First, he adds another penny to the Income Tax, raising it to 1s. 3d. in the pound. That is still a penny under the figure at which it stood during the Crimean War, and the extra penny will, it is computed, produce during the ensrent financial year £200,000,000. That is not the fall prxluction of a penny on the Income Tas, put as many people manage to defer paying the tax until April or he full effect of w rise is not felt in the first year. This impost has only aroused a "very mild grumble, coupled as it is with a promise that the income-tax-payers shall be the first to obtain relief chen the. war is over. It is the other two taxes which have ayoused the outery. One is an_adiitional penny stamp on cheques and dividend Wa which already have to bear amp, and the other is a" Regi tration" duty of 3d. a cwt. on all imported corn and dd. a cwt, on imported flour and 1. The extra penny on cheques will, intended, produce inconvenience and oyance out of all proportion to the lion which it will produce. A few the bankers used to discourage the drawing of small cheques; but of late has become a general custom even very small accounts cheque, and it is contended—that the ext penny will be a very heavy impost. on these small sums, and will di courage the practice. Indeed, Sir Mic has so far recognised the genuineness of the phuint that he is considering the advi ility of exempting small cheques from the impost. Tf he does this, however, he will reduce the revenue from this source so greatly that the rest will be hardly worth retaining,
Text read from the printed page and cleaned; old type leaves the occasional error.