Excerpt from Studies in Britain National Finance
The necessities that have recently arisen for a great increase in taxation, and the probability that it will have to continue on a higher basis for many years to come, in order that the growing demands of almost every branch of the public service may be met, has induced me to make a careful investigation of the resources of our national revenue, the result of which I have condensed into the succeeding pages. The rapid development of industrial activity in recent years has necessarily tended to disarrange a system built up when this occupied a much less important position in the economy of the world at large, and Great Britain in particular, than it does to-day. Other countries are now passing so hard upon us, possess natural advantages that we can never again hope to enjoy, that it is necessary to study every influence that many be brought to bear in the competition of the age.
Taxation is destined to play a mush more important part in this than many people imagine, if indeed it is not operating already.
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