the amount shall be levied and in-
terest at the rate Of l per cent month
snail be added.
The law provides that there shall be
levied tax of per cent annually on the
net profits above actual operating and
business expenses of all banks, banking
ing institutions, trust companies and
savings institutions, fire, life, marine and
other insurance companies. railroad. canal,
turnpike. canal navigation, telephone, tsle-
graph. express. elecIric light, gas, water
and street railway companies, and all
other corporations, companies or associa-
tons doing business for profit in the
United States.
The chief officer or resident manager of
a corporation is required by the act to file
a statement of its net profits with the Com
missioner of Internal Revenue, and 10
case of his failure to do so the corporation
defauting shall forfeit $1,000 as penalty
and 2 per cent on the amount of taxes due
for each month until they are paid.
The law requires every company, corpo-
ration or association doing business for
profit to keep regular books of account. 10
which all its transactions shall be entered
from day to day in regular order. but these
books will not be inspected unless the
Collector has reason to believe that false
returns have been N ads to him,
Collector Welburn thinks that in lew
ing and collecting the income tax he will
require the services of ten deputies. but il
does not follow that he will have to en-
ploy ten new men, as his deputies who are
now employed at the sugar refinery will
be available.
The deputies are stationed at the re-
hnery to determine what amount should
be paid to the producers as bounty, but
under the new law no bounties will be
paid and no deputies will be needed at
the sugar refneres.
I'VE anticipate trouble in levying and
collecting the income tax" said Chief
Deruty Collector Loupe yesterday, "for
we ale not going to follow in the footsteps
of State Assessors. We will not in every
case take the citizens word, but when we
think he is undere stima.ing his return we
will 90 TO his books and satisfy ourselves.
Uncle Sans ways of doing business are
not the ways OF State and municipal
bodies.
"The Wilson bill makes whisky dearer
and opium cheaper. If enacted il will put
an end to a f1Ourishing California indus
try. the of preparing Illicit opium. 1t will
also make the industry of smuggling
opium very Improbable. Under the old
law duty of S12 was collected for every
pound OF prepared opium brought into the
country. The proposed law reduces the
duty to Sc pound and knocks cut Just
one-balf of the smugglers' profit,
Crude opium is admitted free, and is
prepared by the Chinese for use. On
every pound 30 prepared the Government
collects, when it can, an internal revenue
tax Of $40. The Government has not COL
lected cent from manufacturers of
opium in two years because they work in
secret. The prepared opium of domestic
manufacture is now sold in Chinatown for
SIS a pound, or just one-half of the amount
which the manufacturer should have paid
TO the Government.
"The proposed law places a duty of 81 a
pound on crude opium, and when this
amount is added TO the cost of the druo
and the expense of preparing il, il will be
little cheaper than the imported and much
superior article. The Chinese will natnr-
ally prefer the better preparation and the
illicit opium coOkeriss will close"
The Collector of the Port believes that
the reduction Of the duty on opium will
result In al increase of the revenue that
flows from the Importation of the drug. as
greater amount will be imported. and a
comparatively small amount will be- SNUG
gled into the country.