Daily press. [volume] (Newport News, Va.) 1896-current, 1909-07-31
much of local market as possible
to the tobacco grower.
Corporation Tax.

Corporation Tax.
Every corporation, JOINT STOCK COM
pany, or association. organized for
profit. and every insurance company,
is required TO pay annually an excise
tax OF one per cent upon It's net IN
come over and above $4,000. This
feature was put into the bill to raise
additional revenues to apply on the
treasury deficit
II is estimated that s20,000,000 70
$50, 100000 year would be collec1eo
under this new form Of federal tax
alton.
In the much contested matter OF
the rate on gloves the high protection.
lists fail TO score.
Sugar and tobacco duties remain
substantially as they are under the
Dingley law.
There is uniform increase on
spirits. wines and liquors of Is per
cent
There is an increase in lemons. figs.
almonds. and pineapples.
Common window glass of the lower
sizes in which the imports are heavy
is given a reduction. and where
changes were made i'm the chemical
schedule there was a general decrease.
except upon such articles as fancy
soaps and perfumes. which were in
creased.
Lower Print Paper.
The publishers win their fight for
lower pulp and print paper, the rates
on the ordinary news print paper
BEING fixed at 1915 per ton instead OF
Sc as under the Dingley law. and on
the higher grades Of print paper at
1915 instead of S.
Mechanically ground wood pulp
is to come in free of duty In
stead of paying 1-12 OF cent
q pound under the Dingley law,
but provision is made for a counter
vailing duty in case 1t becomes neces-
sary to protect this country against
Canada's inhibitions upon the expor-
tation of woods to the United States.
Cattle Hides Free.
Hides of cattle come In free and
there is corresponding reduction on
leather and leather goods.
The House rates are practically re-
tanned on sole leather, leather for up
pers. boots and shoes and harness,
DuI tne Tree niue NittlctO 10 Ddct0
on the condition that on and after
October /, 1909, sole leather from
the hides that are TO be admitted
free will pay duty of five per cent;
grain. buff and split leather Z 12 per
cent: boots and shoes. the upper
leather of which is made from such
hides, ten per cent; and harness and
saddiery. 90 per cent This schedule
of rates will result in a reduction OF
Is per cent on boots and shoes. 20
per cent harness and saddlery:
10 per cent on sole leather. and IL II
per cent on leather for uppers, if made
of the hides that are put on the free
list by the provision.
Bituminous coal is reduced from 81
cents to As cents at ton.
Binding Irvine is retained on the
free list. Cotton ties are made duti-
able at three tenths of a cent per
pound and cotton bagging at six
tenths of cent per quare yard.
On quebracho, the tanning extract,
for stiff duty on which Senator DAN
iel made such a strenuous fight, the
house rates of one-half and three
fourths of a cent per pound are re-
tanned which is almost all that the
Virginia senator asked.
Analysis Of the Bill.
Mr.. Payne's statement comprised an
analysis of the bill, showing both the
increases and the decreases, but this
detailed presentation was preceded by
a general summary in which he under
took to show the extent of revenue
increases and decreases according to
schedules. According TO this show
ing the total he contended that in
creases we're on the importation VAL
Ted at sS52,512, SIS, and the total de-
creases en- importations amounting to
s4.s7s, 122,124.
In this preliminary statement Mr..
Payne said that he had made an in
vestigation based on the census re-
turns of 1905, showing the amount OF
domestic consumption of articles up
on which duties have been raised and
also the articles upon which duties