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6
Lady-day last terminates a period in the financial administration
of Shoreditch, which seems to be a fitting time to take a brief review of
the past, and to glance at the increase of local taxation and its causes.
The peculiarity of this particular period, is that it terminates a system of
local assessment which has been in operation from time immemorial, and
was almost peculiar to this parish, and commences a new system
established by Act of Parliament, and uniform throughout the metropolis.
It was formerly the practice to make a deduction of one-third from the
supposed rental of premises, to arrive at the rateable value upon which
the local rates were levied. It is obvious that the weight of taxation is
not to be altogether calculated by the mere proportion to the pound
which a rate bears, but the number of pounds must be also considered.
A rate of 1s. in the pound on £15, is just the same as a rate of 9d. on
£20. In order, therefore, to determine the weight of taxation, we must
consider upon what basis it is levied. In Shoredtich a £30 house was
formerly rated at £20, and a shilling rate was 20s.; now under the new
Assessment Act, a £30 house is to be rated at £24, and if all assessments
were raised in that proportion, a rate of 10d., on the larger assessment,
should suffice to raise the same amount as required by a rate of 1s. on
the larger. The increase in the rateable value of the parish by the
operation of the new Act is £59,821; and, in point of fact, a ten-penny
rate should now produce under this assessment £80 more than a shilling
rate did under that which was in force prior to Lady-day last.
In an annual report, speculations as to the future would be out of
place, but the following table will show in what manner the increase in
the amount, or in the value of property, has progressed, as well as the
increase in the rate of local taxation. It will be seen that the expenditure
for works, etc., by the Yestry has remained nearly stationary, or
has been augmented only in due proportion to the increasing exigences
of a populous town, and to meet the obligations which recent enactments
have thrown upon it. But that an enormous increase has
taken place in the poor rate, and that mainly in that portion of it
which is devoted to the maintenance of pauperism. The facts only
are given here, speculations as to the causes are left for the ratepayers
to pursue.