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Jol. per ton, additional duty, fhall be laid on wine, the produce of which I estimate at 500,000l.

The fame confiderations lead me to propofe, that both foreign fpirits and home fpirits thould be fubjected to an additional tax. At present the rate is 5s. 2d. per gallon on foreign and home fpirits; and my intention is, that there shall be an increase of five per cent. on the exifting duties. The amount of the additional revenue I estimate at 1,500,000).

The next article is one upon which I touch with reluc tance; but, however I may feel myself unwilling to propose any burden, extenfive in its operation, and confiderable in its preffure upon thofe comforts we must all be difinclined to abridge, yet I fhould think myself wanting in duty if I did not propofe to reinforce the public revenues at fuch a moment from every quarter from which there is a profpect of obtaining with leaft comparative inconvenience. I am convinced, however, that thofe who feel the importance of the cause in which we are embarked, and the stake for which we contend, will bear with cleerfulness the burdens it im pofes. The mafs of the community are fenfible of the fitu ation in which we are placed, and will contribute every effort and make every facrifice to the public fafety. The article of taxation to which I now aliude is MALT. All muft agree that the prefent profits of the brewer are, to say nothing more, very confiderable, though I admit that, for a long period during the laft war, they carried on their trade with very little advantage, if not with lofs. At prefent, however, I thall propofe fuch an augmentation of tax as will give to the public its full amount, leaving to the brewer the whole benefit of his profits as they now ftand, which are understood to be large and liberal. I propofe, therefore, that an additional duty of two fhillings per bufhel fhall be laid on malt; and this I eftimate will produce 2,7c0,00cl. Last year the additional tax on mali was 2,5co,cool. and, as far as can be collected from the receipts hitherto made, there is every reafon to believe that it will be available to the full extent of the calculation. Allowing for the operation of the tax now propofed, there will be one fhilling per barrel to be divided between the maliter, the brewer, and the confumer. The brewer may be allowed eight pence per barrel for the addițional capital which the tax will oblige him to employ, and will afford him a fufficient profit on his trade.

It would have been improper had I propofed a tax like the prefent

prefent, which will affect the numerous class of the community, without laying an additional tax alfo upon the beverage of the higher claffes; and it will be found on comparison that the beverage of the latter has been affected in by far the greatest proportion. It will be found, that even including this increased tax, the additional duty on beer has not been more than 45 per cent. for the last 40 years, while in the taxes on wine and spirits the increase has been upwards of 200 per cent, fhould the prefent additional duties be approved by the Committee. I cannot think, therefore, that the tax on malt can be liable to any very confiderable objection.

The whole fums to be raised on the head of Excife will be as follows

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In addition to thofe refources, on which I calculate with fome degree of confidence, I have to propofe another meafure of extenfive operation, which in principle resembles the income tax now repealed. That tax, however reprobated by fome, however unpopular out of doors, though, indeed, I am convinced that the principle of it must always have been approved by the majority of intelligent men, I must ever contend, was productive of the greatest benefit to the public. I ever did think, and ftill think, that the income tax was the great inftrument of fupporting public credit, and carrying us fafe through the late arduous conteft. This I do not ftate as matter of opinion, but as that which is capable of pofitive proof. I do not mean to say, that in its operation it was not liable to objections, but what measure of finance is wholly free from objections? and if we were to look merely at what might be plaufibly urged against any tax without viewing its comparative advantages, it would be impoffible to raife any fupplies for the fervice of the state. One of the great inconveniencies of the income tax was, that the collection of it made a difclofure of the circumstances of individuals neceffary, and this inconvenience, in as far as it may attach to the measure I am now about to propose, it hall be our endeavour by every means in our power to prevent.

The

The great outline of this propofed tax upon property, is to diftinguish between that property which depends upon the fkill and industry of individuals, and that which does not. Under the head of that which is lefs a dependant on skill and industry, is comprehended land, the intereft of money in the funds. property belonging to corporations, &c. With refpect to this fpecies of property, there is lefs neceffity for difclofure in applying to it any given rate of contribution. As to property arifing out of falaries, trades, profeflions, it would be more neceffary to investigate, and for that reafon it would be requifite to employ the intervention of commiffioners, fomewhat upon the principle adopted in the affeffment of the income tax. It is propofed, however, that the new commiffioners thould be invested with fuch powers, and ac in fuch a manner as to weaken, if not remove the objection as to difclofure.

