The Property Tax

Feilding Star, Volume VI, Issue 18, 22 July 1884, Page 3

The Property Tax

Speaking- of the Property 'lax at Dunedin West, Mr W. D. Stewart said — The tax was one on the springs of industry in every sense of the word. — (Applause). There was plenty ot money in the colony seeking- investment, capitalists knew that if they put £40,000 or £50,000 in some new venture they ran a ri>k ot getting no return during the three or f"*ur years which were requisite to establish the industry, and in the meantime they not only lost the interest on their money but they had to pay property tax, iv many instances on machinery which was becoming; less valuable every year. No one under such circumstances cared to risk their money in those enterprises which would be of such immense value to the colouy. Nc country c.mld achieve true greatness unless it had its agriculture, cominerc. and manufactures so uething like evenly balanced. Ihe weak part in this colony was that our manufactures were very limited, and that our capitalists lacked enterprise. We were a very small people, but very little encouragement wan held on at present tor capital to come to this colony. No country should be able to offo greater inducements to capital and interpri^e than than this if its affairs were property administered.