The estimate of revenue for the year he took as follows: In the customs
the duty on chicory would be doubled, bringing in £15,000; and the
estimate of the customs was £23,585,000; excise, £19,463,000; stamps,
£8,460,000. It was proposed to reduce the hawker’s licence duty for the
year from £4 to £2; and to allow half-yearly licences. There was to be
a change in the licensing of wine and refreshment houses, which would
produce about £20,000. There was to be an alteration in the mode of
licensing for the selling of spirits: that is, the wholesale dealers,
by paying a duty of £3 3s. would be allowed to sell spirits retail,
which would bring in about £5,000. Stamps on agreements for furnished
houses for a part of the year would be only five shillings instead
of _ad valorem_, as now; and house agents would have to take out a
£2 licence. Stamps on foreign bills of exchange would be levied in a
different manner. The revenue from taxes would be £3,050,000; income
tax, £11,200,000, Post Office £3,500,000, Crown Lands £295,000, and
miscellaneous £1,400,000; and the indemnity from China received in the
financial year £750,000, making a total revenue of £71,823,000, being a
surplus of £1,923,000, over an estimated expenditure of £69,900,000.
The Government had come to the conclusion that it would not be
justified in keeping so large a balance in hand and it was proposed to
apply it to the diminution of taxation. There were four articles which
would at once present themselves to notice--viz., the tea and sugar
duties, the tenth penny of the income tax, and the paper duty. It was
proposed to remit the penny on the income tax which was imposed last
year. This remission would cause a loss in the present financial year
of £850,000. The rate would be 9d. in the pound on incomes above £150 a
year, and 6d. in the pound on those above £100.
It was next proposed to repeal the duty on paper on October 1, making
a loss of revenue in the year of about £665,000. The surplus for the
year would be £408,000....
Referring to what were called the minor charges on commercial
operations, he stated that the charges were about £320,000, and the
Exchequer could not surrender that sum.
As to the portions of the reduced income tax and the duty on paper, the
loss of which would fall on the year 1862–3, to the extent of about
£800,000, that would probably be provided for by the sum payable for
indemnity from China, and reductions in military estimates. It was only
proposed to re-enact the income tax and tea and sugar duties for one
year.