There is, however, another effect of this duty, which
both the public and the author feel; for they pay, not merely the
duty which is charged, but also the profit on that duty, which
the paper-maker requires for the use of additional capital; and
also the profit to the publisher and bookseller on the increased
price of the volume.
261. The estimated charge for advertisements is, in the
present case, about the usual allowance for such a volume; and,
as it is considered that advertisements in newspapers are the
most effectual, where the smallest pays a duty of 3s. 6d., nearly
one half of the charge of advertising is a tax.
262. It appears then, that, to an expenditure of L224
necessary to produce the present volume, L42 are added in the
shape of a direct tax. Whether the profits arising from such a
mode of manufacturing will justify such a rate of taxation, can
only be estimated when the returns from the volume are
considered, a subject that will be discussed in a subsequent
chapter.(5*) It is at present sufficient to observe, that the tax
on advertisements is an impolitic tax when contrasted with that
upon paper, and on other materials employed.
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