they could not avail themselves, without greater inconvenience and injury to them, perhaps, than to persons of higher rank, and of a higher description of mercantile traders. I wish, therefore, the committee to consider whether it may not be as well to leave that class to pay on the mitigated rate of assessment to which they are liable under the assessed tax bill, as to subject them to the general rate of the present bill. It will also naturally enter into the consideration of the committee, what allowances or exemptions ought to be extended to other descriptions of persons. In the last act, certain allowances and abatements were granted to persons with large families. That principle it will certainly be proper to extend to this measure; and the only doubt which I entertain upon the subject is, whether it was carried far enough in the bill of last year. If this suggestion be admitted, it will naturally be a matter of doubt, whether the principle in the last bill, with respect to persons having no families, ought not to be extended. It will also very reasonably occur to the minds of the committee, that it is of the utmost importance to the due execution of the act, that, as far as the general principles can be laid down for establishing a rate of landed property, or what may be the proper average of incomes which are subject to average, the rates in the last act should be subject to correction and improvement. By the operation of these powers, and by the influence of these rules, we may expect to arrive more nearly at that fair proportion which each man ought to contribute towards the exigencies, and for the service of the country.

The next consideration to which I wish to direct the attention of the committee, is one liable to more difficulty and doubt, upon which gentlemen will be aware that every thing must be conjectural, but in which we are still not without lights to guide us-I mean as to the probable amount of a tax of this kind. The committee must be convinced, that what I shall state will be with doubt and uncertainty. I shall, however, submit to the view of the house the information I have collected, the authorities with hich I am fortified, and the grounds upon which I proceed. And first, Sir, I shall proceed to state what is the first great object of

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income. I mean the property derived from land. Upon this point I have consulted the best opinions, and authors of the most acknowledged merit. Upon the subject of the rent of the land of this country, Sir William Petty is the earliest author whom I have consulted, but upon whom I shall not dwell much. At the time he wrote, the rent of land was stated at eight millions. In a subsequent period, in the beginning of this century, and in the reign of Queen Anne, two writers of credit, Davenant and King, represented the rent of land to be 14,000,000l. However they differed on other points, on this they both agreed. Posterior to that time it was a received opinion, that a land-tax of four shillings in the pound was equivalent to about two shillings of what would be collected on the real rents of the kingdom, which were stated to amount to twenty millions. Full twenty years ago this was said by a writer, who was also a member of this house, and who, in a work he wrote, expressly recommended the very principle which I have submitted to the committee this day. The same estimate was stated, and the same opinion was countenanced by the authority of the celebrated author of the Treatise on the Wealth of Nations, Adam Smith. He received it as a statement generally admitted, and sufficiently proved, that the rent of the land in the kingdom was twenty millions yearly. In a work published as long ago as the year 1774, Mr. Arthur Young, who had made agricultural pursuits his study, has advanced the same opinion. I mention all these authorities, to shew what has been the amount of the rent of land at different periods. I state them also to shew how great has been the increase upon it within the last ten years; but if any of those authorities should still not be free from exaggeration, the committee will at least see that any estimate which I may make is not likely to be one which is much beyond probability. I have had also, Sir, the advantage of other inquiries made expressly by a body who have made the cultivation of the land their peculiar province-I mean the board of agriculture. I allude more particularly to one report published by a person who made this part of the subject his study, the report drawn up by Mr. Middleton. All these, checked with

acres.

other examinations, state the whole amount of the cultivated land of the country to amount to little less than forty millions of Any attempt to state what is the average value of these forty millions of acres, must be, the committee will see, in its nature extremely uncertain. As far as the inquiries I have made have enabled me to obtain any information, I find that many persons most conversant upon the subject believe the average value to be fifteen shillings per acre. I shall, however, take it at no more than twelve shillings and six-pence. In doing this, perhaps, I am rather under the mark, but I will put the average value at twenty-five millions a year. And gentlemen surely will see, that when I take the number of acres at forty millions, and the average value at only twelve shillings and six-pence per acre, the result is only an increase of five millions beyond what it was twenty years ago, and that therefore I cannot be considered as a very sanguine calculator. However, in this part of the subject, I desire the committee to bear in mind, that it will be proper to propose a reduction for all under 601. a year, and that the same modifications be admitted into this act as in the assessed-tax bill-I mean the scale of income from 60l. to 2001. a year, and rising from a one hundred and twentieth part to a tenth. I mean on this account to assume a deduction of one-fifth, and to state the taxable property at only twenty millions.

