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rent of land was stated at eight millions. the committee to bear in mind, that it will In a subsequent period, in the beginning be proper to propose a reduction for all of this century, and in the reign of queen under 60l. a year, and that the same mo. Anne, two writers of credit, Davenant difications be admitted into this act as in and King, represented the rental of the the Assessed Tax bill-I mean the scale of land to be 14,000,000l. However they income from 601. to 2001. a year, and rising differed on other points, on this they both from a 120th part to a tenth. I mean on agreed. Posterior to that time it was a this account to assume a deduction of one received opinion, that a land-tax of four fifth, and to state the taxable property at shillings in the pound was equivalent to only twenty millions. about two shillings of what would be col- I shall next proceed to state that part lected on the real rents of the kingdom, of income from land which belongs to the which were stated to amount to twenty tenant. I propose to value every man millions. Full twenty years ago this was according to his rent, making only a desaid by a writer, who was also a member duction for repairs. What I shall suggest of this House, and who in a work he wrote, for the further consideration of the comexpressly recommended the very principle mittee, is three-fourths of the rack rent which I have submitted to the committee which the tenant pays to the landlord. this day. The same estimate was stated, The value of the income from land which and the same opinion was countenanced, belongs to the tenant I take at nineteen by the celebrated author of the Wealth of millions; the income to the landlord at Nations, Adam Smith. He received it as twenty-five millions. Instead of deduct. a statement generally admitted, and suf- ing only one-fifth, as I have suggested ficiently proved, that the rent of the land with respect to the landlord, I shall proin the kingdom was twenty millions yearly. pose with respect to the tenant, to deduct In a work published as long ago as the two-thirds, leaving five millions as the year 1774, Mr. Arthur Young, who had taxable property of the tenants. The made agricultural pursuits his study, adnext income arising from land, is an invanced the same opinion. I mention all come which is received neither by the these authorities, to show what has been landlord, nor by the tenant,-I mean supposed to be the amount of the rental what is receivel from tithes. This is an of the land at different periods. I have income enjoyed, either by lay impropriaalso had the advantage of other inquiries tors, or by the clergy. The statements made expressly by a body who have made of the amount of the tithes are different; the cultivation of the land their peculiar but I estimate the value of them to be province-I mean the Board of Agricul- five millions. If gentlemen suppose the iure. I allude more particularly to one amount of the cultivated land in the counreport published by a person who made try to be forty millions of acres, and the this part of the subject his study, the re- average value to be twenty-five millions, port drawn up by Mr. Middleton. All they will find my valuation to be very these, checked with other examinations, moderate : it is also Mr. Arthur Young's state the cultivated land of the country to statement. Upon this subject of tithes, I amount to little less than forty millions of propose to allow a deduction of one-fifth,

Any attempt to state what is the though perhaps I may be considered as stataverage value of these forty millions of ing the reduction too largely; but gentlemen acres, must be extremely uncertain. Many will consider the allowance to be made for persons most conversant on the subject be poor livings-Another species of property lievethe average value to be fifteen shillings is that which arises from mines, and from per acre. I shall, however, take it at no shares in canals. There is also another more than twelve shillings and six-pence. property which I have not included in the I will put the average value at twenty-five renis of land, I mean the property arising millions a year. And gentlemen will see, from the sale of timber. I take all these that when I take the number of acres at three, the mines, canals, and timber, at forty millions, and the average value at three millions. Another species of rent only twelve shillings and six-pence per is that received for houses. I propose to acre, the result is only an increase of five proceed upon the rate which was followed millions beyond what it was twenty years in the act of last session. To establish ago, and that therefore I cannot be con accurately the rent of houses has ever sidered as a sanguine calculator. low- been found impracticable, particularly of ever, in this part of the subject, I desire houses of the higher description of rent, which have always been undervalued. Out Thus I think I may fairly estimate at five of 700,000 houses, 250,000 are calculated millions the whole produce of income to pay to the assessed taxes ; I shall there arising beyond seas, and enjoyed by perfore take the rent of houses at no more sons in this country. than six millions. In the early statements The next description of property is the to which I have alluded, the profits gained income of persons not in trade. Unby the professors of the law alone are es- der this head will be included annuities of timated at one million and a half; I can- all kinds, public and private mortgages, not suppose that they are at all dimi- , and income arising from money lent upon nished." Allowing, besides, for all the securities under various denominations. branches of the medical profession, I con- At the same time the committee will go ceive that two millions is a very small sum along with me in seeing that, in estimating as the amount of the incomes arising from the general rental of the land of England, the professions.

acres.

