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Upon a review of the finance of the last five years, we are enabled to state that, notwithstanding the purchase of the telegraphs for a sum exceeding 9, 000, 000l., the aggregate amount of the national debt has been reduced by more than 20, 000, 000l.
; that taxes have been lowered or abolished ( over and above any amount imposed ) to the extent of 12, 500, 000l.
; that during the present year the Alabama Indemnity has been paid, and the charge of the Ashantee War will be met out of revenue ; and that in estimating, as we can now venture to do, the income of the coming year ( and, for the moment assuming the general scale of charge to continue as it was fixed during the last Session ), we do not fear to anticipate as the probable balance a surplus exceeding rather than falling short of 5, 000, 000l ... The first item ... which I have to set down in the financial arrangements proper for the first year is relief, but relief coupled with reform, of local taxation ... It has ... been the happy fortune of Mr. Lowe to bring it income tax down, first from 6d.
to 4d., and then from 4d.
to 3d., in the pound.
The proceeds of the Income Tax for the present year are expected to be between 5, 000, 000l.
and 6, 000, 000l., and at a sacrifice for the financial year of something less than 5, 500, 000l.
the country may enjoy the advantage and relief of its total repeal.
I do not hesitate to affirm that an effort should now be made to attain this advantage, nor to declare that, according to my judgment, it is in present circumstances practicable ... we ought not to aid the rates, and remove the Income Tax, without giving to the general consumer, and giving him simultaneously, some marked relief in the class of articles of popular consumption ... I for one could not belong to a Government which did not on every occasion seek to enlarge its resources by a wise economy.

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