WELLINGTON NOTES.

Hokitika Guardian, 9 July 1924, Page 1

WELLINGTON NOTES.

TAXES AXD TAXPAYERS. (Special to “Guardian”.) WELLINGTON, .July 7. file "want-of-eonlidenoe” motion moved by .Mr T. M. Wilford is attracting the attention of many taxpayers who are alarmed at what the resolution embodies. No one cares, and no one would he sorry to see a change of (loom me nt. if for no other reason than lor the sake of change, hut people lire becoming alarmed at the trend of modern politics, for it means expenditure; at all points. Air Willnrd’s motion indicates that the Government has forfeited the cnnlidence of the country because it has not increased pensions; been use it has not provided for housing; because it has not provided for unemployment; for financial assistance! to tanners, for linancial help to hardup soldiers; for maternity bonuses and what not all of which mean expenditure I rum the Consolidated Fund, which means .spending the money wrung from Ihe taxpayers who are already over-taxed. If all these costly ventures of politicians are to lie given cflcct to there is very little hope of taxation being reduced. On the con-

trary there is every reason to fear an increase nl taxation. As one business man remarked, “our politicians are not yet seized with the fact that we have entered upon a period of falling prices, and thal when produce prices drop the national income will contract. and there will lie <1 iflictilty in meeting engagements without increasing taxation. lullation and extravagance appear to lie the keynote of polities, and tlie national call is for eeoiiuniy.’’ FINANCIAL REFORM.

In the opinion of sound business men what is needed, and badly needed, is reform in our system of National finance. The view taken by politician* and by large sections of the community is that the Consolidated Fund should be large enough and is large enough In cover every conceivable kind of lilo-

lion of •'wnMl-of-oontidoncc'’ as was being delink'd this week. Brazil lias for years been struggling to get its lin,•uiees into order and in desperation Hie Brazilian Government has invited four eminent British linaueiers to visit the country ami report on the matter. Xew Zealand is inviting- two expert British railway men to report on our railway system, and there is no reason why we should not get British financiers to examine and report upon our system of financing. \Yc are undoubtedly working mi wrung lines, for our system makes for extravagance and waste, mid the misuse of the surplus is at the foundation of tlie trouble. If we followed the British system, which i> a model for (lie world, tlie year’s surplus would not he left with the Government to spend, Iml would he used for repayment of debt. The theory behind this is Hurt the surplus is conclusive evidence that more has been taken from the people than was necessary for tlit- government of the country. and therefore the money should go hack to the public hy wav of reduction cil debt. Finance should lie removed from party polities, unfortunately it Is not so in Xew Zealand. The people will soon have to take a very close interest in finance for the conditions llia.t are developing will

necessitate that. WORN SILVER COIN

At last the Royal Mint has expressed its willingness to accept ai lace value worn silt or coin ot the old fineness. that is the silver coin issued prior to 1920. the weight of which has become less by at least 8 per cent of the standard eight. It should he explained thill the i'stte of 1920 and since, contain 50 per cent alloy, that is, ."ill per cent of silver, but the issues prior to 1921) contained only .'I parts alloy and 97 parts silver, and it is tliiworn silver that is being •-ailed in. Mutilated coins are also to be accepted. It would lie advisable fur all who happen to have worn or mutilated silver coins to hand them over to the hank as such coins will ho accepted at face value. During the war owing fn gold having been withdrawn from circulation. a considerable amount of silver coin was imported, and there is really more silver in the country than is required and this withdrawal of worn coin will he helpful. A circular issued by the Bank of New Zealand to it- brunches stales that the standard weight of L'lOO of the coin referred to is nearly “"> lb avourdupois. it follows then that L'lOO of worn silver to he accepted for repurchase hv the Royal Mint authorities should weigh considerably loss than 29 lbs. The ordinary silver coin in circulation is roughly from 3 per cent to -I per cent below standard weight. These coins, the integrity of the design of which lias been impaired to any extent, may he considered sufficiently abraded to warrant withdrawal.