This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1868 Excerpt: ...an aggregate of several distinct and separate manufacturing processes." After mentioning an umbrella as an article of which the parts are made by several manufacturers, and which therefore pays 6 per cent. first on each part, and then 6 per cent. again as a complete umbrella, the Commissioners go on: --Shipbuilding ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1868 Excerpt: ...an aggregate of several distinct and separate manufacturing processes." After mentioning an umbrella as an article of which the parts are made by several manufacturers, and which therefore pays 6 per cent. first on each part, and then 6 per cent. again as a complete umbrella, the Commissioners go on: --Shipbuilding "The effect of this upon such a trade an example. as shipbuilding is obvious. A ship is a far more composite article than an umbrella. The frame of the ship may be cut out and put together in the building yard; but the iron, the yellow metal, the masts, the sails, the spars, the cordage, and much else, must all be bought elsewhere; it is what Americans might call an assembled article'; and upon every item so collected, two taxes at least are paid--one by the seller, of whom the shipbuilder buys, and another by the shipbuilder himself. The new taxation of America has therefore, a most sure tendency to drive capital from a complex manufacture like shipbuilding to simple manufactures which are only charged once, and agriculture which is not charged at all." Economist, April 20, 1867. 438. Compared with This American tax, levied again and theformer again on the same article, too nearly Spanish tax resembles that Spanish alcavala to which, on sales. gays Adam gmitll -Ustaritz imputes the ruin of the manufactures of Spain." The motive indeed, was different in the two countries. In America it was a resolution to maintain the greatness of the Union, at whatever present inconvenience. But in Spain it was an attempt to increase the royal revenue at the expense of mercantile profit. "In consequence of the notion that duties upon consumable goods were taxes upon the profits of merchants, those duties have, in some countries, been...
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