It is propofed, that in regard to land, that the tax fhould be Jaid upon the net rent, as far as that can be ascertained; and I conceive that it may be generally afcertained, without any unpleasant investigation. The rate proposed is is. per pound, or 51. per cent. on the proprietor, and gd. per pound on the tenant. In England, where, almost invariably, the tenant pays the poor's rate, that proportion of assessment would apply; but in Scotland, where the tenant does not pay any poor's rate, is is intended that the tenant fhould pay 6d. in the pound on his rental.

I have endeavoured to find out by various inquiries and grounds of conjecture, what eftimate night be made of the amount of the different branches of revenue that do not depend upon the fkill and induftry of individuals-but I am aware that what I can ftate on this fubject is extremely doubtful. At the time of the income tax, the whole income of this nation was estimated at 80,000,000, of this the part which could be affeffed might be taken at from 60 to 70 millions. It would then stand thus:

Lands and tythes

28,000,000

Houfes, buildings, &c.

Scotland

6,000,000

3,000,000

Funded property, intereft of money, &c.

18,000,000

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Rents of tenants might be eftimated at 20,000,000l. and 9d. in England and 6d. in Scotland, would produce

Salaries and profeffions it must be very difficult to estimate, but fay

The profits of trade must be ftill more difficult

to eftimate, and the produce of the tax
must depend upon the fuccefs of the regu-
lations adopted in the collection, yet,
making deductions of every kind, allowing
for the operation of a scale by which per-
fons not having more than 6ol. a-year
thall be exempted, and those between that
fum and 150l. fhall pay on a declining
ratio; I eftimate this branch at

500,000

200,000

625,000

4,700,000

Being in all upon property At the time the income tax was impofed, it was calculated that 80,000,000 annually might be the property of the country; but it is proposed that a greater mafs of property fhould be included in the operation of the prefent measure. The Com-mittee will, I doubt not, concur with me, in thinking that every fpecies of property ought to be made to contribute to the protection of the ftate. Funded property, though protected by public faith from any feparate and dire charge, ought to be affeffed equally with every other. It will be one of the objects of the prefent meafure to effect this. It is propofed, however, in the first instance, that all perfons having property in the funds fhould make returns to the com miffioners where they refide (and the commiffioners will be conftituted with particular reference to this end), ftating what property they have in the funds, in order to its being affeffed along with their other means. If they do not make fuch return to the commiffioners, it will be prefumed that they wave their right to do fo, and that they confent to their being rated 51. per cent. on their dividends, which will then be made answerable accordingly. It is to be obferved, however, in the first instance, that this mode of affeffinent will be entirely optional. It is understood, however, that all foreigners not refident in this country thall be entirely exempted from the tax, and that their agents will be entitled to receive their dividends without any deduction.

VOL. IV. 1802-3.

U

The

The amount of ways and means then will be
Cuftoms and excife duties as above

8,000,000

Tax on property

4,700,000

Total

12,700,000

A confiderable proportion of these refources, however, eannot be made good within the current year. I cannot calculate upon a greater fum being collected than 4,500,000l. It is neceffary, therefore, that 10,000,000l, thould be raised by other means, and I have now to inform the Com mittee that I have this day contracted with feveral refpectable bankers of London for a Loan to that extent. It remains for me to state the terms. They are as follows:For every 100l. fubfcribed, the fubfcriber receives 80 confols at 581 80 Reduced, 584

The bidding was on the long annuity,
and the loweft offer was 6s. 5d.

Discount

£. 46 14 0 46 14.0

5 12 3

2 6 3

£101 66

Being a bonus to the contractor of 11. 6s. 6d.

I have to congratulate the houfe and the country upon the conclufion of a bargain, in circumftances like the prefent, upon terms fo favourable; and favourable as they are for the public, I trust that they will turn out no lefs advantageous to the contractors. I am fure, indeed, that the Houfe muft ever be forry when honourable and public fpirited men, who come forward to affift the nation, fuffer any lofs from their zeal to promote its fervice. There are few inftances in which loans have been contracted for on terms more beneficial to the public. Two there are of more favourable terms, in 1799 and in 1800. In the one there was, according to the price of stocks at the time, actually a premium to Government of 6-7, and in the other of to. But what were the circumftances in which fuch favourable terms were obtained? It was at the commencement of the plan for railing a confiderable part of the fupplies within the year, firft when the affeffed taxes were tripled, and next when the income tax was impofed. It was to the confidence which thofe measures infpired, to the aid they gave to public credit, that fuch favourable terms are to be afcribed. Seeing then the benefit of that fyftem of raifing a confiderable part of the fupplies within the year, it remains for us to adhere to it, in the certainty of deriving from it funilar advantages. There

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