CHAMBERS OF COMMERCE CONFERENCE.

Taranaki Daily News, Volume LII, Issue 66, 14 April 1909, Page 3

CHAMBERS OF COMMERCE CONFERENCE.

KEPEAL OE JIORTCAGK TAX URGED.

By Telegraph— Press Association. Wellington, Tuesday. The Conference of New Zealand Chambers of Commerce opened today. Mr. W. G. Duthic (chairman) welcomed the visiting delegates, and outlined the business to Ik; considered, lie expressed the opinion that the Conference would end on Thursday. Mr. D. J. Nathan

brought forward a motion expressing approval of the Government's offer of a Dreadnought. The motion was received with applause. A lengthy discussion took place in criticism of the graduated tax. Mr. Kettle, of Napier, moved for the repeal of the mortgage tax, and that in lieu thereof all income derived from the investment of capital in mortgages ,he made subject to income tax; further, that the graduated tax on capital invested in shares of public companies be levied on the paid-up values only, instead of, as at present, on the proportion of list shares, and the total value of land owned by public companies respectively on their liability. It was said in discussion that the Act's operations had a distressing effect, and that the present position of the law, coupled with the Government's local borrowing, was greatly responsible for the financial stringency. Wellington, Last Sight. At the afternoon sitting of the Chambers of Commerce Conference, Mr Kettle's resolution re mortgage and graduated . land taxes was carried, with the latter portion amended to read as follows: '•That the incidence x>f the graduated tax on land generally and especially as affecting the interests of private individuals in companies, be carefully reconsidered! with, a view to such tax being wholly or partially abolished." On the motion of Mr. D. J. Nathan it was unanimously agreed: "That this Conference of the Chambers of Commerce of New Zealand approve of the Government's offer to share in the defence of the Empire by presenting a Dreadnought to Great Britain; that we acknowledge and record Hhe prosperity and maintenance of our Empire can be upacld only by each and every portion of His Majesty's Domin'ions providing now and in the future for united defence, and that we are prepared to assist in establishing such a position." Mr. Nathan said the time was fast proaching when the Empire would have to maintain the glorious heritage which hadi been handed down' to the present generation. England's rights were maintained only by her predominance in naval affairs. It was the duty of Parliament to contribute its due quota to the upkeep of the Imperial Navy. Trade followed the flag. At Home the cost of the Navy was £1 per head; here it was 2s per head. Surely we could afford to pay £1 per head.

effective' keply by the PREMIER. Wellington, Last Night. Speaking at the Chamber of Commerce dinner to visiting delegates to the Conference to-night, Sir Joseph Ward contradicted the statements made fcy Mr. Kettle during to-day's discussion on the effects of mortgage and graduated land taxes. The statement had been made, Sir Joseph Ward said, that the Government was responsible for the stringency in the money market, by absorbing local money. That was contrary to fact. During the last twelve inonths, the Government had only bortrowed from the public in New Zealand between £90,000 and £IOO/1000. That ladi been unsolicited', while in the meantime the Government had brought a wery large sum of outside money to the country. The sum they had brought in and circulated ran into several hundreds of thousands of pounds. As to . the statement regarding the difficulty of obtaining money in New Zealand through the Government institutions., lie fretted it had been made. During the last twelve months, the Advances to Settlers Department had K-nt out 111 cash nearly two milions, though he had „»t the actual figures. At the, same time, the Government had lent £250.000 to local bodies, making a total of considerably over two millions. Then it bad been said that the graduated tax was imposed upon buildings, but he •wonted, to say that thereiw not a building in any part of New Zealand lon which taxation was levied by the Government. Another sta enient lie wanted to contradict was that on account of the operation of mortgage to mo ney was not coming into New Zealand As a- mutter of fact, he had witlite the tot six weeks refused Au.tr.lm money amounting in one sum to £io»r M 0 which was offered for investment rW Zealand at 4 per cent In addlioTdurißg the coming month a sum rf £235,000 had been aramged for in •AMtofiTtor investment in New Zealand at four per cent