404= 13S Taxation as affectivg the Agricultural Interest. 
CHAPTEE III. 
Imperial Direct Taxes. 
A BETTER insight into tlie character of the special taxes last men- 
tioned, and a truer appreciation of the chief burdens that affect 
the British agriculturist will be gained by looking at each 
impost in detail, when it will be noticed that every effort has 
been made to avoid overstatement in the quotas credited to the 
agricultural classes. 
Probate, The group of duties falling on transmission of real and personal 
legacy, and estate at death make up the largest item of the imperial taxes 
succession ^ enumerated. On the capital of owners of land there will fall 
1 11 1 ICS, 
of these charges — the share of the succession duty borne by land 
as distinguished from houses or other real property, together with 
a minor quota both of the probate duty chargeable on leasehold 
estates and of legacy duty on lands devised for sale. Assumin^ 
that rather less than half of the succession duty (which is taken 
at 830,000/.) will fairly represent the ratio borne by land per se 
to the other real property of the country, a sum of 400,000/ 
is allotted as agricultural under this head, to which mu' ' 
be added at the most modest computation (as those familia 
with the question will admit) at least 100,000/. more on accoun 
of the leaseholds and devises above referred to. But there i 
vet to be added the share of these duties to which the capit" 
of the agricultural tenant is subject. Bearing in mind th 
extra severity of the probate duty on the smaller personal estate 
usually possessed by farmers, no estimate of the burden thu 
entailed can take the average combined pressure of probate an^ 
legacy duties on so much of the tenants' income a^s I'epresent 
the interest on his invested capital at less than 3 per can" 
His share of this tax cannot therefore well be placed belo 
400,000/. When the very different magnitudes of landowner 
and farmers' capital are remembered, these figures incidentally, 
illustrate the often-quoted excess of pressure exercised by wha 
are called " Death duties " on personal as distinguished fron 
real property — a statement truthful in itself, but one whic 
owing to a remarkable narrowness of fiscal view, has bee 
occasionally supposed to prove the lighter general taxation o 
real estates. As a matter of fact, however, whatever financia 
fr.vour is in this one aspect showed to realty is very much mor 
than counterbalanced by another series of exceptional and heav; 
taxes. 
Stamps. In tlie case of the next tax dealt with, " Staiups on Deeds, 
I have taken a somewhat smaller share than was allowed i) 
