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The Economist 1859-10-01: Vol 17 Iss

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The Economist 1859-10-01: Vol 17 Iss Fhe Ex mist, WEEKLY COMMERCIAL TIMES, Bankers’ Gasette, and Railway Monitor: A POLITICAL, LITERARY, AND GENERAL NEWSPAPER. —oooooeeaooaoawanaeas——————SSSSSSSSSSSSSSSSSSSS SATURDAY, OCTOBER 1, 1859: No. 840 CONTENTS. articles, the natives of India meet us by refraining from .con- «+e 1089 | Commercial Epitome.........9+« eopeee 1097 suming them. Nor is this a great difficulty to such persons. 1090 | Corn 1099 Markets of Manufacturing Districts 1099 Their habits are simple, their wants few, their penuriousness Loypon MARKETs :— in daily life extreme. ‘Their social position is not regulated State of Corn ‘Trade for. the Week 1100 Cotonial&Foreign ProduceMarkets 1100 like that of most persons in Europe by their expenditure. the Currency of India 3092 Additional Notices .......... — - 1101 The institution of caste interposes impassable barriers. be- of the United States .,. 1093 Bank Returns and Money Market ... tween one class and another : .however little a Brahmin may at Agricultural Societies i094 Price Current “ 1095 Imports and Exports spend, however mean and sordid his appearance and habita- 1096 | Epitome of Railway News tion may be, he is a Brahmin still: however much a man of see 1097 | Railway and Mining Share Mar 1098 | Share List and Traffic Returns inferior caste may expend, he has no chance of lessening even by a hair's breadth the distinction between his superior and himself. In almost all respects this is injurious, Che Political Economist. and in a financial point of view it is particularly so. The moral compulsion which compels persons here to live in the THE INDIAN SCHEDULE D. mode in which their neighbours do, and in which they have We believe that the financiai authorities in India are now been accustomed to live themselves, is one of the most effec- pursuing a very judicious course, but we are afraid that it is tive instruments of taxation. And from this social assess- one which may be misconstrued in this country. There is, ment, if we may use the expression, the natives of India are indeed, nothing which should surprise us in this. The to a very material extent exempt, system of taxation which is suitable to a country depends If, on the contrary, we adopt a system of direct taxation like that which we have in this country, our difficulty is even upon its social organisation and upon its moral habits: in greater. Schedule D, as we all know, requires that the per- another country which is differently constituted and dif- son who is to pay the tax shall return, with some approach ferently circumstanced, that system will, it is not impro- at least to the truth, the amount of his income. We know bable, seem at first sight to be crude and strange. India too, that here, where we pride ourselves justly on our and England differ, we need not say how much, both morally honesty in money matters, the strain on our probity is often too great, and the income returned is frequently less than and socially, and we shall have to consider the subject at- the income received. But what would be the case in India? tentively before we can comprehend the real nature of the Deception is the characteristic and inherent vice of that financial measures that are being adapted to our empire in country. All persons who have resided there, whatever the East. may be their diversity of opinion on other points, agree that The proposition of the Calcutta financiers is this. They no native could be trusted to state his income truly. The propose to divide the industrial community into classes who most powerful checks, too, against fraud which we haye in are to be assessed according to the following schedule :— England would be wanting in India, as well as the honesty’ 1.—2,000 Rupees yearly. Any. Corporation or Company carrying on which renders such checks less necessary. An Income Tax iness as Bankers or Banker. Commissioner here can, from a man’s social . position 2.—1,000 Kupees yearly. Any Corporation or Company carrying on and expenditure, form some idea of what his income ess as Bankers or Banker. 5.—500 Rupees yearly. Any one carrying on trade or exercising a pro- must be. In India, as we have explained, this is not so: ex- penditure is there hardly a criterion of income, because | 4.—250 Rupees ditto ditto, 5.—150 Rupees ditto ditto. social position does not, to at all a similar extent, depend upon | 6:—50 Rupees ditto ditto. it. Inthis country also we can, from inspecting atrader’s books, 7.25 Rupees ditto ditto. discover at least in some measure the income he is getting. 