Tax on Bank Notes.

Manawatu Herald, Volume III, Issue III, 6 November 1890, Page 2

Tax on Bank Notes.

— . ♦ Labour candidates work hard to devise revenue from impossible channels. Speaking at Sanson, Mr Pirani is reported in the Advocate to have said — " The Banks in the colony were issuing large numbers of notes, and he suggested that, as they were issuing these notes for a^ very small payment, the Government could talce that part of the bus'noss out of their hands, and issue the notes themselves." Wo hnve looked into the I proposal and nr<> not surprised to : find that an acknowledged financial

expert is wholly opposed to such a prjpjsicion. i'lu gjiiiionua w.> refji 1 to is air Julius V^jl, wha uifjmud a monib.v of In ' ament wiu mid mad.; a so ujwhat si.nilai 1 sug-g-'St:on, that " the lianas had at to pay 2 per cent., besidis propirty tax. Tnis 2 per cent was aot paid fv a privilege, because th.jjiiviidgd was givon to them many >vars ago by Parliam Jilt in sdpa.iti Aits. Hj had always thought th.n a m. stake was made in giving this tjrivilega in perpetuity, and th.it tlu A^ts should have bejn to.- a limited time ; but as it was, it was given in perpetuity, and it would only be another way of taking this privilege away if a tax were imposed on them equal to any profit they might make." This, however, will not cause much confusion, as the simple principle of the new order of financiers is to take from the land oil revenue unobtainable from theoretical sources.