Bank Account Charge

Dominion, Volume 28, Issue 101, 23 January 1935, Page 11

Bank Account Charge

•Sir, —I, like “Hard Pushed,” have been wondering when the bank account charge will be again reduced to 10/- per annum. The increase from 10/- to £1 should never have been charged to the various clients of the banks. The Note Tax was an untouched source from which the Government sought to obtain increased revenue without looking further to the overburdened taxpayer. The bank, however, to prevent its profits being materially affected, through the Note Tax, passed the tax on to their struggling clients. If a reduction or the abolition is not made at an early date, general protest should be made by the Chambers of Commerce throughout the Dominion. The writer, who is a member of the Chamber of Commerce, will certainly bring it under the notice of his chamber, with a view of getting it passed a remit, to go forward to the Chamber of Commerce Conference. With a hope that some strong representa-. tions will be made through the right channels to ask for the abolition of this system. It is iniquitous that any commercial institution which is trading for a profit and depends on public support should take advantage of the position that it has been placed in by the State, created under the Charter to conduct the banking business of this Dominion. It is time that the Chambers of Commerce, Farmers’ Unions and similar organisations took a greater interest in banking generally, including tho manipulation of currency and credit. —I am, etc., FAIR PLAY. Pahiatua, January 19.