=Source.=--_The Illustrated London News_, April 22, 1871.
On Thursday the Chancellor of the Exchequer made his usual financial
statement. It appeared that the deficiency this year amounted to
£2,800,000, and the right hon. gentleman proposes to meet it by
increasing the probate and legacy duty; in the first degree from 1 to
2 per cent.; in the second degree from 3 to 3½ per cent., and in the
third degree from 3½ to 5 per cent., estimating the gain to the revenue
of about £1,000,000. He also proposed to equalise the duties payable
on testate and intestate property, making it in all 2 per cent. He
next proposed to put a halfpenny stamp on each box of lucifer matches
containing not more than one hundred, and a penny on each box of vesta
matches containing not more than one hundred. By the former he expected
to gain £550,000, and £300,000 by the latter. This, he estimated, would
reduce his deficit to £1,950,000, and that he proposed to make up by
increasing the income-tax from £1 13s. 4d. to £2 4s. per cent., which
he calculated would make up the remaining deficit.