TAXATION MIRACLE

Taranaki Central Press, Volume IV, Issue 291, 21 November 1936, Page 5

TAXATION MIRACLE

I History Repeats Itself In I ) Politics. i , Press Association —Copyright. Dunedin, November 20. “ r rhe taxation microbe, which is | eating the hearts out. of the people i of this country, is an evil that was ! introduced into the body politic by ■ past Governments, and its effects are I intensified in its application by the I present governing body. This is hisI lory repeating itself, as in the case i of Rehoboain and Jeroboam —one punI ishing the people with rods, followed iby the other with scorpions. The I evil that men in power in Hie present | days do will live alter them, so that I the taxation evil may be regarded as

a stayer.” These remarks were made to-day at the annual meeting of shareholders of the National Insurance Company of New Zealand by Mr. John Moloney, who has been a director of the company for 37 years and chairman for 21 years. Discussing the company’s affairs, Mr. Moloney said that the company’;- ! accounts for the past year showed an j increase of £9806 in the net premi !um income of £233,203. Afte: I making' the customary transfer ti ‘ reserve for unexpired risks, adding I £5OO to the general reserve, ami I writing £ 1900 off the company’s- ! premises, £20,158 was carried to iln I profit and loss account from under j writing and £26,956 from rents am I interest. Net interest and rents wort i less by £753; the ninterest income i was slightly in excess of that of tin preceding year, but this was more than negatived by the comparative!) heavy expenditure on repairs am renovations to the company’s build lings. Government taxation amount! Ito £ 14,208. After payment of tin I final dividend of sd. a share, amount ■ ing io £20,833/6/8, the balance £37,536/8/8, was carried forward.