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ENGLISH FINANCE
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See also:ENGLISH See also:FINANCE . The See also:history of the English fiscal See also:system affords the best example known of continuous See also:financial development, in respect both of institutions and methods. Though certain See also:great periods of See also:change can be readily noticed, yet from the See also:time of the See also:Norman See also:Conquest to the beginning of the loth See also:century the See also:line of connexion is substantially unbroken. Perhaps the most revolutionary changes occurred in the 17th century, as the outcome of the See also:Civil See also:War, and, later on, the revolution of 1688. But even in this See also:case there was no real See also:breach of continuity. It is, therefore, possible to trace the normal growth and expansion of See also:British finance as one of the aspects of the nation's history.
The See also:primitive financial institutions of See also:England centre See also:round the See also: Even before this organization was See also:developed the Domesday Survey (see DOMESDAY Boor)—now recognized as having a purely fiscal See also:object (in See also:Maitland's words " a tax See also:book, a geld book ")—shows the See also:movement towards careful observation of the See also:sources of revenue. It is clear that See also: Further, the higher judicial organization assisted the expansion of See also:court fees; while, above all, the increased authority of the state made the casual receipts (for such they were) from See also:trade more profitable. In a broad view the sources of revenue fall under the following heads:—(t) The royal estates which were distributed over England, derived in See also:part from the possessions of the old English kings, but increased by the confiscations that followed the events of the Conqueror's reign, as well as by the See also:doctrine that unowned land was the king's (terra regis) . Over fourteen See also:hundred manors appear in Domesday as royal property. The forests, placed under special See also:laws, yielded little revenue, except in the form of penalties on offenders. The rural tenants, who at first paid their rents in produce, gradually commuted them into See also:money payments. As the royal See also:demesne was favourable for -the growth of towns the rents derived from See also:urban tenants became a valuable part of the yield from the demesne; this, later, took the shape of a See also:payment from the See also:town as a unit (the firma burgi) , a method which secured to the burghers freedom from the exactions of the See also:sheriff and which was See also:purchased by special payments. (2) The feudal rights. These included the claim to military service; the three See also:regular See also:aids and the payments of See also:relief at See also:succession to a See also:fief, as also the profits on wardships and marriages. Escheats and forfeitures completed the See also:list. The yield from this source varied with the See also:power of the king and was kept within See also:bounds by the resistance of the tenants as shown in the provisions of Magna Carta. (3) The See also:administration of See also:justice was a lucrative See also:prerogative of the crown. Suitors had to pay for securing, the See also:hearing of their cases in addition to the fees for writs, and both amercements and compositions increased the receipts under this head. (4) Two special classes contributed to the royal exchequer. As a great See also:deal of the See also:wealth of the See also:country was in the hands of the See also: Indications of change are, however, to be found. Thus the substitution of the " carucage " or plough tax for the "Danegeld " marks an advance towards direct taxation of land through its produce, and the introduction of " scutage " is not only further evidence of the same tendency, but also a step in the development of " money economy " in place of the earlier " natural economy " or system of payments in See also:kind. The special levies or " tallages " imposed at times of need on the towns in the king's demesne appear to have been a doubtful exercise of the royal prerogative, but scientifically they belong to the same class as the Danegeld and scutage. Perhaps the most important advance made in this period is the beginning of taxation of movables, first applied in the See also:Saladin tithe of 1189 and, later, See also:expanded into a general system. In the reign of John (1r99-1216) the loss of Normandy and the concession of the barons' demands by the issue of Magna Carta rendered financial readjustments inevitable. During the See also:long reign of Henry III. the struggle to maintain the privileges granted by the Charter acted on the fiscal system by checking the arbitrary use of tallages, and as a consequence, encouraging the regular See also:assessment of the tax on movables, which was becoming more prominent. The fruitful idea that it was necessary to obtain the consent of the payers of taxes before the See also:imposition operated powerfully in favour of the See also:establishment of bodies representing the several estates. It is through the reaction of constitutional on fiscal development that the transition from feudal to See also:parliamentary taxation in its earlier form is made. Almost at the opening of the See also:age of parliamentary taxation one of the older sources of revenue ceased. The pressure of popular opinon forced See also:Edward I. to See also:decree the expulsion of the Jews (1290), though he naturally desired to retain such profitable subjects. It is, indeed, probable that, owing to the exactions practised on them, the Jewish usurers had become less serviceable to the exchequer; while it is certain that the general resources of the kingdom had so increased as to make their contribution relatively much smaller. The first effects of the representative influence in the fiscal domain are the See also:abandonment of the tallages on towns and the decline of scutage as a mode of See also:levy. The tax on movables was framed in a more systematic way. Instead of distinct charges on different classes, or See also:variations in proportion of levy from one-fourth to one-fortieth, the policy of imposing a tax of one-tenth on the towns and one-fifteenth on the counties was adopted. Greater strictness in assessment was sought by the See also:appointment of commissioners for each See also:county, supplied with special instructions as to taxable goods and exemptions. This method continued in force for the tax on movables from 1290 till 1334, though in some cases the proportions imposed on the towns and counties were varied (e.g. an eighth and a fifth were granted in 1297, and a tenth and a See also:sixth in 1322). A more general influence was the growing national economy which led to greater activity on the part of the king as See also:administrator, and which also increased the need of the state for revenue. Though the doctrine that " The king should live of his own " was generally accepted as a constitutional See also:maxim, the force of events was making it obsolete. .From being an infrequent and uncertain kind of taxation the direct tax on movables, which was practically absorbing the older forms, became usual and regular. Under See also:medieval conditions the collection of a general property tax (for such, in fact, was the nature of " the tenth and fifteenth ") presented serious difficulties. Each locality gained by keeping its assessment down to the lowest point, while the See also:borough authorities were naturally not eager to enforce the See also:charge on their See also:fellow-citizens. England in the 14th century was not ripe for a system that has been found hardto make effective in more advanced See also:societies. Hence, from 1334 onward, the method of " See also:apportionment was employed, i.e. the tenth and fifteenth was taken as affording a definite sum measured by the yield on the See also:ancient valuation. As this gave, in the aggregate, between £38,000 and £39,000, " the tenth and fifteenth " became for the future " practically a fiscal expression for a sum of about £39,000 "; the See also:total to be divided or " apportioned "between the several counties, cities and boroughs according to their former payments. This See also:settlement, which remained in force for centuries and affected all the later direct taxes, had the great advantages of certainty and adaptability. The in-habitants of any particular town knew their total liability and could distribute it amongst themselves in the manner most convenient to them. From the royal standpoint also the arrangement was satisfactory, for the " tenth and fifteenth " could be multi-plied (e.g. in 1352 three "tenths and fifteenths " were voted for three years), and supplied a See also:stable revenue for the service of the kingdom. To the See also:parliament the power of regulating the policy of the crown by the bestowal or refusal of grants was naturally agreeable. Thus, all sections of the nation See also:united in support of the system established in 1334, just before the opening of the Hundred Years' War, in connexion with which it was particularly serviceable.
