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'rIlE LOSS OF THE DANMARK,

IKING OF THE NETHER-ILANDS.

ITHE EIFFEL TOWER. IAli ENTERPRISING…

GIGANTIC RAILWAY BRIDGE.i

ILOCAL GOVERNMENT FOR SCOTLAND.

[ii.. [ A BANKRUPT PEER,

NEW YOHK. PRICES.

NEW YORK WHEAT MARKET.

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HOUSE OF LORDS THURSDAY.

----HOUSE OF COMMONS.—THURSDAY.

THE BUDGET PROPOSALS.

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THE BUDGET PROPOSALS. MR GLADSTONE ON GRADUATED TAXATION. The House having resolved itself into Com- mittee of Ways and Means for consideration of the remaining Budget resolutions, the resolution providing for the additional probate duty of 1 per cant. on personalty of £10,000 and over was agreed to. On the second resolution, imposing an estate duty of 1 per cent, on successions to real estate of the value of £10.000 and upwards, The CHANCELLOR of the EXCHEQUER, in reply to Mr Childer?, said it was the intention of the Government that, where there was an absolute power of disposal, tha valuation of an estate for the purpose of the new estate duty should be taken, not according to the life estate, as in the case of the succession duty, but according to the capital value of the succession. Capital value for the purpose of this duty would be ascertained under the existing provisions for ascertaining the capital value of the property of corporations for the purposes of the succession duty. The new duty would involve an increase of 1 per cent. in all cases (and without regard to consanguinity) to the duties now levied as suo-4 cession duty on all estates of more than in value. The new duly would ba assimilated rather to the succession than the probate duty. Mr GLADSTOXK wanted to kuow whether the new 1 per cent. duty on capital value was or was not to be estimated according to the consanguinity 8cale.. The CHANCELLOR the EXCHEQUER replied that the consanguinity scala would have nothing to do with the new duty. which was called the estate duty in order to distinguish it from the probate and succession duties. The new duty would bo 1 per cent, on capital value without regard to the degree of consanguinity in which the partiea to a succession stood towards each other. Mr GLADSTONE expressed his satisfaction with the explanation of the Chancellor of the Exchequer. Of course, the question would hereafter arise whether the principle of the new duty was not applicable to the taxation of real property otherwise than to tha death duties. Then the limitation of the new duty to estates of more than £10,000 introduced a. new principle into our taxing «y3tem. Now, although there was in his (Mr Gladstone's) opinion no injustice in tha principle of graduated taxatiou, be had always felt that it was capable of bein carried to a point where graduation would amount to confiscation and he therefore desired to know what, in the view of the Government—to whom they looked as the guardians of property—was the criterion by which they were to distinguish between what was just and moderate and what was unjust and iro- m"derate in this matter. For, if a tax were placed on estates of £10,000. from which smaller estates were exempt, he did not think it would be permanently possible to say that estates of £50,000. £100,000, or £1.000,000 should not pay at a higher rate than those of £]0.000, It was a most important fact, and one probably fraught with important consequences, that a resolution embodying the principle of graduated taxation should have been proposed by a Tory Govern- mpnt, and unanimously accepted by the House. (Hear, hfar.) The CHANCELLOR of the EXCHEQUER said that the right hon. gentleman seemed to think that he was proposing an entirely new system of gradua- tion but he bad expressly stated in his Budget speech that the limit ot £10,030 in this case was takon as analogous to the iimit of exemption under the income-tax. £10.000 might betaken to represent an income of about dMOO a year. When the exemption under the income-tax was intro- duced it was not areued that that was the beginning of a graduated income-tax, and he therefore did not see why such an argument should ba based on the present proposal of tho Government. Mr GLADSTONE could not accept tbe statement of the Chancellor of the Exchequer that in this commercial country the exemption of au estate of less than £10,000 from taxation was no more than equivalent to the entire or partial exemption of incomes of less than £400 from the income-tax, There Was, in truth, no analogy between the twd exemptions) But what he wanted especially to point out WAd the likelihood, tiar. the certainty, that PROPOSALS of THE character of that noW TOADD by thd Chancellor of the Exche|uei? Would itl future produce other proposals going inuch further in the same direction, In fact, just AS ths present proposals of the Government were founded on those of the late Lord Iddosleigh with respect to the exemptions under the income tax, they would themselves in due course become the basis of further and other proposals of consider- ably larger applications. He only hoped that those applications would bo kept within the bounds of reason and justice. But as he had already said, there was clearly no ground on which it was possible to contend that an estate of 210,000 should be subjected to an extra tax of one per cent., and at the same time to contend that it would be otherwise than reasonable and just to apply a higher rate of charge to estates of greater value. (Hear, hear.) Mr HALDANE regarded the proposal of the Chancellor of the Exchequer as a step in the direction of graduated taxation, and ho was, therefore, in favour of it. Mr Ctiaplin. Alr Rathbone, the Attorney- General, Sir Horace Davey, and Sir R. Paget continued the discussion. Mr H. H. FOWLER said the new duty was to be paid on the capital value of the property, and not on the succession. This was introducing an alteration of priceless value. (Hear, hear.) Where property was left to a son for life and to grandchildren absolutely, ho understood the duty would be levied on the life interest of the son and on the capital value of the legacy to the children. Sir GEORGE TBEVKLYAN having added some observations, The CHANCELLOR of the EXCHEQUER observed that it was true that the new tax fell more heavily on the landed interest than the existing succession duty, but they would find on comparison that the charge on personalty was very severe, and the object of the duty was to equalise the two. Sir G. CAMPBBLL suergested that the duty ought not to stop at £ 10,000, but should go on uuder a system of graduation up to 10 per cent. on the properties of millionaires. (Opposition cheers.) Sir W. IJAWSON congratulated very heartily the Chancellor of the Exchequer upon his budget, which he looked upon as inaugurating in this country a fiscal resolution. He looked with pleasure upon tho graduated scheme proposed to be introduced, but could not help recollecting that I the Government of the member for Midlothian was turned out of office in 1875 for proposing to increase the death duties and at the same time to increase the duty on the beer, which was the cause of death. (Laughter.) He hoped they would go on increasing the taxatiou on that mischievous creature, the rich mao, and so make him more useful to the State than he had ever been before. (Much laughter.) The CHANCELLOR of the EXCHEQUER replied to various questions, and said he would like to point out that the theory of the introduction of a graduated scale of taxatiou was merely an attempt to frighten Conservative members. The resolution was agreed to. Resolutions proposing amendment of the 33th section of the Succession Duty Act, 1853, and of the stamp duties imposed under tho Customs and Inland Revenue Act, 1881, were agreed to, as was also a resolution in favour of a duty on the capital of companies limited under letters patent or Act of Parliament. The resolutions were reported to the House, and the House then went into Committee of Supply. A number of votes were agreed to, and progress was reported. The House adjourned at 12 o'clock. It is believed that Lord Randolph Churchill will join the Conservative revolt against the Sugar Bounties Bill. The number of Conserva- tives pledged to vote against the second reading is now reported to have increased to twenty, whilst several additional Liberal Unionists, who have hitherto refrained from expressing a decided opinion, announced on Thursday their intention of going into the same lobby. The Employers' Liability Bill has not yet been brought in, and in view of the period of the session and the general condition of public business, some anxiety is felt on the subject by members interested. Mr Swetenham gave notice the other day to ask whether the Government intend to introduce this session a Bill dealing with the tithe question, and if so, whether they mean to take steps for its becoming law this session. At the request of the First Lord of the Treasury the question has been deferred till Monday, by which time it is probable a decision will be taken. The Duke of St Albans has postponed until Thurday next the motion for the second reading of the Deceased Wife's Sister Bill in the Upper House. Mr Gladstone reached the House of Commons on Wednesday just before the division was taken on the Leaseholds Enfranchisement Bill, He voted against the hostile amendment. Sir John Lubbock will place a resolution on the paper in favour ot the appointment of a select committee to consider th'J general question of the hours of labour in shops. In case a place is obtained for tbe resolution, the Early Closing Bill will be abandoned for the present session, in the expectation that the report of the committee may facilitate legislation on the subject uextysar. The Archbishop of Canterbury has given notice that on Friday, the 10th inst., he will call tho attention of the House of Lords to the new education code end schedules. The Karl of Meaf-ii intends to move that the code is defective, INASMUCH as it fails to provide adequate facilities for the physical education of children attending elementary schools.

