OUR FINANCES.

Hokitika Guardian, 8 June 1923, Page 4

OUR FINANCES.

POSITION WORSE THAN WAR TIME. [BY TELEGU-* .'ll- -I'Elt I’HESS ASSOCIATION.] WELLINGTON, June 7. To n "Times” reporter to-night, Sir Joseph Ward affirmed as incorrect Mr Massey's statement that in England there had been, some time a supertax of lis in tlie L' on incomes, and that this had not been reduced, which statement meant that the English taxpavers were to-day paying double what "ill be paid in the Dominion during the present financial year. The English tax, stated Sir Joseph, is chiefly an individual tax. Last year in this Dominion die companies paid :■> per cent of the total tax. and individuals paid 2S per cent. The companies in this Dominion are widespread, and are largely industrial concerns, giving an enormous amount of employment to labour and yet they are paying in taxation two-thirds moie than the companies pay in England. Sir Joseph \\ aid pointed out that since the war, Britain, with her ono*iiiniis war expenditure and the hundreds nf millions which -lie has lent to the Allies, and upon which there is no interest paid, had paid off LoOD.ODH.Ono of her debt, and had reduced her income lax, while this Dominion had increased its indebtedness bv miniv millions.

Air Massey, lie said, had stated that he had puL up the income tax after he (Sir Joseph Ward) had left ihe Government, on account of the extraordinary liabilities to meet, lie iWard) before leaving the National Government had made full provision for the whole of the Dominion’s war liabili-

ties, including the loans arranged in Sir Janies Allen’s time, and there v. ano war liability outstanding. At that time provision was made for the loans falling in the years to come, and this

was recorded ill the Massey Budget. Therefore, this could not have been the reason for the Is lid in the C mi ivn“c in the income tax, as at Rial jii.nettiro he :Mr Massey had the C17,0:10.000 surplus left by him (Ward). The taxation here was now heavier than at any period during the war. He agreed that those having the most should pay the most, hut ne was strongly opposed to a system so inequitable as that ol to-day. The enormous sums withdrawn irom the taxpayers since tile war have had a depressing effect on the must en.einrising colonists.