8—10 Rupees ditto ditto. 9.—5 Rupees ditto ditto. Onur traders are not very ingenious in fraud; and even if 10.—2 Rupees ditto ditto. they were, it is not worth their while to maintain a labori- Incomes derived from land are not taxed in any way by this ous system of artifice to evade the possible scrutiny scheme; but the reason of this exemption is to be found in the of Government. But in India there is a diffused taste for previous taxation of India. Weshowed on a former occasion fraud. The elaborate texture of deception which the natives that the land of India contributes 18,312,000/, or more than employ even in very trifling matters is well known. Their one-half ofthe whole public revenue of the country. It is Courts of Justice teem with ingenious forgeries and frauds because the land of the country is by the old taxes made to that require a really incredible amount of industry, patience, pay so great a sum, that it must be in a great measure left and care. We may be quite sure, that if it were necessary untouched by new ones. that Hindoo bankers should keep two entire sets of account In truth, there are in India, and will always be in a books—one for themselves, and one for the tax-collector country in the same imperfect state of civilisation, if he should wish to look at it—they would be quite willing greatimpediments to taxing anything except the land. The to take the daily trouble of so doing. Some say that they land speaks for itself; it is there and we can assess it, but would even have a pleasure in doing it. when we leave it there is a\ difficulty, There is a dilemma We are row in a position to estimate the new scheme imthe undertaking, The kinds of taxation are only two, which has been adopted at Calcutta. It is an attempt to direct and indirect, and both are in their ordinary forms establish an income tax without a self-assessment, and very difficult to apply to such an empire. Those who are the reasonableness of it will be evident from the consi- to bear the tax in both cases: have a. means of evading it. derations we have emunerated. The banking and Tf, on the one hand, we adopt a system of indirect taxation, trading classes in India enjoy advantages from our rule and impose custom duties and excise duties on consumable which they could never hope to have under any other. ee 1090 THE ECONOMIST. [Oct. 1, 1859, They are secure in the possession of their wealth when it has “by Mr Bruce refusing to see them at Shanghai, that Prince been acquired; they are studiously encouraged while they “ Senn-ko-lin-sin, the head of the war party, was raised to are endeavouring to acquire it; a trade with this country “ influence.” has grown up which must have incalculably augmented Now, if this be anything like a trae version of the whole their profits. A native prince who wanted money used to transaction, how little evidence is there of any deliberate request a present of the required amount from his richest bad faith on the part of the Chinese. The two Chinese subject. We have only to consider how far that is removed Commisioners, K wei-liang and Hwa-shana, expressly destined from our habits, to comprehend what the monied classes in to receive the British Embassy, were at Shanghai; there, Mr India have gained by our Government. It is most reason- Bruce refused to see them, fearing, we suppose, some desire on able, therefore, that they should contribute largely to the their part to evade a proper introduction of himself and his expense of that Government, and, as they will not consume suite to Pekin. The slight annoys and perhaps alarms the Chi. duty-paying goods and will not state their profits truly, they nese Government, who fear the repetition of Lord Elgin’s feat must not complain that we have recourse to an arbitrary last year in the Peiho—a feat, we must remember, proper assessment. They have compelled us to do so; they will enough while the two countries were at war and England not help us in any way; and that is the sole mode of obtain- was demanding reparation, but not equally suitable when ing the required money, without any help of their's. they were at peace and the English Ambasgador was on his way to ratify the peace. As we well knew—as Lord Elginknew THE CHINESE POLICY. before his return home—the Government of Pekin had taken We have much reason to hope that a new war with China is great pains to restore the forts knocked down at the entrance not the inevitable necessity which some of our contempora- to the Peiho; and if it be true that the Chinese Commis.
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