I have taken it with all its burthens, and The next head of income relates to the consequently have included the mortgages. profits of retail trade : but there are per. In the practical detail of the measure, it sons of a certain description, with respect will come to be decided whether it shall to whom it will be necessary to make fall on the land owner, or on the mortsome allowance. The reduction I shall gagee. In respect, therefore, of this depropose to take at one-eighth of the nett scription of property, I do not now make sum of the profits of the trade of Great any distinct estimate. With respect to Britain, after which there will remain a private annuities of another kind, it is also sum of 5,000,0001. applicable to the gene- difficult to ascertain their amount. Not ral operation of the tax. There will then so with regard to public annuities; we remain another article of taxation, which have no difficulty in ascertaining the exact is the income spent in this country by amount of the annuities paid by the public persons who derive it from other parts of to individuals, and I shall have no hesita. the world; and unquestionably all who tion in submitting to the committee, that reside in this kingdom, and draw their when a general assessment upon income is means from sources out of it, cannot be to take place, no distinction ought to be dissatisfied at contributing to their own made as to the sources from which that support and protection. Of this descrip-income may arise. There can be no fair tion, the only persons I shall think it ne- objection taken by the stockholder upon cessary to estimate are those whose in the occasion ; there can be no question of comes arise from their having property in a breach of good faith with the public Ireland, and who reside in this country, creditor, by thus imposing upon him what and persons owning estates in the West every other subject of the realm is to Indies, or receiving the interest of mort- incur. The public.creditor enjoys his segages on estates in that part of the world. curity under the most sacred obligations of With respect to those persons whose in the state, and whenever an idea has been comes arise from Ireland, I believe it is started of imposing upon the stockholders, the generally received opinion, that the separately and distinctly, any sort of tax, property of persons of this description I have reprobated the attempt, as utterly amounted to at least 1,000,0001., a consi- inconsistent with the good faith of public derable time since, and now, from the in- engagement. Parliament has always gone crease of rents, it may reasonably be esti- along with me in the feeling that no such "mated far beyond that sum. With respect tax ought to be levied upon them, and to the incomes of estates in the West In- they have uniformly acted upon this feel. dies, the total amount cannot be estimated sing, on the principle, that, as the public at less than 7,000,000l. sterling, and far creditors came forward and lent their the greater amount is produced from the money to the state in the moment of its property of persons residing in Great necessity, while at the same time they Britain, who either own estates, or have bore, in common with every other descripmortgages. upon them for which they re- tion of his majesty's subjects, the taxes on ceive interest. From that are to be de consumption, they were to be secured ducted the amount of the exports carried against any imposts, distinctly levelled at out, and the charge of cultivating the es- them as annuitants of the public; and the tates in the West Indies ; after which de- parliament has felt this more particularly duction, I estimate the produce of in- from the recollection of the duty which come in the West Indies at: four millions, they owe to persons who had embarked so

