"
"Their diminished cost of living!" said Mr Hoaxem a little
confused. "Would not that assurance, I humbly suggest, clash
a little with my previous demonstration that we had arranged
that no reduction of prices should take place?"
"Not at all; your previous demonstration is of course true,
but at the same time you must impress upon them the necessity
of general views to form an opinion of particular instances.
As for example a gentleman of five thousand pounds per annum
pays to the income tax, which by the bye always call property
tax, one hundred and fifty pounds a year. Well, I have
materially reduced the duties on eight hundred articles. The
consumption of each of those articles by an establishment of
five thousand pounds per annum cannot be less than one pound
per article. The reduction of price cannot be less than a
moiety; therefore a saving of four hundred per annum; which
placed against the deduction of the property tax leaves a
clear increase of income of two hundred and fifty pounds per
annum; by which you see that a property tax in fact increases
income."
"I see," said Mr Hoaxem with an admiring glance. "And what am
I to say to the deputation of the manufacturers of Mowbray
complaining of the great depression of trade, and the total
want of remunerating profits?"
"You must say exactly the reverse," said the gentleman in
Downing Street.
Pages:
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595