THE NEW BUDGET

Dominion, Volume 10, Issue 3153, 3 August 1917, Page 4

THE NEW BUDGET

TAXATION PROPOSALS ' VIEWS OF BUSINESS MEN ■, The impression to be gained by moving about among business men yesterday was that the new Budget hod been fairly well, received. There was ft certain amount oi! criticism, rfnd different men bad different ideas lis to bow this or that might lmvo been done, but in the main it wa&: remarked that the proposals were good. Mr. James Macintosh, president of the Associated Chambers of Commerce, said that he had not yet had time to study (lie Budget very thoroughly, but he thought that in the main tho principle seemed to bo all right. It appeared to bo a good Budget. The doing away witm, tho excess profits tai was a good thing. "On the articles such as tea, said Mr. Macintosh, "it is just, a question "'hether tho Government should not call on! the merchants holding' stocks to pay the. increased duty on stocks held in the free stores." . .

EFFECT ON THE STOCK EXCHANGE. 1 The .question of the effect of the new taxation on the sharcmarket was briefly discussed "by a sharebroker who was I.olv merly chairman of the Wellington stock. Exchauge. "If a company is making- very oig P ro J* fits," he said, "thev can, of course, auoru. to pay the tax. If they let'the shareholders pay it, a good many of them will not pay the same tax. .It seems to ino quite possible that some o£ the companies will not be able to pay the tax 'and continue to pay the same dividend. I coula not, of' course, particularise tbe companies. ' _ "I think it will certainly affect the price* of some shares. I expect to seesoiite shares fall." THE TAX ON AMUSEMENTS. V A particularly interesting phaso of tils' 'new taxation proposals is that concerning Representatives oi various motion picture interests were iiv ! conference in Wellington and were given an opportunity, of making ft ■ ; statement on the subject, but did not feel disposed to say anything immediately. ;! ' tt • ■ ' It is understood, however, that picture" men regard the proposed tax as heavv and cumbersome. Already there is talk in quarters that are not autliorita..tive of the tax J>eing passed on to tlio > patrons of the picture snows.

PRICE OF TEA ALREADY \ INCREASED. Tlie increased Customs duty on tea has already had an affect on the tea market.Tho new duty increased the amount collectable on tea by threepence, and the tariff operated from yesterday... lnei& was a meeting of tea 'interests ,m Wellington yesterday, and tho decision arrived'nt was to increase tbe X'rice >f tea. forthwith. In fact, some of cerned made their increases first turns yesterday morning. , PROHIBITIONIST ON BEER DUTY, ! ' ' The Rev. John Dawson, secretary, of thd New Zealand Alliance, \vas mtorviewe<i respecting the beer duty. Hel said that in his opinion no amount would compen- >•.. sate for tho "injury the liquor business does to society," and certainly a fee oE <fil per year for a brewer s license and id. or oven sd. .per gallon as excise date were utterly, ridiculous. If last >«us business were-to be repeated 1 mean an extra -C 46.000 increase for the ) brewers to pay. Wit'h f" 1 '? b the best part of which . both and quality was Water,' they would stil have far too much profit out of their customers.. It is true there was .a ae crease of .160,913 gallons of spirit gallons of wine, 30,73 d gallons ed beer, and a decrease in the re\enuerf ,£47,000 last year, said the New Zealand brewers for ther had an increased- output of galioas. If this country ;< is to Mntinu® to be afflicted with this trade, .it cer^ ,4^,\Vwe o veTwas h< for of tb.' Dominion, and, he was anxious that we should rid the Dominion rather than increase our revenue there from.

drapery but little affected* 1 The drapery trade is not in the leash degree disturbed at tho 10 per _ cent, which has been imposed upon velvets, plush, silks, and ftins. Wittjnch line* 10. per cent, is scarcely noticeable,, an<t. is not' expected to cause undue emba rft«wmerit in any quarter. Une arap stated that the tax was more 1 than most people might suppose at firsb glance, as it would apply, only to silk in the pure, but to the many fabrics of which silk a These^were many and most of. tho bctter-cln9S m^.™ ls .there '^o a them a a extra 10 per cont.

rise in cigarettes. So soon as the Budget proposals in r* gard to increased duty on tob^e® came generally known to members of that Wtosafssas** ss, n, pr«. «i »• -.^srrt! rsat-ssftflS-.SHt Of 20 ci flfA%f?^ d an Klniin K increases w the s^^xsav? and "that % increased duty will be 225. 6d. per thousand. In matter of tobacco tho to the retailer has been 4d per-ID.