Reduction of Imposts, Etc

Warned by their recent defeats, ministers, on the completion of their financial arrangements of this year made several reductions in the imposts. They had resisted the abolition of the salt-tax, but they now announced an intention of lowering it from fifteen to two shillings a bushel. They also remitted the annual duty on malt, the additional tax on leather, and that on windows and hearths in Ireland. By these means a reduction of taxation was effected to the amount or £3,500,000. These important measures were followed by several bills having for their objects the relaxation of the navigation laws, and the promotion of the system of free trade. Ship-owners raised a loud outcry against these enlightened enactments; but time has shown that they were equally beneficial to themselves as to the community at large. It was said that the repeal of the ancient navigation laws would enable other states to outstrip our own and prepare our ruin; but so far from increasing foreign competition, and diminishing British production, it has been the means of decreasing foreign importation, and of increasing our domestic manufactures.