Akin to the tax that has just been described, at least in its nature as a direct See also:impost, is the See also:poll or capitation tax. Financial pressure at the See also:close of Edward III.'s reign (1377) led to the See also:adoption of a tax of fourpence per head on all persons in the kingdom (mendicants and persons under fourteen years being excepted). This " See also:tallage of groats," which seems to be derived by See also:analogy from the See also:hearth money for See also:Peter's pence, was followed by the graduated poll taxes of 1379 and 1380. In the former the See also:scale ranged from ten marks (£6:13:4) imposed on the royal See also:dukes and the viscounts, through six marks on earls, bishops and abbots, and three on barons, down to the See also:groat or fourpence payable by all persons over sixteen years of age. Such a form of taxation approximated—as See also:Adam See also: It was abandoned, with one exception, for nearly three hundred years; and its occasional employment in the 17th century did not result in its permanent revival. Apart from special circumstances it is See also:plain that the " tenth and fifteenth " was better suited than the poll tax for the purpose of English finance. The machinery for collection was ready to See also:hand for the former, while special agents had to gather the latter, even from the poorest classes. In fact, the See also:episode of the poll taxes may be regarded as an attempt—fortunately unsuccessful—to relieve the propertied classes at the expense of the peasants and poorer burghers. Failure in this respect helped in the See also:maintenance of the settlement of direct taxation devised in 1334. Parallel with the See also:evolution of direct taxation, but decidedly lagging behind, is the progress of indirect taxation. As already mentioned, the right of levying dues on goods entering or leaving English ports belonged from very See also:early times to the king. Whether this power was, in its origin, due to the See also:protection afforded to traders and thus a kind of See also:insurance, or the result of the royal prerogative of pre-emption is immaterial for finance. What is established is that the prisage " of See also:wine or levy of one cask in ten, and the taking of one-tenth or one-fifteenth of other commodities was in force. Attempts to impose additional dues were forbidden by an important See also:article (41) of the Great Charter which recognized " the ancient and just customs." One of the earliest effects of parliamentary influence is manifested in the establishment of duties on See also:wool, woolfells and See also:leather by Edward I.'s first parliament. After some efforts by the king to gather increased duties, the " See also:Confirmation of the Charters " (I 297) forbade any increases on the amounts fixed in 1275, which were henceforth known as the ancient customs. Another See also:attempt was made to obtain a higher scale of duties by arrangement with the merchants. The See also:foreign traders consented to the royal proposals, which comprised duties on wine, wool, hides and See also:wax, as well as a general tax of It % on all imports and exports. Thus, in addition to the old customs of half a See also:mark (6s. 8d.) per See also:sack of wool and on each three hundred woolfells, and one mark (13s. 4d.) per last or load of leather, the foreign merchants paid an extra See also:duty (or surtax) of So% and also 2s. on the See also:tun of wine —the so-called " butlerage." The privileges granted in the Carta Mercatoria (1303) were probably the See also:consideration for accepting these enhanced dues. The English merchants, how-ever, for the tivie, successfully resisted the application in their case of the higher charges, and consequently remained under the old prisage of wine. In spite of parliamentary opposition, on the ground that they amounted to an infringement of the Great Charter, the new customs were maintained in force. After being suspended in 1311 they were revived in 1322, See also:con-firmed by royal authority in 1328, and finally sanctioned by parliament in the See also:Statute of the See also:Staple (1353). They became a part of the permanent crown revenue from the ports, and, with the old customs, were the basis for further development. Just as the old direct taxes were first supplemented by, and then absorbed in, the general taxation of movables, so the customs, in the strict sense, were followed by the subsidies or parliamentary grants. One great source of English wealth in the 14th century was the export of the peculiarly See also:fine wool of the country, and the political circumstances of Edward III.'s time suggested the manipulation of the trade in this commodity for purposes of policy as well as revenue. Sometimes, in order to influence the towns of See also:Flanders, the export of wool was absolutely prohibited; at others, export duties of varying amounts were imposed on wool, skins and leather. In the early years of the reign these arrangements were settled by agreement with the merchants. The subsidies of this class began in 1340 and henceforward were frequently granted, though complaints were very often made. Thus, in 1348 the See also:Commons objected to the See also:subsidy of an export duty of £2 per sack on wool on the ground that it was really a tax on the landowners, who received a See also:lower See also:price for their wool in consequence of the duty. Bargains between the king and the merchants were forbidden, and this See also:species of taxation was brought under parliamentary control by statutes passed in 1362 and 1371. Along with the special duties on wool there was an increase of the imposts on wine and general goods. By agreement with the merchants a charge of 2s. per tun on wine and 21% on goods was levied in 1347. Between 1371 and 1376 these dues were established as parliamentary grants under the names of " Tunnage " and " Poundage," leaving the older dues intact. One class or " See also:estate " occupied a peculiar position. The See also:clergy still claimed the See also:privilege of self-taxation, and therefore it was See also:convocation, not parliament, that voted the tenths imposed on clerical property. In some instances much heavier charges (e.g. in 1296 one-third) were decreed by the king, but the taxation of the clergy declined in productiveness during the 14th century. By the close of the reign of See also:Richard II. the results of the transition from feudalism to a parliamentary constitution were practically See also:complete. In respect to finance the most important of these were: (I) The disappearance or reduction to unimportance of the feudal dues. The fact that this change occurred at, relatively speaking, so early a date is of special significance for English development. (2) The royal demesne, though it had not suffered the losses that the grants of later times inflicted on it, had also lost some of its value as a source of revenue. (3) In See also:compensation the direct taxation of property had become a ready means of supplying the growing