§ On the motion for going into Committee of Supply,
§ Colonel Sibthorpsubmitted a motion for the reduction of the duty on Fire Insurance. When the tax was first levied its amount was exceedingly small; but it had subsequently increased under the pressure of the war, until at last it became extremely burdensome from its amount as well as very unjust, unequal, and partial in its operation. Now it ought to be reduced, and he was sure that a diminution of the tax, so far from reducing the revenue, would materially increase it; for many persons who were anxious now to insure their property were deterred from doing so by the high rate of the insurance duty. He confessed he did not see why this tax should not be reduced, when he found the import duties reduced on castor oil, and human hair, on rhubarb and raisins, on anchovies and French wines, and finally on the essence of bergamot and the balsam of copaiba. The gallant Member concluded by moving a resolution that from and after the 5th of April next, the duty on fire insurance be reduced to one-half the amount now levied.
The Chancellor of the Exchequercould not agree to the motion. The state of the revenue was not such as would warrant him in entering upon any additional expediment beyond that in which he was now embarked with respect to the Post-office.
Motion withdrawn; on the question again being put for the House to resolve itself into a committee of supply.