20 RATES AND TAXES 



values, but not of a tax on stock - in - 

 trade. 



The canon of economy must also be inter- 

 preted largely ; that is to say, account 

 must be taken of all the various expenses, 

 direct and indirect, that are involved in 

 the imposition and collection of a tax. In 

 many cases, when the indirect effects are 

 considered, the cost is greater than the real 

 net revenue. The great financial reforms 

 instituted by Sir Robert Peel consisted in 

 the main of the abolition of a mass of 

 unproductive taxes, and the substitution 

 of those in which the indirect restraints 

 on trade and industry were reduced to a 

 minimum. It may be argued that this 

 process of simplification was in the end 

 carried too far; but there can be no two 

 opinions that the tariif which was destroyed 

 had become hopelessly intricate and extra- 

 vagantly wasteful. Altogether apart from 