requirements of the administration, and the mode of levy had been reduced to a well-recognized form, unsatisfactory experiments—such as the poll tax—being withdrawn. (4) The growth of import and ex-See also:port duties through the " old " and " new " customs and the subsidies furnished a large part of the requisite funds. In fact,in the course of a little over three hundred years the constituent parts of the public income had, without any violent change, been completely altered in relative value and in organization. The period of the Lancastrian kings, extending over two-thirds of the 15th century (1399-1471), is noticeable for various experiments in the system of direct taxation. The See also:standard tax —" the tenth and fifteenth "—failed to suit the changed conditions. In consequence of the decay of some of the towns allowances had to be made to them, amounting to over IS% (£6000), which, with other deductions, lowered the yield from a " tenth and fifteenth " to £31,000. As a supplement a land tax, affecting only the large owners, was voted at the See also:rate of 5% 111 1404, and repeated with wider See also:scope, but at the lower rate of 1f%0, in 1411. A See also:house tax made its See also:appearance in 1428. Taxes on See also:knight's fees and other freeholds were also tried, while in 1435 and 1450 the graduated income tax was employed. The minimum rate, 21%, applied to incomes under £loo (or under £2o in the tax of 1450), and See also:rose to ro% on the higher incomes. These devices are evidence of the demand for larger revenue, and also of the increasing unfitness of the existing direct taxation. It may be added that they indicate a disposition to adopt foreign See also:models, particularly the methods of taxation in use in See also:France and See also:Italy. As to indirect taxation the receipts seem at first to have declined, and the subsidies were only granted for fixed terms (the victory of See also:Agincourt gained a See also:life See also: See also: The force of personal See also:monarchy exercised by the Tudors, depending as it did on popular support, tended to encourage the collection of dues which had a legal ground in preference to taxation of the community. Of similar character was the employment of the old right of See also:purveyance (q.v.), in See also:restraint of which a See also:series of statutes had been passed. Whatever possibilities of obtaining some additional revenue from the crown lands or prerogative rights may have existed in the 16th century, and these were slight, all the political and social conditions tended more and more to make the need of taxation as the See also:principal financial resource imperative. Amongst the cases of increased calls for funds to maintain the machinery of state, the rise of prices, due to increased supplies of the See also:precious metals, must be included as one of the chief, and its effect extends into the 17th century. It was under this influence that the old forms of revenue became less profitable and that fresh developments were necessitated. Direct taxation still retained in one of its branches the See also:pattern set in the reign of Edward III. " Tenths and fifteenths " continued to be voted, and for some time all attempts to introduce new methods failed. In 1488 a military grant framed on the See also:model of the abortive tax of 1472 yielded only a little over one-third of the estimate (£27,000 out of £75,000), and the unsatisfactory result prevented further experiments on the part of Henry VII. The foreign policy of Henry VIII.—particularly his See also:French expedition—with its attendant outlay, accounts for the graduated capitation tax of 1513, which was even less in accordance with anticipation than the tax of 1488 (it yielded only 50,000 instead of £160,000). But these failures cleared the way for a more effective form of direct impost, which appeared in the " subsidy " or general tax on land and goods. The first case of this tax (1514) was a modest one—21%; it, however, soon took on a typical form, so that the subsidy came to mean a charge of 4S. in the See also:pound on land and 2S. 8d. in the pound on goods, a scale evidently devised with reference to the older tenth and fifteenth, which was henceforth put in a subordinate position, The subsidy became the established mode of grant under both Tudors and Stuarts, though by degrees it underwent a change similar to that experienced by its predecessor. The taxing statutes made elaborate provisions for the assessment and collection of the tax in order to secure a full return. Old habits proved too strong and the subsidy " slipped into the same kind of groove as that of the fifteenth and tenth, and became, in practice, a grant of a sum of money of about the same amount as the yield of the last preceding subsidy " (Dowell). The consequence was that each subsidy came, in the middle of the 16th century, to be a sum of £100,000, and at its close only £8o,000. The parallel See also:vote of the clergy in convocation (which after 1533 had to be confirmed in parliament) amounted to £20,000. The usual parliamentary proceeding was to vote so many " tenths and fifteenths " and so many subsidies, e.g. Elizabeth's first parliament voted her " two fifteenths and tenths and a subsidy," or, taking the usual values, £16o,000. At times of crisis such as the arrival of the See also:Armada the votes were enlarged by granting more tenths and fifteenths and subsidies. The history of the subsidy is instructive as to the tendencies of direct taxation in all countries. The assessment becomes inelastic and approximates to a fixed sum. As the subsidy follows the course of the later medieval taxation, so it is the undesigned model of the later land and property tax. In the history of the port duties under the Tudors the first point for See also:notice is the life grant to each of the sovereigns of the subsidies on wool, hides and leather, together with tunnage at 3s. and poundage at 5%; thus, with the hereditary customs, supplying a considerable revenue for the crown's use. No better indication of the increased power and popularity of the monarchy could be found. The contrast with the suspicious and grudging attitude of the See also:Plantagenet and Lancastrian parliaments is significant of the change in national sentiment. A duty on See also:malmsey (1490) had a retaliatory rather than a fiscal aim, being directed against the Venetians who had imposed restrictions on English trade. In several later cases wine became liable to extra duties, chiefly applied to French trade in further pursuance of the policy of retaliation. Restrictions on import and export as well as the hostile See also:measures against foreign merchants were matters of economic policy rather than finance, but they had the indirect effect of increasing the control exercised at the ports. The loss of See also:Calais (1558) dislocated the system of the staple and cut off one centre of customs revenue; and it was also probably the cause of an important change in the mode of valuing goods for duty. For the See also:declaration on See also:oath of the See also:merchant a fixed valuation was substituted and set forth in a book of rates, the first of its class (1558). Following this reform came more stringent regulations against See also:smuggling and See also:fraud on the part of officials. All through the Tudor period the cost of collection was unduly high. For the first six years of Elizabeth it has been estimated at one-sixth of the See also:gross receipts. Just as in the 14th century the subsidy had followed the " old " and " new " customs, so in the 16th the " impositions " levied by royal prerogative formed a supplement to the parliamentary subsidy; but the principal employment of this expedient occurs in the next century. Another significant indication of the future course of indirect taxation was furnished by the grants of monopolies to inventors, producers and traders. These privileges, when they affected important commodities, operated in the same way as taxes farmed out to collectors., and, though the profit to the crown was small, they enhanced prices and excited discontent. The See also:wisdom of Elizabeth (or her ministers) was shown in the promise of redress after the hostile debate of 16o1.
