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The great outline of this proposed tax upon property, is to distinguith between that property which depends upon the skill and industry of individuals, and that which does not. Under the head of that which is less a dependant on fkill and industry, is comprehended land, the interest of money in the funds. property belonging to corporations, &c. With respect to this species of property, there is less necessity for disclo. fure in applying to it any given rate of contribution. As to property arising out of salaries, trades, profeflions, it would be more neceffary to investigate, and for that reason it would be requisile 10 employ the intervention of commiffioners, fomewhat upon the principle adopied in the affefsment of the income tax. It is proposed, however, that the new commissioners thould be invested with such powers, and act in such a manner as to weaken, if not remove the objedion as to disclosure.

It is proposed, that in regard to land, that the tax should be laid

upon the net rent, as far as that can be ascertained ; and I conceive that it may be generally ascertained, without any unpleasant invenigarion. The rale proposed is is. per pound, or sl. per cent. on the proprietor, and gd. per pound on the tenant. In England, where, almost invariably, the tenane pays the poor's säte, that proportion of assessment would ap. ply; bui in Scotland, where the tenant does not pay any poor's raie, is is intended that the tenant should pay 6d. in the pound on his renial.

I have endeavoured to find out by various inquiries and grounds of conjecture, what eftimaie inight be made of the amount of the differenti branches of revenue that do not depend upon the skill and industry of individuals but I am aware that what I can state on this subject is extremely doubtful. Al the time of the income tax, the whole income of this nation wens eftimated at 80,000,000, of this the part which could be assessed might be taken at from 60 to 90 millions.

It would then stand thus:-
Lands and tythes

28,000,000 Houfes, buildings, &c.

6,000,000 Sco:land

3,000,000 Funded property, interest of money, &c. 18,000,000 Property from poffessions in foreign parts 4,000,000 Arising from navigation, &c.

7,500,000

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The affefinent upon this would be

3,375,000

300,000

200,000

Rents of tenants might be eftimated at

20,000,000l. and 9d. in England and 6d. in

Scotland, would produce
Salaries and profellions it must be very difficule

to estimate, but say
The profits of trade must be still more difficult

to estimate, and the produce of the tax
mult depend upon the success 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
shall be exempted, and those between that
fum and 150l. thall pay on a declining
ratio; I estimate this branch at

625.000

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Being in all upon property

4,700,000 At the time the income tax was imposed, it was calculated that 80,000,000 annually might be the property of the country; but it is proposed that a greater mass of property should be included in the operation of ihe present measure. The Commirice will. I donbt noi, concur with me, in thinking that every species of property ought to be made to contribute to the proiection of the state. Funded property, though proteated by public faith from any separate and dire charge, ought to be afTeffed equally with every other. It will be one of the objects of the present measure to effc&t this. It is proposed, however, in the first instance, that all persons having property in the funds should make returns to the com, millioners where they reside (and the commissioners will be conftitused with parricular reference to this end), stating what property they have in the funds, in oder to jis being affeffed along with their other means. If they do not make such selurn to the commillioners, it will be presumed that they wave their right to do so, and that they consent to their being rated gl. per cent. on their dividends, which will then be made answerable accordingly. It is to be observed, however, in the first instance, that this mode of ailellinent will be entirely optional. It is understood, however, ibat all foreigners not resident in this country thall be entirely ex. empled from the tax, and that their agents will be çatitled to receive their dividends without any dedu&tion. Vol. IV. 1802-3.

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The amount of ways and means then will be
Customs and excise duties as above
Tax on property

8,000,000
4,700,000

Total

12,700,000
A considerable proportion of these resources, however,
cannot he made good within the current year. I cannot cal.
culate upon a greater sum being collected than 4,500,000l.
It is necessary, therefore, that 10,000,000l, thould be raised
by other means, and I have now to inform the Como
mittee that I have this day contacted wi'li several re-
spectable bankers of London for a Loan to that extent. It
reinains for me to state the terms. They are as follows:-
For every 100l. subscribed, the subscriber
receives 80 consuls at 581

£. 46 14
80 Reduced, 581

46 14...
The bidding was on the long annuity,
and the lowest offer was 6s. 5d.

5 12 3
Discount

2 6 3

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£ 101 6 6 Being a bonus to the contractor of il. 6s. 6d.

