104 LOCAL TAXATION 



the Treasury of an official estimate of the relative taxation 

 of real and personal property so far as Imperial Taxes were con- 

 cerned. This information was needed to confute the frequent 

 assertions that the pressure of rates on real property was 

 balanced by much lighter Imperial taxation. The Return 

 was presented before the end of the year, and was of such 

 importance that a memorandum issued by the Committee 

 upon this Return is here reprinted in full. 



TAXATION OF REAL AND PERSONAL PROPERTY. 



The return contained an official estimate by the Treasury of 

 the approximate capital value of the Real and Realised Personal 

 Wealth of the country, and also of the direct Imperial taxation 

 which can be said to fall exclusively on one or other of these 

 forms of property. 



Grouping for convenience under a few general heads the 

 detailed estimates of property and income, and supplying, from 

 the income tax accounts, the omissions to state the income 

 yielded by investments in the funds and farming capital, the 

 estimate laid before Parliament shows that the capital in either 

 category may be approximately thus divided : 



Real Property. 

 Invested in Capital. Income. 



Land 1,636,000,000 ... 65,000,000 



Houses 2,033,000,000 ... 127,000,000 



Other real property 109,000,000 ... 8,000,000 



Total 3,778,000,000 ...200,000,000 



Estimated yearly* direct Im- 

 perial taxation 8,441,000 



Or per cent, on capital . 22 ; on income 4 . 22. 



Realised Personalty. 



Invested in Capital. Income 



Home trade and industries 2,718,000,000 ...208,000,000 

 Home Government and local 



debts 885,000,000 ... 24,000,000 



Foreign or colonial debts or 



enterprises 1,030,000,000 ... 64,000,000 



tMovable property yielding 



no income ... ' 1,000,000,000 ... 



Total 5,633,000,000 ... 296,000,000 



Estimated yearly* direct Im- 

 perial taxation 9,716,000 



Or per cent, on capital . 17 ; on income 3.28. 



' The figures of direct Imperial taxation are those for the year 1883-4 

 (when the income tax stood at 5d. in the ). 



t The property here shown as yielding no income includes furniture, 

 works of art, &c., and is an estimate made by the compilers of the return, 