From one point of view it may fairly be said that the great struggle of the See also:Stuart kings with the parliament centred round financial issues. It is, at all events, beyond dispute that questions of taxation were the chosen ground of conflict. Taking the period from the See also:accession of See also: But by far the most serious innovation was the collection of the " ship money," a course forced on Charles by his determination not to meet the representatives of the nation. The writs " embodied the ultimate expression of the ingenuity of the king's advisers in the invention of means to enable him to rule without a parliament." The first writs secured over £soo,000, and were followed by five further issues (1634-1639) bringing in an See also:average return of £200,000 or about three lay subsidies. Like the " benevolence," the ship money was declared to be illegal (1641). The contest respecting monopolies, settled by Elizabeth's withdrawal, was revived under James I., and had to be finally closed by the Statute of Monopolies (1624), declaring such grants to be utterly void. Certain exceptions (as in the case of the See also:soap-boilers) permitted the raising of revenue by what *as in fact a rudimentary See also:excise, and plans for a general excise were discussed, especially as a substitute for the feudal dues, though they were not reduced to practice. In the earlier 17th century the customs show a steady increase.- From k127,000 in 1604 they rose to nearly £500,000 in 1641. This fourfold increase was due in part to the growth of English trade, but it was also influenced by the adoption of new " Books of rates " in 1608 and 1635, fixing higher valuations, and by the inclusion of new commodities with definite duties. Wine, currants (the subject of controversy in Bates' case) and See also:tobacco are particularly noticeable. See also:Sugar also appears as a contributory. An interesting development was the adoption on a larger scale of the " farming " system, an evident See also:imitation from France. A distinction was made between the " great," the " See also:petty " and the " sugar " farms, and opportunities for gain were afforded to the officials. On the constitutional See also:side the life grant of subsidies, made in accordance with Tudor usage to James, was temporarily withheld from Charles, a restriction which his own overbearing policy led the parliament to maintain. Practically, the whole customs revenue between 1628 and 1640 was raised by the use of the prerogative without any parliamentary sanction. The Tunnage and Poundage See also:Act of 1641 pronounced definitely against the legality of any extra parliamentary customs and thus closed another of the constitutional problems of finance. In the progress from the Conquest to the crisis of the Great See also:Rebellion there is noticeable a practically complete shifting of the classes of revenue. The king had ceased " to live of his own "; the royal demesne and the prerogative rights included in feudalism had become very subordinate. The direct taxation of property and income, and the indirect taxation on imported or exported commodities became the principal forms of receipt. In the long course of English financial history the nearest approach to the new departure and an abandonment of old devices is found at the time of the Civil War and See also:Commonwealth. The actual outlines of the now existing system made their appearances, while the older portions of the revenue—particularly the survivals of feudalism—are eliminated. Thus the Civil War and the See also:Interregnum (1642-60) may be regarded as marking a See also:watershed in the financial history of the country. At the beginning of the struggle both sides had to rely on voluntary contributions. See also:Plate and ornaments were melted down and useful commodities were furnished by the adherents of the king and by those of the parliament. As holding possession of See also:London and the central organization the parliament voted subsidies and a poll tax. Such imports could hardly be levied with success and new forms became necessary. The direct taxation took the shape of a " monthly assessment " which was fixed from time to time, and which was collected under strict regulations, in marked contrast to the lax management of the former subsidies. As the amount for each See also:district was fixed, the systematic collection secured " the more equitable See also:adjustment of the See also:burden of the tax as regards the various taxpayers " without hardship to the community. In spite of its origin, the " assessment " was the model for later taxation of property. The yield of this tax—exceeding for the whole period £32,000,000—is a See also:proof of its importance. See also:Minor contrivances, e.g. the "weekly See also:meal" tax, in-dicate the financial difficulties of the parliament, but are otherwise unimportant. Owing to its control of the See also:sea and the principal ports the parliament was able to command the customs revenue; and in this case also it remodelled the duties, abolishing the wool subsidy and readjusting the general customs by a new book of rates. A more extensive tariff was adopted in 1656, and various restrictions in See also:harmony with the mercantilist ideas of the time were enforced. Thus French wines, See also:silk and wool were excluded from 1649 to 1656. Far more revolutionary in its effects was the introduction of the excise or inland duties on goods—a step which Elizabeth, James I. and Charles I. had hesitated to take. Beginning (1643) with duties on See also:ale, See also:beer and See also:spirits, it was soon extended to See also:meat, See also:salt and various textiles. Meat and domestic salt were relieved in 1647, and the taxation became definitely established under the administration of commissioners appointed for the purpose. See also:Powers to let out the collection to farmers were granted, and a bid for both excise and customs amounted in 1657 to £1,soo,000. Confiscations of church lands and those belonging to royalists, feudal charges and special collections helped to make up the total of £83,000,000 raised during the nineteen years of this revolutionary period. Another mark of change was the removal of the exchequer to See also:Oxford, leaving, however, the real fiscal machinery at the disposal of the committees that directed the affairs of the parliament. Under See also:Cromwell the exchequer was re-established (1654) in a form suited for the changes in the finances, the See also:office of treasurer being placed in the hands of commissioners. A complete reconstruction of the revenue system became necessary at the Restoration. The feudal tenures and dues, with the prerogative rights of purveyance and pre-emption, which had been abolished by order of the parliament, could not be restored. Their removal was confirmed, and the new revenues that had been developed were resorted to as a substitute. Careful inquiry showed that just before the Civil War the king's See also:annual revenue had reached nearly £900,000. The needs of the restored monarchy were estimated at £1,200,000 per annum, and the loyal spirit of the commons provided sources of revenue deemed sufficient for this amount. An hereditary excise on beer and ale was voted as a compensation for the loss of the feudal dues, and temporary excises on spirits, See also:vinegar, See also:coffee, See also:chocolate and See also:tea were added. All See also:differences of " old " and " new " customs and subsidies had disappeared under the Commonwealth. The general or " great statute " (1660) provided a scale of duties—5 % on imports and exports, with special duties on wines and woollen cloths—accompanied by a new book of rates. A house tax, levied after the French pattern, on each hearth, was introduced in 1662 and became established. Poll taxes were used as an extraordinary resource, as were the last subsidies, voted in 1663, and then for ever abandoned. Licences on retailers and fees on See also:law proceedings were further