TAXATION OF CONSIGNMENTS. It will be seen that the Chamber was favored with an interview by Mr M'Gowan, Commis sioner of Income Tax, at which the question of income tax on consignments was discussed at some length. I refer to the matter because very strongly diverse opinions ob tain among our traders in regard to the pro priety of imposing this tax. On the one hand some merchants, particularly those interested in dealing with consignments, hold it to be very impolitic, tending.to the restriction and injury of trade ; while on the other hand many, and particularly those who suffer from the com petition of consignments, consider the tax in every way equitable so long as an income tax exists at all. There was, to begin with, some misunderstanding about the intention of the department regarding the collection of this tax, ana it was supposed that they intended to arbi trarily assume a fixed rate of profits upon all consignments, and tax accordingly. Had this been so, no doubt great iiijustice and injury to trade would have resulted ; but Mr M'Gowan made it quite clear that' his department had neither the power nor the inten tiqn tp do apy thing' of the sort. All

that he did propose was to assume » fixed rate of profit on consignments when reliable information was not forthcoming as to the actual facts. No doubt all taxation of this kind has a tendency to restrict trade, and it is a thousand pities that we cannot have absolute Freetrade, without taxation through the Custom house or in any other way; but if we must have an income tax, then there does not appear to me anything unreasonable in calling upon the foreign merchant who Bends consignments to this market—no doubt with a view to annexing any profit which may accrue beyond his agent's commission-to pay income tax on that profit. 