MINING NEWS

Dominion, Volume 9, Issue 2814, 4 July 1916, Page 8

MINING NEWS

/ " STOCK EXCHANGE. Ky. Telegrapli—i'rtss AsftCJttif.n. • Auckland, July 7. Sales:—Auckland Trams, 19s. 9d.; Auckland Gas (paid), 30s. 3d. DOUBLE TAX-ON MINING. The proposal by the Minister of Finance (Sir Joseph-Ward) to tax shareholders in mining companies instead of the com* panies themselves is strongly criticised in Auckland. The Minister explained in the House of Representatives that the' object of the change is to encourage investment in the mining industry., hut it is declared (says the Zealand Herald") that the effcct *\vilL be dircctly contrary. For many years incomc tax has been paid, dircctly by the mining companies on one-half of the qmountß distributed in dividends at the rate of'2s. per cent., increased'last pear to 2s. Bd. by the addition of the war tax of 331-3 per ccnt. The effect of the present pro* posal was explained by Mr. C. Ithodes, director of the Waihi Gold Mining Company. . "The Government proposes to exempt the mining companies from income taxation," ho said, "and to make the companies deduct the ordinary ineow tax from the amount of dividends paid to shareholders, which, of course, will mean the taxation of the whole instead of hall the amount of dividends. The effect, therefore, is that the mining industry will become responsible for twice as much taxation as formerly. Mining men nrc utter iy unable to understand how that can possibly assist or encourage their in dustry-" [ SPLIT Birch 7i't. Sleepers, suitable for Fencing Post?. Several thousand for sale at «C 3 7s. Gd. per 100 f.0.r., May Morn Siding. Also a large quantity secondclass ones for <£2 per 100. Can be seen at May Horn. Apply AttTHUR SEED. General Manager, May Mom Instates (N.Z.), Ltd. Manffaroa, Hutt County. Telephone, No. 29, "Upper Hutt.