aids to the revenue, which, in the later years of Charles II. and in the See also:short reign of his successor, was with difficulty kept up to the level of the increasing expenditure. The See also:Common-wealth assessments were revived on several occasions, and indirect taxation was made more rigorous by the imposition of extra duties on See also:brandy, tobacco and sugar, as also on French linens and silks. A very important development was the placing of the customs (1670) and the excise (1683) in the hands of special commissioners, instead of the system of farming them out to private collectors. The approach to modern conditions is further evidenced by the greater care in the administration. Amongst See also:expert officials See also:Dudley See also:North (q.v.), as See also:commissioner of customs, was the most distinguished. In this period, too, the beginning of the public See also:debt as in the See also:appropriation of the bankers' deposits may be found. The Revolution of 1688 may be regarded both on its constitutional and financial sides as the completion of the See also:work of the Long Parliament. In the latter respect its chief effects were: (1) the See also:transfer of the administration of the finances from the king's nominees to officials under parliamentary control, (2) the consequent application of the revenue to the purposes designated by parliamentary appropriation, (3) the rapid expansion of the various kinds of revenue, particularly the indirect taxes, (4) the rise and growth of the national debt, combined with the creation of an effective banking system. The greater part of the 18th century was occupied with the working out of these results. The See also:government of William III. had to See also:face the expenses of a great war and to allay discontent at See also:home. As a preliminary step to the necessary settlement of the revenue a return was prepared, showing the tax receipts at over £1,800,000 and the See also:peace expenditure at about £1,1oo,00o. Parliament accepted the view that D,200,000 per annum would suffice for the See also:ordinary requirements of the kingdom. It, further, introduced the system of the Civil List (q.v.) and assigned £600,00o for the fixed payments placed under that head, leaving the remainder to be appropriated for the other needs of the state. As the " hearth money " had proved to be a very unpopular charge, it was, in spite of its yield (£170,000), given up. The temporary excise duties were voted for " their majesties' lives " and the customs for a limited term. These branches of revenue were altogether insufficient to meet the pressure of the war outlay, and in consequence new heads of taxation—or old ones revived—came into use. A series of poll and capitation taxes were imposed between 1689 and 1698, but were after that date abandoned for the same See also:reason as that for the See also:repeal of the hearth money. The monthly assessment was tried in 1688; then came an income tax followed by " twelve months' " assessments in 1690 and 1691. The way was thus prepared for the property tax of 1692, imposing a rate of 4s. in the pound on real estate, offices and personal property. The old difficulties of securing returns made the tax chiefly one on land. It was under the name of "the land tax" that it was generally known. The 4s. rate brought in £1,922,712, a return which declined in the following years. To meet this a fixed See also:quota of nearly half a million (a Is. rate) was adopted in 1697, the amount to be apportioned in specified sums to the several counties and towns. The framework of the tax remained without substantial change till 1798, the time of See also:Pitt's redemption See also:scheme. In 1686 houses were taxed 2S. each, with higher rates for extra windows. The beginning of the " window tax," licences on pedlars, and a temporary tax on the See also:stocks of companies complete the imposts of this kind. See also:Stamp duties—imitated from Holland—were adopted in 1694 and extended in 1698: they mark the beginnings of the modern duties on transactions and the " See also:death duties." Large additions were made to the excise. Breweries and distilleries were placed under charge, and such important commodities as salt, See also:coal, See also:malt, leather and See also:glass were included in the list of taxable articles, but the two last mentioned were soon relieved for the time. The customs rates were also increased. In 1698 the general 5% duty was raised by the new subsidy to 1o%. French goods became liable to surtaxes, first of 25%, afterwards of 50%; those of other countries had to pay similar charges of smaller amount. Spirits, wines, tea and coffee were taxed at special rates. How great was the expansion of the fiscal system may be best realized from the fact that during the comparatively short reign of William III. (1689–1702) the land tax produced £19,200,000, the customs £13,296,000, and the excise £13,650,000, or altogether £46,000,000. In the last See also:year of the reign, the opening one of the 18th century, the returns from these taxes respectively were: land tax (at 2s.), £990,000, customs £1,540,000, excise £986,000, or a total exceeding three and a half millions. The removal of the regular export duties in respect of (a) domestic woollen manufactures, (b) See also:corn, was the only alleviation of taxation, and in both cases it was due to special reasons of policy. Quite as remarkable as the growth of revenue is the sudden appearance of the use of public loans. In earlier periods a ruler had accumulated treasure (Henry VII. See also:left £1,800,000) or had pledged " his jewels or the customs or occasionally the persons of his See also:friends for the payment " of his borrowings. Edward III.'s dealings with the Florentine bankers are well known; but it was only after the Revolution that the two conditions essential for a permanent public debt were realized, viz.: (1) the responsibility of the government to the See also:people, and (2) an effective See also:market for floating See also:capital. At the close of the war in 1697 adebt of £21,500,000 had been incurred, over £16,000,000 of which remained due at William III.'s death. Connected with the public debt is the See also:foundation of the See also:Bank of England (see See also:BANKS AND BANKING), which more and more became the See also:agent for dealing with the state revenue and expenditure; though the exchequer continued to exist until 1834 as a real, even if antiquated institution. Thus it is clear that by the end of the 17th century the new influences which date from the Civil War had brought into being all the elements of the modern financial system. Expenditure, revenue, borrowing to meet deficiencies are all, in a sense, developed into their See also:present-See also:day form. Increase in amount and some refinements in See also:procedure, combined with improved views of public policy, are the only changes that occur later on. Regarded broadly, the 18th and ,9th centuries exhibit several distinct periods with definite financial aspects. In the ninety years from the death of William III. (1702) to the outbreak of the Revolutionary War with France (1793) there are four serious wars, covering nearly See also:thirty-five years. There is the long peace administration of See also:Walpole, and there are the shorter intervals of See also:rest following each of the contests. From the beginning of the war with the French See also:Republic to the year of See also:Waterloo there is a nearly unbroken war time of over twenty years. The See also:forty years' peace is closed by the See also:Crimean War (1854–56); and another forty years of peace ends with the See also:South See also:African War (1899-1902). During this time the older mercantilism passes into protectionism; and this, again, gives way before the See also:gradual adoption of the See also:free trade policy. At each time of war, taxation (particularly in the indirect form) and debt increase. Financial reform is connected with the maintenance of peace. Among the great financial ministers Walpole, the younger Pitt, See also:Peel and See also:Gladstone are