Returns of the mutation tax (registration and timbre).

Registration in 1820, 127 millions; in 1860, 306 millions; in 1886, 518 millions .-- Timbre, in 1820, 26 millions; in 1860, 56 millions; in 1886, 156 millions.

Sum-total in 1886, 674 millions .-- The rate of corresponding taxes under the ancient regime (controle, insinuation centieme denier, formule) was very much lower; the principal one, or tax of centieme denier, took only 1 per 100, and on the mutations of real-estate.

This mutation tax is the only one rendered worse; it was immediately aggravated by the Constituent Assembly, and it is rendered all the more exorbitant on successions in which liabilities are not deducted from assets.

(That is to say, the inheritor of an indebted estate in France must pay a mutation tax on its full value.