TAXATION

Rotorua Morning Post, Volume 2, Issue 566, 24 June 1933, Page 4

TAXATION

CHAIRMAN OF BANK 0F N.Z. SAYS NEARING LIMIT \ In the course of his address at the ] annual meeting of the shareholders of > the Bank of New Zealand yesterday, f Sir George Elliot, in seconding the adoption of the report, had some- j thing to say ahout taxation, 'which, he 1 declared, was nearing its limit and i that any increase might have a dis-j astrous effect upon the public purse, | "To attain a balanced budget," he 1 said, "there remaips the unpleasant . duty of cutting down public expencli- 1 ture.' ' ■ ] "Our trouble has heen, and perhaps | still is, that we have not sufficientlyl realised that New Zealand is a sraali country with a relatively tiny popo- . lation, and we have followe'd in thej footsteps of larger and more poput-1 ous countries in setting up depart-1 ments of State that are in our circum- j stances unjustifiable. Several^ of suchl departments hrought into being dnr- j ing the past twenty years might welll be amalgamated, and others abolish-J ed, notwithstanding the good workl they are doing, simply because we can-J not alford the cost, nor does thepie-J sent population warrant their reten-1 tion. . . M "No pleasant dreams of the vision-a ary of fanciful forms of_currency,of| inflation, or reflation, will lead Neia Zealand or any other country, mtoa Utuopia so gihly promised by theorej tical exponents. . "The present British banking mm currency systems may not be Pe®jl but they have been gradually evov ■ hy succeeding generations of prWj men to meet the intricacies of txa« and finance, and they have unaon JB edly had their part in the makmg m London the financial centre oi M world. , n.M "Until in the cycle of events g M times come again, let us follow ■ high road of old-established metho« never forgetting the value o ■ work and of living within oui 31 I