conspicuous; while See also:Huskisson's services in the kindred field of economic policy deserve special notice in their financial bearing. By taking the several great heads of revenue in order it is comparatively easy to understand the nature of the progress made in subsequent years. (r) The land tax, established on a definite basis in 1692, was the great 18th century form of direct taxation. Varying in rate from Is. (as in 1731) to 4S. (as in most war years), it was converted by Pitt in 1798 into a redeemable charge on the lands of each See also:parish, and by this See also:process has sunk from the amount of £1,911,000 in 1798 to £730,000 in 1907–1908. The great increase in other heads had impaired the value of the land tax as a fiscal support. (2) Parallel with the movement of the land tax but showing much more rapid growth was the excise of the 18th century. Most of the articles of common See also:consumption were permanently taxed. Soap, salt, candles and leather are described by Adam Smith as taxed, and that taxation is unreservedly condemned by him. In 1739 the excise duties brought in £3,000,000. By 1792 they had risen to £10,000,000. Their continued expansion was due both to the wider See also:area covered and to the increased consuming power of the country. (3) The customs were equally serviceable, and in their case the increased duties were even more considerable. The general 10 % of 1698 became 15% in 1704, a fourth 5% was imposed in 1748, and in 1759 the general duties were raised to 25%. Coincidently with this general See also:extension of the customs duties special articles such as tea were subjected to increased duties. The See also:American War of See also:Independence brought about a further general increase of 1o%, together with special extra duties on tobacco and sugar. In 1784 the customs revenue came to over £3,000,000. Two circumstances account for this slower growth. (1) The extreme rigour of the duties and prohibitions, aimed chiefly against French trade; and (2) the See also:absence of care in estimating the point of maximum productiveness for each duty. See also:Swift's famous saying that " in the See also:arithmetic of the customs two and two sometimes. made only one " is well exemplified in England at this time. The smuggler did a great deal of the foreign trade of the country. Efforts at reform were not, how-ever, altogether wanting. Walpole succeeded in carrying several useful adjustments. He abolished the general duties on exports and also several of those on imported raw materials such as silk, See also:beaver, See also:indigo and colonial See also:timber. His most ambitious scheme —that for the warehousing of wine and tobacco in order to relieve exporters—failed, in consequence of the popular belief that it was the forerunner of a general excise. Walpole's treatment of the land tax, which he kept down to the lowest figure (is.), and his earlier funding See also:plan deserve notice. His determination to preserve peace assisted his fiscal reforms. Pitt's administration from 1783 to 1792 marks another great period of improvement. The consolidation of the customs laws (1787), the reduction of the tea duty to nearly one-tenth of its former amount, the conclusion of a liberal commercial treaty with France, and the attempted trade arrangement with See also:Ireland, tend to show that Pitt would have anticipated many of the free trade measures of later years if it had been his See also:lot to enjoy ten more years of peaceful administration." One of the financial problems which excited the interest and even the alarm of the students of public affairs was the rapid increase of the public debt. Each war caused a great addition to the burden; the intervals of peace showed very little diminution in it. From sixteen millions in 1702, the debt rose to £53,000,000 at the treaty of See also:Utrecht (1713). In 1748 it reached £78,000,000, at the close of the Seven Years' War it was £137,000,000, and when the American colonies had established their independence it exceeded £238,000,000. Apprehensions of national See also:bankruptcy led to the adoption of the device of a sinking fund, and in this case Pitt's usual sagacity seems to have failed him. The influence of R. Price's theory induced the policy of assigning special sums for debt reduction, without regard to the fundamental condition of maintaining a real surplus. The revolutionary and See also:Napoleonic wars mark an important See also:stage in English finance. The national resources were strained to the utmost, and the See also:whip and See also:spur " of taxation was used on all classes of the community. In the earlier years of the struggle the expedient of borrowing enabled the government to avoid the more oppressive forms of charge; but as time went on every possible expedient was brought into See also:play. One class of taxes had been organized during peace—the assessed taxes " on houses, carriages, servants; horses, plate, &c. These duties were raised by several steps of 1o% each until, in 1798, their total charge was increased threefold (for richer persons four- or fivefold) under the plan of a " triple assessment." The See also:comparative failure of this scheme (which did not bring in the estimated yield of £4,500,000) prepared the way for the most important development of the tax system—the introduction of the income-tax in 1798. Though a development of the triple assessment, the income-tax was also connected with the permanent settlement of the land tax as a redeemable charge. It is possible to trace the progress of direct taxation from the scutage of Norman' days through " the tenth and fifteenth," the Tudor " subsidies," the Commonwealth " monthly assessments," and the 18th century land tax, to the income-tax as applied by Pitt, and, after an See also:interval of disuse, revived by Peel (1842). The immediate yield of the income-tax was rather less than was expected (£6,000,000 out of £7,500,000); but by alteration of the mode of assessment from that of a general declaration to returns under the several schedules, the tax became, first at 5%, afterwards at to %, the most valuable part of the revenue. In 1815 it contributed 22% of the total receipts (i.e. £14,600,o0o out of £67,000,000). If employed at the beginning of the war, it would probably have obviated most of the financial difficulties of the government. The window tax, which continued all through the 18th century, had been supplemented in the American War by a tax on inhabited houses (one of Adam Smith's many suggestions), a See also:group to which the assessment taxes were naturally joined. During the 18th century the See also:probate duty had been gradually raised, and in 178o the See also:legacy duty was introduced; but these charges were moderate in character and did not affect land. Though the direct and quasi-direct taxes had been so largely increased, their growth was eclipsed by that of the excise and customs. With each succeeding year of war new articles for duties were detected and the rates of old taxes raised. The maxim, said to have guided the financiers of another country—"Whereveryou see an object, tax it "—would fairly See also:express the guiding policy of the English system of the early loth century. Eatables, liquors, the materials of industry, manufactures, and the trans» actions of See also:commerce had in nearly all their forms to pay See also:toll. To take examples:—salt paid 15s. per See also:bushel; sugar 30s. per cwt.; beer 1cis. per See also:barrel (with 4s. 5d. per bushel on malt and a duty on hops) ; tea 96% ad valorem. Timber, See also:cotton, raw silk, See also:hemp and See also:bar See also:iron were taxed, so were leather,; soap, glass, candles, See also:paper and See also:starch. In spite of the need of revenue, many of the customs duties were framed on the protective system and thereby gave little returns; e.g. the import duty on salt in 1815 produced £547, as against £1,616,124 from excise; pill-boxes brought in 18s. See also:rod., See also:saltpetre 2d., with 1d. for the war duties. The course of the war taxation was marked by varied experiments. Duties were raised, lowered, raised