National Finance |
|
Author:
| Noble, John |
ISBN: | 978-0-217-51681-5 |
Publication Date: | Aug 2009 |
Publisher: | General Books LLC
|
Book Format: | Paperback |
List Price: | USD $19.99 |
Book Description:
|
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPIER III. MR. GLADSTONE'S EIGHT BUDGETS?1859 to 1866. When the Ministry of Earl Russell tendered its resignation, in 1866, Mr. Gladstone had filled the office of Chancellor of the Exchequer for seven continuous years, during which period a series of remarkable changes had been introduced into the fiscal...
More DescriptionPurchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPIER III. MR. GLADSTONE'S EIGHT BUDGETS?1859 to 1866. When the Ministry of Earl Russell tendered its resignation, in 1866, Mr. Gladstone had filled the office of Chancellor of the Exchequer for seven continuous years, during which period a series of remarkable changes had been introduced into the fiscal system of the United Kingdom, a short notice of which will not be out of place before proceeding to review the fiscal history of subsequent years. At the commencement of his second tenure of the exchequer, Mr. Gladstone had to provide for a deficiency. The estimates for the year 1859-60, which had been prepared by Lord Derby's administration, showed a remarkable increase, being 5,597,000 more than in the previous year, and 4,867,000 in excess of the anticipated revenue. Rejecting any increase in the Customs and Excise, on the ground of the injury such a measure would inflict upon trade, Mr. Gladstone proposed, and Parliament consented, to raise the amount required by increasing the Income Tax from 5d. to 9d. on incomes of 150 and upwards, and from 5d. to 6d. on incomes from 100 to 150. This supplied the deficiency of the year, but the Government of Lord Palmerston was not less extravagant than that of Lord Derby. In the following year the expenditure was still larger, the total amount voted being 4,484,000 in excess of the year 1859-60, of which 3,043,896 was required for the expenses of the Chinese War. Notwithstanding this drawback, Mr. Gladstone proposed large remissions of taxation, mainly in connection with the French Treaty, to secure the advantages of which he increased the Income Tax by another penny, and equalized the duties on spirits. The estimated result of these changes was an increase on British and Colonial Spirits of 1,357,966, a decrease on Fore...