-----.._-_.---THE ENFRANCHISEMENT…

THE BAPTIST UNION.

LORD ABERDAIIE AND MABON.

---.----------THE BROKEN VASE.

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f THE TITHE AGITATION. I--

-----THE PROSECUTION OF MR…

----EXCITING SCENE AT CLONMEL.

EGLWYSILAN SCHOOL BOARD ELECTION.

----__-----EXPLOSION AT NEWPORT.

HENRI ROCHEFORT AT DOVER,

SUICIDE OF A SURGEON.

--THF PARSON AND PARISH AFFAIRS

A BIT OF SNOWDON FOR SALE.

NOVEL WEAPON OF OFFENCE.

DEATH OF THE LARGEST WOMAN…

--------CARDIFF SCHOOL BOARD.

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CORRESPONDENCE.

PULPIT DEMANDS AND SUPPLIES.

RHONDDA LIBERALISM."

PENDERYN SCHOOL BOARD ELECTION.

PONTYPRIDD MAGISTRATES AND…

THE MATCH WITH MR BRAIN'S…

NATIONAL UNION OF TEACHERS.

THE TITHE CAMPAIGN IN CARMAR.…

!CRICKET.

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SWANSEA.

,NEATH.

------MILFORD HAVEN. I

ABERTILLERY.

MEUTHYR.

DOWLAIS.

RHONDDA VALLEY.

PONTYPRIDD.

BED WAS,.

BLAINA.

BEAUFORT.

ABERGAVENNY.

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SEQUEL TO A NEATH TRAP ACCIDENT.

LATEST MARKETS. ,.

.MR LABOUCHKKE AND THE UNIONISTS.

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SPKOIAL REPORTS FROM OCR TRADE…

--"-.'-SWANSEA TRADE REPORT.

SWANSEA COPPER.

NEWPORT TRADE REPORT,

THE MIDLAND IRON TRADE.\

--NORTH OF ENGLAND IRON AND…

---NEWCASTLE TRADE REPORT.

-- ----------EXCITING SCENE…

ANTICIPATIONS.

NEWMARKET FIRST SPIUNG MEETING.

IROBERT THE DEVIL DEAD. '…