again, or given some new form in the effort to find additional revenue. Some duties, . e.g. that on gloves, were abandoned as unproductive; but the conclusion is irresistible that the financial system suffered from over-complication and absence of principle. In the period of his peace administration Pitt was prepared to follow the teaching of The Wealth of Nations. The See also:strain of a gigantic war forced him and his successors to.employ whatever heads of taxation were likely to bring in funds without violating popular prejudices. Along with taxation, debt increased. For the first ten years the addition to it averaged £27;000,000 per annum, bringing the total to over £500,000,000. By the close of the war period in 1815 the total reached over £875,000,000, or a somewhat smaller annual increase—a result due to the adoption of more effective tax forms, and particularly the income tax. The progress of English trade was another contributing agency towards securing higher revenue. The import of articles such as tea advanced with the growing See also:population; so that the tea duty of 96% yielded in 1815 no less than £3,591,000. It is, however, true that by the year just mentioned the tax system had reached its limit. Further extension (except by direct See also:confiscation of property) was hardly possible. The war closed victoriously at the moment when its prolongation seemed unendurable. A particular aspect of the English financial system is its relation to the organization of the finance of territories connected with the English crown. The exchequer may be plausibly held to have been derived from Normandy, and wherever territory came under English rule the methods See also:familiar at home seem to have been adopted. With the loss of the French possessions the older cases of the kind disappeared. Ireland, however, had its own exchequer, and See also:Scotland remained a distinct kingdom. The 18th century introduced a remarkable change. One of the aims of the union with Scotland was to secure freedom of commerce throughout Great See also:Britain, and the two revenue systems were amalgamated. Scotland was assigned a very moderate See also:share of the land tax (under one-fortieth), and was exempted from certain stamp duties. The attempt to apply selected forms of taxation—custom duties (1764), stamp duties (1765), and finally the effort to collect the tea duty (1773)—to the American colonies are indications of a movement towards what would now be called " imperialist " finance. The complete plan of federation for the British See also:empire, outlined by Adam Smith, is avowedly actuated by financial considerations. Notwithstanding the failure of this movement in the case of the colonies, the close of the century saw it successful in respect to Ireland, though separate financial departments were retained till after the close of the Napoleonic War and some fiscal differences still remain. By the consolidation of the English and Irish ex-chequers and the passage from war to peace, the years between 1815 and 1820 may be said to mark a distinct step in the financial development of the country. The connected change in the Bank of England by the resumption of specie payments supports this view. Moreover, the political conditions in their influence on finance were undergoing a revolution. The landed interest, though powerful at the moment, had henceforth to face the rivalry of the wealthy manufacturing communities of the north of England, and it may be added that the influence of theoretic discussion was likely to be See also:felt in the treatment of the financial policy of the nation. Canons as to the proper system of administration, taxation and borrowing come to be noticed by states-men and officials. These influences may be followed out in their working by observing the chief lines of adjustment and modification that followed the conclusion of peace. Relieved from the extra-ordinary outlay of the preceding years, the government felt bound to propose reductions. With commendable prudence it was resolved to retain the income-tax at 5% (one-half of the former rate), and to join with this reduction the removal of some war duties on malt and spirits. Popular feeling against direct taxation was so strong that the income-tax had to be surrendered in toto, a course which seriously embarrassed the finances of the following years. For over twenty-five years the income-tax remained in See also:abeyance, to the great detriment of the revenue system. Its revival by Peel (1842), intended as a temporary expedient, proved its services as a permanent tax: it has continued and expanded considerably since. Both the excise and customs at the close of the war were marked by some of the worst defects of a vicious kind of taxation. The former had the evil effect of restricting the progress of industry and hampering invention. The raw materials and the See also:auxiliary substances of ihdustry were in many cases raised in price. The duties on salt and glass specially illustrated the See also:bad results of the excise. New processes were hindered and routine made compulsory. The customs duties were still more restrictive of trade; as they practically excluded foreign manufactures, and were both costly and in many instances unproductive of revenue. As G. R. See also:Porter has shown, the really profitable customs taxes were few in number. Less than a See also:score of articles contributed more than nineteen-twentieths of the revenue from import duties. The duties on transactions, levied chiefly by stamps, were See also:ill-graded and lacking in comprehensiveness. From the standpoint of See also:equity the ground for See also:criticism was equally plain. The great See also:weight of taxation See also:fell on the poorer classes. The owners of land escaped giving any return for the property that they held under the state, and other persons were not taxed in proportion to their abilities, which had been long recognized as the proper criterion: The grievance as to See also:distribution has been modified, if not removed, by the great development of (1) the income-tax, (2) the " death " or See also:inheritance duties. Beginning at the rate of 7d. per pound (1842-1854), the income-tax was raised to 1s. 4d. for the Crimean War, and then continued at varying ratesi reduced to 2d. in 1874, it rose to 5d., then in 1894 to 8d., and by 1909 appeared to be fixed as a minimum at 1s., or 5% on income from property. The yield per See also:penny on the £ has risen almost uninterruptedly. From £710,000 in 1842, it now exceeds £2,800,000, though the exemptions and abatements are much more extensive. In fact, all incomes of £3 per See also:week are absolutely free (£16o per annum is the precise exemption limit), and an income of £400 derived from personal exertion pays less than 5zd. per pound, or 2i%. The great productiveness of the tax is equally remarkable. From £5,600,000 in 1843 (with a rate of 7d.) the return rose to f32,380,000 in 1907-1908, having been at the maximum of £38,800,000 in 1902-1903, with a tax rate of 64 %. The income-tax thus supplies about one-fifth of the total revenue, or one-fourth of that obtained by taxation. Several fundamental questions of finance are .connected with the taxation of income and have been dealt with by English practice. Small incomes claim lenient treatment; and, as mentioned above, this leniency means in England complete freedom. Again, earned incomes appear to represent lower ability to pay than unearned ones. Long refused on See also:practical grounds (as by Gladstone and See also:Lowe), the concession of an See also:abatement of 25% on earned incomes of £2000 and under was granted in 1907. The question whether savings should be exempt from taxation as income has (with the exception of life insurance premiums) been decided in the negative. Allowances for depreciation and cost of See also:repairs are partially recognized. Far more important than these special problems is the general one of increased tax rates on large incomes. Up to 1908-1909 the tax above the abatement limit of £700 remainedstrictly proportional; but See also:opinion showed