STATE FINANCES

Hokitika Guardian, 12 May 1932, Page 5

STATE FINANCES

TAX INCREASES

FOR FAMILY ENDOWMENT,

(Per Australian Press Association.)

SYDNEY, May 11

In the Legislative ASacmo.y, l’re mi er'Lang introduced a Bill amending the Family Endowment Act, increasing the irate of ta.xatfoif from 4.8 peace in the pound, to live- pome in the pound. . -Ur Lang explained that the a!ioration was nece-sary, owing to the invasion of New South Wales resow c'-s by the Commonwealth Govt i ament, which deprived the State Govcrniiienof banking facilities. Mr Stevens, Leader of the Oppo-i----tion claimed that under Mr Lang's new method of assessing the fam'iv endowment tax, which would be payable with the wages tax, the P.'-min*’ would get command of at least £600,000 almost immediately. It was a tiick which could only be worked once Ihe increased taxation would amount to i quarter of a million pounds. The House ‘ of Representatives pas?ed the bill further amending the Enforcement Act. The measure -x----empts from the provisions of the Act money for superannuation, widows’ pensions and family endowment; and also protects from victimisation, those State officers who carry out the Commonwealth's law\

MR LANG’S NEW TAMES

MORTGAGEES TO PAY

SYDNEY, May 11

The 'lsew South Wales lAgr-iative Assembly was staggered to-day when Mr Lang introduced the Taxation mi Mortgages Bill, under which, by a tax of ten per cent, on every mortgage upon land or any estate or interest therein, he aims to produce seven millions of revenue. T M e tax must he paid within fourteen uay;

The Premier declared that this revenue would enable him to satisfy |.he demands of the Commonwealth Government in respect to tl e nitc' est payments, and thus to rom.ve a ci\;ipling embargo that had been inflicted upon the wealthiest and most populous .State in Australia.

The invader, he sail mu a. “either be paid out or thrown out/' He added ■that those people of means whose patriotism had led them 'o clamour that the invader should be raid .nit, would now have the opportunity of living up to their beliefs, - and the Government would do its pil'd: by pinvid ing the machinery wjtu welch this uiuld be done.

He made no secret, he said, that this tax was in the nuurs ol a levy on the wealthier section of the community, who were now able to make a reasonable contribution towards the rehabilitation of. the .Mate to which they, as mortgagees, were largely indebted for tlieir accumulation o f capital,

TRANSFERENCE of gold.

PROVISIONS IN NEW BILL

CANBERRA, May 12. The Commonwealth Bank Amendment Bill* read the so :ond time in thg House of Representatives, empowers the Government to transfer the whom' of the Anslndian gold n.seivr. in Eng lish sterling. Mr Stanley Bruce, assistant treasurer, explained that, as the Commonwealth Bank Board jontrodt-l the exchange, it could he reded upon to deal with it in a manner best n|.minted to maintain credit Australia The measure provided tn.it any prrfit from the sale of gold and the purchase of sterling should le tiansterred to a special reserve account, and should be available for fertilising exdiange, or for the note issue department

HUNDRED MEN SWORN IN. THREAT OX MINISTERS’ LIVES

CANBERRA, Vav 12

More than a hundred men, inodly employed by the Common weal rh pal uc service, have been sworn m under the Peace Officers’ Act. Letters i ave been received by Messrs Lyons •ml Bruce, and Major Jones, >'m.>f of Ihe Federal capital police, making thi»r.ts on their lives

GOVERNMENT DECREE DEFIED

SYDNEY, d.av 12

A Federal proclamation, requiring ill' New South Wa’os ( ’oVt , riuii. , i 1 !. . !-

/i c inis *to transfer monies from specific sources to the Commonwealth cane .n-

)o operation to-day, out not one pinny ■was received from any State official.

It is now believed that, penalty clauses in the Enforcement, Ac), tan i e applied.