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much, and identified themselves so inti- | the rental of the public annuitants may be mately with the state. Against any direct estimated at 15,000,000l.; but here, as in tax upon the stockholder, then, I am sure all the other cases, both of the land and the committee would set themselves in rental, and of other sources of property, opposition ; but the matter is materially there will, of course, be admitted the same reversed, when a tax is to be levied upon exemptions to all annuitants who have the income of every description of persons less than 60l. a year, and the same modifiin the realm ; when it is no longer in the cations to all who possess from 601. to power of the stockholder to say, I could 2001. a year. At the same time it is to be avoid this tax by removing my property considered, that these exemptions and from the funds to landed security, or modifications are only to apply to those to trade; every argument against includ- individuals whose whole income amounts ing him in the assessment is withdrawn. to less than 2001. a year. If persons posThe protection yielded to the stockholder, sess incomes from various sources, they is the same as to the landholder, the mer. are to be calculated in the aggregate ; for chant, and the manufacturer. The duty, the exemption or the modification will therefore, is the same, and every other not apply, if the whole income should not description of persons in the country be under the stipulated sum. I am sure, would have a right to complain, if, when that I shall over-rate the amount of these they are called upon for a sacrifice of this exemptions and modifications, when I deextraordinary nature, so numerous a body duct one-fifth from the sum that I have of persons were to be exempted from the stated the public annuities to be; but I do assessment. I am confident, therefore, not admit that deduction, and therefore that every gentleman who hears me, will state the total of the income from the pubagree that the principle of the measure is lic funds at 12,000,0001. not liable to any imputation of breach of There now remain the other great faith. It cannot be called a resumption sources of trade to the inhabitants of this of the annuity that has been granted to country ;—the produce of trade, foreign the public creditors, nor an infringement and domestic: and this branch of income of the contract that was originally made is, in its nature, more difficult of estimate with them. They are, in this instance, than any other. We have, however, lights only to do that which every other body and aids by which we may come to a of men in the kingdom are to do; they knowledge of a material part, at least, of are to make a sacrifice of part of their in- this source of national wealth, I mean come to the necessities of the state, upon the produce of our foreign trade. The the principle of giving security to all capital employed in this way is certainly which they possess. I should say to the not less than 80,000,000l. sterling. Asstockholder, as one of the public, “ if you suming this as the capital, the next ques. expect from the state the protection which tion is, what we ought to take as the profit is common to us all, you ought also to to all the description of persons employed make the sacrifice which we are called in carrying on this branch of our trade upon to make. It is not peculiar to In estimating this, we must necessarily you; it does not belong to the quality include in our view, not merely the mer. of your income; but it is made general, chant who exports, but all the orders and and required from all; you could not descriptions of persons from the manuembark your capital in any other spe- facturer upwards, who are in any way cies of security in which it would not be connected with our export trade. Under subject to the same charge.” I do not this head come in the profits of brokerage, know what objection the stockholder wharfage, and carriage, with all the other could make to this appeal. I include, contributory trades connected with fotherefore, the public annuitants in the reign commerce; and I am sure I make a view of the proposed tax, and there is no moderate calculation, when I estimate the difficulty in estimating the amount of this average of the profits upon the capital of species of income. At the same time, 80,000,0001. at 15 per cent. I take, it is to be taken into consideration, that all therefore, 12,000,0001, as the income of that part of the public annuities which all the persons connected with the foreign have been redeemed by the nation, is to trade of this kingdom. be exempted from the charge of the tax. Therenow remains that which more than Taking the amount of the redemption, any other branch of our income baffles the therefore, at what it now appears to be, power of scrutiny, and affords even very limited grounds for conjecture: I mean (and of national profits, from which we the profits arising from domestic trade have to derive the tax that I mean to proand manufacture. Here the many de- pose to you. I have through the whole, scriptions of persons whose skill and in. been anxious to understate the amount of dustry are the source of income in all the the estimate, and to overrate the exempprogress of our arts and manufactures, tions and deductions that it would be nefrom the first preparation of the rude and cessary to make from each. I make the raw material to its state of perfection, whole annual rental and profits, after serve to make calculation almost impossi- making the deductions which I think reable from their variety and extent. Even sonable, 102,000,000l. sterling. For the here, however, we have some means of sake of greater clearness, I will recapituforming an idea. Of the general capital late the several heads : of 80,000,000l. employed in the foreign Land rental, after deducting one- £. trade, it has been pretty accurately de- fifth

20,000,000 termined, that about 30,000,0001. are Tenant's rental-of land, deducting destined and employed in the export of two-thirds of the rack rent.... 6,000,000 the leading manufactures of England. I Tythes, deducting one-fifth... 4,000,000 am sure, then, that the committee will go Mines, canal-navigation, &c. dealong with me in saying, that the amount ducting one-fifth

3,000,000 of the capital and sum employed in internal Rental of houses, deducting one

fifth trade must be four times the amount of

5,000,000 our export of British manufactures. Rental of Scotland, taking it at

Profits of professions

2,000,000 When we look at the vast machine of

one-eighth of that of England 5,000,000 trade in all its parts, let any gentleman Income of persons resident in ask himself whether, in the woollen manu- Great Britain, drawn from posfactures, cotton, linen, hardware, pottery,

sessions beyond seas

5,000,000 and in all the other great and leading Annuities from the public funds, branches of manufacture, there can be a

after deducting one-fifth for exless sum employed than four times the

emplions and modifications 12,000,000 amount of that which is appropriated by

Profits on the capital employed in

our foreign commerce ...... 12,000,000 the merchant for the purposes of exporta- Profits on the capital employed in tion? Viewing all the enormous capital domestic trade, and the profits invested in domestic manufacture, I can- of skill and industry

28,000,000 'not take it at less than 120,000,0001. and upon this capital I estimate the gain at no

In all £102,000,000 more than 15 per cent, making a sum of Upon this sum a tax of 10 per cent is 18,000,0001. per annum of income.- likely to produce 10,000,0001. a year, and There is one other description of income this is the sum at which I shall assume which, though it embraces a vast variety it. Now, supposing that ten millions is the of individuals, is reducible to none of the sum thus collected, gentlemen will recol. former heads, but comes naturally to be lect that, in the last session of parliament, included in the article of domestic trade; the assessed taxes were the only part of I mean artisans, architects, brewers, dis- the public resources which were morttillers, builders, brickmakers, masons, car- gaged for the sum of 8,000,000, borrowed penters, and all that innumerable class of for the public service in 1797. I should persons who, by skill in their professions, think, therefore, that the sum now prodraw their incomes from the general pros. posed to be raised in lieu of the assessed perity of the country. The committee taxes, should, after its appropriation to will at once perceive how numerous and the supplies of the present year, remain how varied this class of persons must be, as a pledge for the discharge of that sum and how impossibleitis to arrive at an accu. for which the assessed taxes were a securate criterion of the general amount of rity, and also for the discharge of the loan their gains. I am sure, however, they of the present year, beyond what will be

with me that I understate it, paid out of the sinking fund. Taking the when I take it at 10,000,000l. per annum. assessed taxes at four millions, they would I thus estimate the whole amount of our have been mortgaged for two years after internal manufactures and trade at peace;-and thus the advantage of this 28,000,0001. a year.

measure is this, that no greater sums I have thus rapidly gone through all will be raised on any individuals than the distinct branches of national rental, those which have been hitherto paid, at TVOL. XXXIV.)