a decided tendency in favour of extra rates or a " super tax " on incomes above an assigned amount (e.g. £Soon), and this was included in the See also:budget of 1909-1910 (see INCOMi-TAx). In close relation with the income-tax is the estate duty, with its adjuncts of Legacy and Succession Duties. After Pitt's failure to carry the succession duty in 1796, no change was made till Gladstone's introduction in 1853 of a duty on land and settled property parallel to the legacy duty on free See also:personality. Apart from certain minor alterations, the really vital change was the extension in 1894 of the old Probate Duty into a comprehensive impost (entitled the Estate Duty) applicable to all the possessions of a deceased See also:person. This " Inheritance Tax "—to give it its scientific title—operates as a complementary property tax, and is thus an addition to the contribution from incomes derived from large properties. By See also:graduation the charges on large estates in 1908-1909 (before the proposal for further increase in 1909-1910) came to 1o% on £1,000,000, and reached the maximum of 15% at b,500,000. From the several forms of the " Inheritance Taxes " the national revenue gained £14,500,000, with 42 millions as a supplementary yield for local finance. The immense expansion of direct taxation is evident on comparing 184o with 1908. In the former year the Probate and legacy duties brought in about one million; the other direct taxes, even including the " House duty," did not raise the total to £3,000,000. In 2908 the direct taxation of property and income supplied £51,5oo,000, or one-third of the total receipts as against less than one-twentieth in 1840. But though this wider employment of direct taxation—a characteristic of See also:European finance generally—reduced the relative position of the taxation of commodities, there was a growth in the absolute amount obtained from this See also:category of duties. There were also considerable alterations, the result of changes in the views respecting fiscal policy. At the close of the Great War the excise duties were at first retained, and even in some cases increased. After some years reforms began. The following articles amongst others were freed from charge: salt (1825); leather and candles (183o); glass (1845); soap (1853); and paper (186o). The guiding principles were: (1) the removal of raw materials from the list of goods liable to excise, (2) the See also:limitation of the excise to a small number of productive articles, with (3) the placing of the greater part (practically nearly the whole) of this form of taxation on alcoholic drinks. Apart from breweries and distilleries, the excise had little field for its work. The large revenue of £35,700,000 in 1907-1908 was derived one-half from spirits (£17,700,000), over one-third from beer, while most of the remainder was obtained from business taxation in the form of licences, the raising of which was one of the features of the budget in 1909. As a feeder of the revenue the excise might be regarded as equal to the income-tax, but less to be relied on in times of depression. Valuable as were the reforms of the excise after See also:Mao, they were insignificant as compared with the changes in the customs. The particular circumstances of English political life have led to perhaps undue emphasis being placed on this particular See also:branch of financial development. Between 1820 and 186o the customs system was transformed from a highly complicated arrangement of duties, pressing with severity on nearly all foreign imports, into a See also:simple and easily understood set of charges on certain specially selected commodities. All favours or preferences to home or colonial producers disappeared. Expressed in financial terms, all duties were imposed " for revenue only," and estimated in reference to their productiveness. An assimilation between the excise and customs rates necessarily followed. The stages of the development under the guidance of (1) Huskisson, (2) Peel, and (3) Gladstone are commonly regarded as part of the movement for Free Trade; but the financial working of the alteration is understood only by remembering that the duties removed by " tens " or by " hundreds " were quite trivial in yield, and did not involve any serious loss to the revenue. Perhaps the most remarkable feature of the English customs of the 19th century was the steadiness of the receipts. In spite of trade depressions, 4.66 commercial crises and sweeping changes in rates, the annual revenue in the period 1815–1900 only varied between £19,000,000 and £24,000,000; though, on See also:balance, duties amounting to £30,000,000 were remitted. The potential resources of this branch of revenue were made evident in the rapid rise of the yield by the new taxation imposed for the South African War (1899–'902). In consequence of this increase the customs became equal to the excise in return, and, combined, they collected over £60,000,000 annually from the consumption of commodities. They accordingly afforded a counterpoise to the burden put on income and property, or, more accurately speaking, they obtained due, or somewhat more than due, contribution from the smaller incomes, particularly those of the working class. The exemption of raw materials and See also:food; the absence of duties on imported, as on home manufactures; the selection of a small number of articles for duty; the rather rigorous treatment of spirits and tobacco, were the salient marks of the English fiscal system which See also:grew up in the 19th century. The part of the system most criticised was the very narrow list of dutiable articles. Why, it was asked, should a choice be made of certain See also:objects for the purpose of imposing heavy taxation on them? The See also:answer has been that they were taken as typical of consumption in general and were easily supervised for taxation. Moreover, the sumptuary See also:element is introduced by the policy of putting exceptionally heavy duties on spirits and tobacco, with lighter charges on the less expensive wines and beers. Facility of collection and distribution of taxation over a larger class appear to be the grounds for the inclusion of the tea and coffee duties, which are further supported by the need for obtaining a contribution of, roughly speaking, over half the tax revenue by duties on commodities. The last consideration led, at the beginning of the loth century, to the sugar tax and the temporary duties on imported corn and exported coal. As a support to the great divisions of income-tax, Death Duties, Excise and Customs, the stamps, fees and See also:miscellaneous taxes are of decided service. A return of £9,000,000 was secured by stamp duties. In See also:recent years the so-called " non-tax " revenue largely in-creased, owing to the extension of the postal and telegraphic services. The real gain is not so great, as out of gross receipts of £22,000,000 over £17,500,000 is absorbed in expenses, while the See also:carriage of ordinary letters seems to be the only profitable part of these services. Crown lands and rights (such as vintage charges) are of even less financial value.
One See also:cardinal principle of the greatest English finance ministers has been the avoidance of deficits or undue surpluses. Glad-See also: See also:Cunningham, Growth of English Industry and Commerce (2 vols., See also:Cambridge, 1903–1907); H. O. See also:Meredith, Economic History of England (London, 1908), devote sections to finance. A. Smith, Wealth of Nations (1776), See also:Tooke and See also:Newmarch, History of Prices (6 vols., London. 1837–1856), give financial details. G. R. Porter, Progress of the Nation (3rd ed., London, 1851); Sir S. See also:Northcote, Twenty Years of Financial Policy (London, 1862); S. See also:Buxton, Finance and Politics (2 vols., London, 1888) ; J. R. McCulloch, Taxation and Funding (3rd ed., London, 1863) ; W. M. J. See also:Williams, The King's Revenue (London, 1908), for 19th-century finance. (C. F. Additional information and CommentsThere are no comments yet for this article.
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