and upwards, and in which was included
not only landed but funded property, whether in the hands of British
subjects or of foreigners. He estimated the assessable yearly value
of the land at L39,400,000; of houses, at L25,000,000; and of tithes,
shares in railways and mines, and other similar property, at L8,400,000:
total, L72,800,000. From this he would deduct one-fourth for the
exemption which he proposed to give to all incomes under L150, and
then the tax thus far would give him L160,000. The occupiers of land,
assessed at half their rent, would yield L120,000. Next came funded
property. The dividend paid in 1841 was L29,400,000, from which he would
deduct L1,000,000 in respect of savings' banks; but he added upon
bank, foreign, and other stocks L1,500,000, making a total of almost
L30,000,000, from which, deducting one-fourth for incomes under L150
a year, he would derive L646,000. Sir Robert Peel next proceeded to
incomes of trades and professions, from which he expected to obtain
L1,253,000; and he then stated that from the incomes of public officers
he calculated upon L150,000. The total would be L3,771,000. With respect
to the duration of this impost, he said, that government might probably
require it for five years; but he would in the first instance propose
its continuance for three years. In case of war he should deem it
reasonable that Ireland should bear her proportion of this tax; but
during peace, and for a limited period, he should prefer to raise the
quota of that country by other means. He proposed, therefore, a duty of
one shilling per gallon upon spirits; the equalization of the stamp-duty
with that of England; and a tax of four shillings upon coal exported
in British vessels from this country. The aggregate revenue from
these sources and the income-tax in England would be about L4,380,000;
constituting a considerable surplus, after covering the deficiency on
the votes of annual expenditure. This surplus Sir Robert Peel proposed
to apply in relaxing the commercial tariff. The duties on raw materials
were in no case to exceed five per cent.; the duties upon articles
partially manufactured were to be diminished, the highest being twelve
per cent.; and upon complete manufactures no duty was to be imposed
higher than twenty per cent. He laid upon the table this amended scale
of duties, which had been distributed under twenty different heads; in
which, he said, would be found an abatement in about seven h