THE PROPERTY TAX.

Globe, Volume XXII, Issue 2039, 6 September 1880, Page 3

THE PROPERTY TAX.

[By Tblegbaph.] [fbom oub own cobbespondent.] WELLINGTON, September 4. Sir Hercules Robinson held an Exeoutive Council at noon to-day, presiding for tho last time in New Zealand. Messrs Hall, Dick and Oliver were presont. The new Property Tax schedules were to have been laid before the Council for approval, so that an Order in Council might be granted appointing them, but it was found that some verbal alterations, which were considered necessary in the draft form, have caused some delay in printing. The result has been that they could not be laid before tho Council to-day, consequently, as tho schedules cannot be distributed until thus approved by Order in Council, and as another meeting of the Executive Council cannot be held before Thursday next, when the Acting-Governor has been sworn in, it is not likely that the new formß will be circulated for nearly a week. It is possible, therefore, that it may not be practicable to make them returnable even by October 15th, and that it may be necessary to grant a further extension of time. As some exception has been taken to all debts due to the taxpayer being included in the schedule of taxable property, wilhout any provision for bad or doubtful ones, I may explain that it is the value of the debts, and not their amount, which is to be returned, and tho value of such property is to be the basis of taxation. Consequently, a man will value hia debts, good, doubtful or bad, at what he has reason honestly to believe ho will get out of them. He will value good debts duo to their full amount, doubtful ones at suoh discount as would represent his probable loss on them, and absolutely bad debts as nil,