The Times. PUBLISHED ON TUESDAY AND FRIDAY AFTERNOONS. FRIDAY, SEPTEMBER 21, 1917 WAR AND TAXATION.

Pukekohe & Waiuku Times, Volume 6, Issue 312, 21 September 1917, Page 2

The Times. PUBLISHED ON TUESDAY AND FRIDAY AFTERNOONS.

FRIDAY, SEPTEMBER 21, 1917 WAR AND TAXATION.

"We notluna extenuate, nor let down auoht in malice."

Already over £27,000,000 has been subscribed for war purposes in this Domiaion, which means, with the £2,000,000 subscribed tor public works expenditure, that the country has found, roughly, £3o,ooo,iini). Our war expenditure is now approximately £2,000000 a month, with a tendency to increase rather than to decrease. Assuming that the war continues until about this time next year, and there is no apparent prospect of it ending before then, the people of N'ew Zealand must be prepared to find another £15,000,000 or more. What all this means in interest alone is, perhaps not generally realised, and consequently the "Mercantile Gazette" has done well to endeavour to bring the facts home to the taxpayers. To that end the "Gazette" has gone carefully into the figures. It shows, first of all, that the interest and sinking fund payments during the financial year ended March 31, I'M7, amounted to £4,014,7<>2. The growth of expenditure under litis head is shown as under : Interest, etc.. Ye.u ended -n I'uM l I>e!'t. M.ircli :tl * l')jj 2,650,341 P»J3 2, 717,i4l 1"1! 2,^7/n] |<»]s *,071,44s l"|i. »,190,7'»s ]')l7 1,014,7 l »2 It will be seen from the figures that ill. the war period I'M 5. I'Mo, and I**l7 the interest bill has in creased by £1,126.5 i I, of which £523," , '4 was recorded in the past 'financial year. The Minister ot Finance has just obtained a further loan of i which at V: per cent, means in addition to the interest bill of £7l l,oou, and if a further £2o,oO(i,nnn has tn be borrowed there will be another addition of £ l miihmih. The position, then, at the beginning of the financial year l"l u 2" would he as under : I Interest now paid l.'U 1,7". Interest on £,'15,^11), mm 7 I I, Interest on L'2'V'ou.o- i.iiiih f^.<.25.7wj This means about £S I"- pi r mi inn for <*vci V man. wnni m

and chilil in New Zealand, and the- charge will remain an obligation foi main wars. In the face of these fuels i; must be obvious that, Ileavv as the taxation now is, it inust be gieatly increased, perhaps, next year. Taxation was imposed last year also, and the amounts received in this way, and what the per capita amounts in , ma\ be seen in the table appi tided :

Compared with there is an increase of £4,631,620 in the total and £'4 4s () d in the per capita amount. The increase has been obtained mainly through income tax, as shown in the figures below:— Year ended March 31. £ 1914 554,271 1915 540.31* 1910 1,392,119 1917 .. 4,262,126 The income tax collected in the past financial year was nearly eight times the amount collected in ioi3-14, anil it will be still larger when this year's additions are collected. Customs and excise cannot contribute very much just now, because of the difficulty of importing goods, but when the war ends and merchants are free to import the Customs revenue will expand. These figures, says the "Gazette," show how imperative it is for the Government to exercise the very strictest economy in expenditure. The heavy taxation does not press very seriously just now because of the high prices ruling for our primary products, but the "Gazette" warns us that we must look for a time when a lower range ot values will rule, and when the taxation will press very heavily upon every individual.

Vcai cndi Maivh 31. I'Mal 1 Tax..--. £ Pel head £ s. cl I'M ■> 5,6u(),82 f l 5 7.2 191-1 3,018,034 5 li> 0 1915 5,880,811 5 7 5 1916 7,2t>b,i)6o f. 12 1 l f »17 10,-540,654 9 11 II