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least by such as have rendered the measure | fund, consequently 94 millions is the whole
of the legislature effectual; they will be sum to be added to the national debt. I wish,
relieved of a greater than a proportional therefore to lay this down as a principle,
share of their burthen, and the duration that 91 millions is the'sum to be raised inis
of the burthen will not be half the time. year, for which I should propose to charge
But it does not stop here; it looks anxi. as a mortgage the income tax, after dis-
ously to the alleviation of the burthens of the charging the former mortgage. After en.
country, by a great temporary exertion; it larging upon the benefits likely to result
looks to the equality of the tax, and the ge- from the measure of raising a considerable
'neralefficacy of the measure, conscious that portion of the supplies within the year,
on them depends our success in the great the right hon. gentleman concluded with
cause in which we are engaged. - In the moving the following Resolutions :
mode of applying the sum now to be raised,
there are different The
ways.

1." That it is the opinion of this committee,
which

that so much of an act made in the last sesthe assessed taxes were applied to dis- sion of parliament, intituled, " An Act for charge amounted last year to eight millions; - granting to his Majesty an Aid and Contriit would be only to borrow a sum equal · bution for the Prosecution of the War,' as to the debt to supply the deficiency; but charges any person with an additional duty in it occurs to me, that a more simple and proportion to the amount of the rates or duties direct mode is, to apply this sum, in the to which, prior to the 5th day of April, 1798, first instance, to the supplies of the year, such person was assessed, according to any but at the same time to enact, that the tax assessment made in pursuance of any act of shall continue till it has discharged the said act of the last session, be repealed.

parliament in force at the time of passing the debt for which the assessed taxes were

2." That it is the opinion of this commitmortgaged, and then to make a farther tee, that, towards raising the supply granted charge for what may be borrowed beyond to his majesty, there be charged annually, what the sinking fund will discharge. Sup- during a term to be limited, the several rates posing this ten per cent on income pro- and duties following, upon all income arising duces 10,000,0001. the period when I from property in Great Britain, belonging to should propose it to take effect would be any of his majesty's subjects, although not the 5th of April next. I should propose come of every person residing in Great Bri

resident in Great Britain; and upon all inthe repeal of the former assessed taxes at tain, and of every body politic or corporate, or the same period ; but from the calcula company, fraternity, or society of persons, tion I have made 4į millions will be raised whether corporate or not corporate, in Great from the 1st Feb. 1798, to the 1st Feb. Britain, whether any such income shall arise 1799. It would, therefore, be more be- from lands, tenenients, or hereditaments, neficial to commence the operation of this wheresoever the same shall be situated in new measure at an earlier period, be- Great Britain, or elsewhere; or from any kind cause of the benefit of the increased rate of personal property, or other property whatof taxation; but there will be the addi. ever; or from any profession, office, employ

ment, trade, or vocation; that is to say, tion of what will come in under the assess- “ One one-hundred-and-twentieth part of ed taxes, which will amount to 700,0001. such income, if the same shall amount unto Thus there will be raised 10,700,0001.601. per annum, and shall be under 65l. per But this is not applicable to the whole of annum. the subject; for gentlemen will recollect, “ One ninety-fifth part of such income, if that the interest of the 8,000,0001. was also the same shall amount to 65l, but shall be charged on the assessed taxes. The in- under 70l. terest will continue in the course of the the same shall amount to 70l. but shall be

* One seventieth part of such income, if present year, to which also is to be added under 751. the interest of whatever loan may be made “ One sixty-fifth part of such income, if

This will amount to about the same shall amount to 751. but shall be 1,500,0001., which leaves the sum of under 801. 9,200,0001. as applicable to the services of “ One sixtieth part of such income, if the the present year. This aid would be all same shall amouni to 801. but shall be under

851. that is necessary to furnish the ways and means for the supplies, except as to the

“ One fifty-fifth part of such income, if the

same shall amount to 851, but shall be under sum of 24 millions : 14 millions, therefore,

901. is the sum necessary to be raised by loan,

“ One fiftieth part of such income, if the of which, however, 41 millions is dis

same shall amount to 901, but shall be under charged by the operation of the sinking 951.

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this year.

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