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Oamaru Mail, Volume IV, Issue 1319, 15 September 1880, Page 2

Tuf, Executive Council sat again on the 12th, and incubated another schedule for the Property Tax Act. We lately expressed our opinion that the meaning of all this indecision was that the Government did not see their way to the adoption of the new and simple schedule. A simple schedule will never do in connection .vith such an arbitrary and exacting measure as the Pronerty Tax Act. The Government have resolved to attempt to raise a large amount of money by means of this Act—what the amount is likely to be to L[30,000 or so nobody, not even the Colonial Treasurer, seems to know—and the utmost stringency will be necessary in order to accomplish this purpose. Ife was not the schedule that was faulty. It was the Act, of which the schedule muat of necessity be a reflex. The Government, in attacking the schedule, with the object of attempting to mollify the Act, was attacking the top branches instead of the root, of an evil. We wore convinced that the schedule lately concocted was too good to live long, aaa we are not, therefore, one whit surprised to see the following published in the Otago Daily Times as a description of the latest revision of that portion of the Act: —

The new schedule for the propetry tax was finally adopted at a meeting of the Executive Council this afternoon. It'will bo gazetted immediately. The new schedule is much the same in general form as that v hich I telegraphed last wpr-k, with the important difference, however, that the amount of debts for which exemption is claimed is to be stated, both gross and net value • f property being specified. The freehold, leasehold, and personal property are all to bo stated separately. The value may bo stated at the aggregate value, or separately for each property. The general description is to be given of property, stating locality and area of land in all cases where possible. Personal property includes all property of whatever nature not coinprised in the definition of "property." It is ajso described a3 "all other property, including debts owing to me at their estimated value —mortgages, ljpns, bills of sale, annuities, debentures, or other securities for money, household furniture, jewellery, p'atc," works of art, live stock of all kinds, produce, merchandise, stock-in-trade, plant, machinery, cash, and everything else I posses-, except agricultural implements in actual use, life insurance policies, shares in public companies, and any other property exempt from taxation under the übove Act." The debts for which exemption is claimed are £c be explicitly stated, and classed as follows ; —" (1.) Existing mortgages on real property owned by me,(2.) All other debts and liabilities owing by me for which I claim exemption, and not included in preceding statement as to mortgages." The schedules are to be returned 011 or before 23th Octo 1 er. The delay has been owing to the diiKculty in providing for the exemption of debts without making the forms too inquisitorial on the one hand or too l;>x on the other. I'ney will bo distributed forthwith. The following footnote is appended : —"This statement may be suit free by post to Deputy-Commissioner, and must be sent not hi'er than 25th October. 2. Trustees and agents of persons temporarily or permanently absent from the Colony are required to render statements of properties for which they are trustees or agents—see sections 19 and 20 of Act of 1879. ') he above form may be altered or varied by the agents or trustees in such a irianner as may be necessary to show who is the person beneficially interested in the property."