Hokitika Guardian & Evening Star TUESDAY, SEPTEMBER 23, 1919. WEALTH FROM THE LAND.

Hokitika Guardian, 23 September 1919, Page 2

Hokitika Guardian & Evening Star TUESDAY, SEPTEMBER 23, 1919. WEALTH FROM THE LAND.

“From a financial point of view tlio Kaiser’s will to war will have cost us over eighty millions sterling, which added to our debt, will bring our indebtedness to something like 170 millions sterling,” remarked Sir James Wilson in the course of liis presidential address to the New Zealand Farmers’ Union, at Wellington, last week. “Interest charges have to be met, besides the cost of pensions and allowances —in all, these will total about eight millions sterling. As against the total debt to have a sum of accumulated surpluses in London, of short-dated investments, of some fifteen millions sterling and a very problematical amount from the indemnity from Germany. In direct taxation since the war began no less a sum than twenty millions has been levied by way of land and income tax—two millions more than was collected through the Customs—and besides this, local taxation, no less a 3um than £12,639,928 for the last five years we have a record of, and death duties largely payable by land accounted for £3,395,884 for the same period. Land has to keep' up the roads, bridges,' streets, contribute largely to harbours and hospitals. Much wealth has been dissipated' in our fight to win the war, and it is to tlie land that we must look to create more wealth, to replace that which during the war has gone 'up in smoko. We have been a fortunate country, however, for the produce we grew was wanted by the Allies, and arrangements were made to purchase on the spot this produce, and pay nearly all charges. Something like a hundred millions sterling was paid in this way, to be very soon divided up, first by supplying Government with over seventy, millions by way h>an to carry on the war. Wo have seen that by way of laud and income tax twenty millions were handed over to the Government as revenuo. A' very considerable portion of the (balance went to the workers for,the deposits in the Savings Bank have increased enormous ly and despite the high cost of living one is glade to see that the thrifty ones have been accumulating capital. Up to 1913 the 'increased deposits over withdrawals ran from £400,000 to £BOO, 000 per annum. The first year of the war they jumped up to two millions; 1915, to over three millions; 1916, three and a half- millions; tho same in 1917; and in 1918, over four millions; and the March quarter of this year adds another million to the credit of depositors. The total, addition to tho deposits during the war and up to March 31 last was £17,323,716, just doubling

the deposits in five and a quarter years. If we note, too, that the Customs duties have not been changed, and the addition this year is entirely owing to the increased original cost of imported articles, and that direct taxation has increased five-fold, it must bo acknowledged that Sir Joseph Ward was correct when ho said that in New Zealand, the worker paid less in taxation than any other country and has been able to save a very large amount during the war years.”