ABSTRACT
Increase in military and naval expenditure after the break-up of peace in Europe. The course of reform resumed. The Budget of 1860. Income tax at 10d. The treaty with France. Fourth revision of the tariff. Reform of commercial taxation. Summary. Proposed repeal of the duty on paper. The lords reject the Bill. The spirit duty raised to 10s. Curious over-estimate of revenue for 1860–1. Repeal of the duty on paper. The last of the taxes on manufactures, Reductions of income tax and tea duty in 1863. Prosperity by ‘ leaps and bounds. Reductions in income tax and for fire insurance and sugar. Enormous surplus in 1865. Reductions in income tax and fire insurance. The tea duty reduced to 6d. Repeal in 1866 of the duties on timber and pepper. Defeat of the ministry. Disraeli again chancellor of the exchequer. Creation of new terminable annuities. The Abyssinian expedition. Disraeli prime minister. The first Gladstone administration. Lowe chancellor of the exchequer. The Budget of 1869. A windfall. The break-up of the assessed taxes. Repeal of the taxes on locomotion, except by railway. The income tax reduced to 4d. Half the sugar duties repealed. Consolidation of the stamp duties. The reform of taxation. Summary.
