ANOTHER INTERESTING INTER. VIEW.

Dominion, Volume 2, Issue 482, 15 April 1909, Page 6

ANOTHER INTERESTING INTER. VIEW.

CONCERNING THE MORTGAGE TAX. (BY TELEQfIAPH—PRESS ASSOCIATION.) Auckland, April 14. Reports of discussion in Wellington by tho to the New Zealand Chambers qf Commerce Conference on the subject of the mortgage' tax and its effcct on. the money market Were brought under tho notice of Mr. Harold Beauchamp, chairman of directors of the Bank of New Zealand. Mr. Beauchamp said that he was very much in accord with some of the views expressed, chiefly with those of Mr. Kettle, of Napier, to the effect that, if the tax on mortgages and debentures were repealed, it would be followed by a considerable influx of capital to the Dominion for investment. "It will be remembered," said Mr. Beauchamp, "that prior to the imposition of that tax there were large mortgage and investment companies transacting business in New Zealand. They were of considerable benefit to the inhabitants of this country. However, after the passing of the Act, those companies gradually withdrew, with the result that.the community is now chiofly dependent upon tho banks for its financial requirements. "It is," ho continued, "the principle of double taxation that is so strongly objected to by people outsido the Dominion, notably in the United Kingdom. As is well known, these peoplo have to pay tho tax on all money lent by them in tho Dominion as well as income tax on their profits derived from their oversea investments. Representations have been mado from time to time to the Imperial Government. to get these investments excluded from taxation, but so far without avail. It is for the reasons I have stated that I think it most desirable for the New Zealand Parliament to' take into consideration the representations now being mado as to the desirability of repealing tie tax on mortgages and debentures."