I shall next proceed to state that part of income from land which belongs to the tenant. I propose to value every man according to his rent, making only a deduction for repairs. What I shall suggest for the further consideration of the committee, is three-fourths of the rack rent which the tenant pays to the landlord. The value of the income from land which belongs to the tenant I take at nineteen millions; the income to the landlord, as I have before said, at twenty-five millions. Instead of deducting only one-fifth, as I have suggested with respect to the landlord, I shall propose with respect to the tenant, to deduct two-thirds, leaving five millions as the taxable property of the tenants. The next income arising from land, is an income which is received neither by the landlord, nor by the tenant-I mean

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what is received from tithes. This is an income enjoyed, as the committee know, either by lay impropriators, or by the clergy. The statements of the amount of the tithes are different; but I estimate the value of them to be five millions. If gentlemen suppose the amount of the cultivated land in the country to be forty millions of acres, and the average value to be twenty-five millions, they will find, I believe, my valuation to be very moderate it is also Mr. Arthur Young's statement. Upon this subject of tithes, I propose to allow a deduction of one-fifth, though, perhaps, I may be considered as stating the reduction too largely; but gentlemen will consider the allowance to be made for poor livings.

Another species of property is that which arises from mines, and from shares in canals. There is also another property which I have not included in the rents of land, I mean the property arising from the sale of timber. I take all these three, the mines, canals, and timber, at three millions.

Another species of rent is that received for houses. I propose to proceed upon the rate which was followed in the act of last session. The committee are aware, that to establish accurately the rent of houses has ever been found to be impracticable, particularly of houses of the higher description of rent, which have always been undervalued. Out of the number of 700,000 houses, 250,000 are calculated to pay to the assessed taxes; I shall therefore take the rent of houses at no more than six millions.

In the early statements to which I have alluded, the profits gained by the professors of the law alone are stated at one million and a half; I cannot suppose that they are at all diminished. Allowing, besides, for all the branches of the medical profession, I conceive that two millions is a very small sum as the amount of the incomes arising from the professions.

The next head of income relates to the profits of retail trade : but there are persons of a certain description, with respect to whom it will be necessary to make some allowance. The reduction I shall propose to take at one eighth of the net sum of the profits of the trade of Great Britain, after which there will re

main a sum of 5,000,000l. applicable to the general operation of

the tax.

There will then remain another article of taxation, which is the income spent in this country by persons who derive it from other parts of the world; and unquestionably all who reside in this kingdom, and draw their means from sources out of it, cannot be dissatisfied at contributing to their own support and protection. Of this description, the only persons I shall think it necessary to estimate are those whose incomes arise from their having property in Ireland, and who reside in this country, and persons owning estates in the West-Indies, or receiving the interest of mortgages on estates in that part of the world. With respect to those persons whose incomes arise from Ireland, I have no accurate data in order to estimate the amount; but I believe it is the generally received opinion, that the property of persons of this description amounted to at least 1,000,000l. a considerable time since, and now, from the increase of rents, it may reasonably be estimated far beyond that sum. With respect to the incomes of estates in the West Indies, the total amount cannot be estimated at less than 7,000,000, sterling, and far the greater amount is produced from the property of persons residing in Great Britain, who either own estates, or have mortgages upon them for which they receive interest. From that are to be deducted the amount of the exports carried out, and the charge of cultivating the estates in the West Indies; after which deduc.. tion, I estimate the produce of income in the West Indies at four millions, and I believe I run no danger of stating it too high. Thus it appears I may fairly estimate at five millions the whole produce of income arising beyond seas, and enjoyed by persons in this country.

The next description of property which will come under the consideration of the committee as a source for the proposed tax, is the income of persons not in trade. Under this head will be included annuities of all kinds, public and private mortgages, and income arising from money lent upon securities under various denominations. At the same time the committee however