I have to congratulate the house and the country upon the conclusion of a bargain, in circumttances like the present, upon terms fo favourable; and favourable as i hey are for the public, I trust that they will turn out no less advantageous to the contractors. I am sure, indeed, that the House mult ever be sorry when honourable and public spirited men, who come forward to allift ihe nation, suffer any loss from iheir Zeal 10 promote its service. There are few instances 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, actuaily a premium to Government of 6-7), and in the other of 10. But what were the circumftances in which such favourable terms were obiained ? It was at the commencement of the plan for railing a considerable part of the supplies within the year, first when the aftefred raxes were tripled, and next when the income tax was imposed. It was to the confidence which thore measures inspired, to the aid they gave to public credit, that such favourable terms are to be ascribed. Seeing then the benefit of that system of raising a considerable part of the supplies within the year, it remains for us to adhere to it, in the certainty of deriving from it liinilar advantages.

There

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There is then to be provided for the interest of fixteen millions, 3 per cents, created by the loan. There was interest

480,000 Annuity

32,683 The whole charge of which, including the one

per ceni. for the extinction of the capital,
would amount to

676,583
Towards making provision for this fum, it is my inten-
tion, in the first place, so attempt what has long been held
Very desirable, foine alteration in the mode of collection of
the receipt tax, and by which I hope a confiderable additional
revenue will be gained without any inconvenience to the
public. It is my intention that the person paying money
ihall be entitled to demant from the perf in to whom he pays
a receipt, the duty on which in no case thall be less than iwo-
pence nor above five shillings. I estimate the produce of this
at 220,000l. Ir is likewise intended to make such additions
so the confolidated customs in the bill now before Parliament
as Thall produce 2:0 ogol. By further regulations in the
alleffed taxes 250,<col making in all the fom of 690,ocol,
applicable to the payment of ihe interest of the loan.
| Ihall now recapitulate the different articles of the

WAYS AND MIANS.
Malt, in lieu of old

750,000! Land tax, on pensions, &c. in lieu of old land, &c 2,000,000 Exchequer bills, of which have has been given

to iffue four millions, but will be used only 3,000,000 Surplus of consolidated fund

0,500,000 Exchequer bills to repay advance by the bank','1,500, Money in treasury for heap and flax bounties, &c.

.

371782 Lottery between 3 and 400,000, taken at Increase on customs

tk. 2,000 doo Excisc

6,000,000 On property, though calculated: :: al

ai 4,700,000, taken only af" -4,500,00 Vote of credit

* 2,000,000 Loan

* 10,000,000

100

400,000

War taxes.

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941138,6871782 But of the above war taxes it is expe&ted that only 4,500,000l, can be made available within the year.' ,'

With respect to exchequer hills, it has been proposed that Parliament should authorise the iflue of five millions

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exches

excheque'r bills, in aid of 1807, to replace a Gmifar fum withdrawn. At the end of the present year the amount of exchequer bills outstanding will be ten millions,

The Committee must Irave seen what is the great oh. ject which I have in, view, in proposing the facrifices which the taxes I have alluded to mult neceffarily involve. My object is, and I have no difficulty in saying that wilh it clearly to be understood, to raise as large a proportion as poffible of the supplies necessary for the public service in the course of the year. The extent to which I am anxious that this principle should be carried, is, that during the progress of the war no accumulation whatever thould take place to the amount of the public debt. It is my with that an eftimate of the expences of the year should be formed on a fair and extended view of the exertions which we are called on to make, and that the loan 10. be contracted for thould not be greater than the commissioners for liquidating the national debt, possess the means of distributing for the extinction of that debt... With the establilhment of such a system, I have not only reason to hope that there would be no accretion of the public debt for one particular year, but I have no reason for supposing, that unless extraordinary circumstances occursed, this system might not, even during a long conlelt, be acted upon with success.

with success. As I have stated before, Sir, I think that the fun of 26 millions, which I am convinced would be adequate to every exertion we can be called on to make, and amply sufficient for every national object, could be raised without at all intesfering with the fyftem on which I have shought it my duty to propose che very great increase of the public burdens which I now submit 10 the Committee.. When I say this, I do noi think that I proceed on grounds which are likely to lead me to erroneous conclulous. On the contrary, the principles on which I hold out to the Committee this expectation, are simple and intelligible to every man who chuses 10 exercise reflection on the subject. If I have a righe 10 presume that ihe furplus of the consoli

dated fund will be fix millions five hundred thousand pounds, i as I have every reason to believe it will be ; if the lases

which it is proposed to raise within the year, thall raise the fum of twelve millions five hundred thousand pounds, as I ahink there is the beft grounds for anticipating that they will du; then the Commimee can have no difficulty in believing that the prospect which I hold on is not of a delulivě nafure, bulione which will be justified by experience. Být,

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