THE FINANCE BILL.

Taranaki Daily News, 14 July 1916, Page 9

THE FINANCE BILL.

THE MINISTER IN REPLY. SECOND READ!NO CARRIED. By Telegraph. —Special to Daily News. Wellington, July 12. The debate oil the second rending of tlie Finance Ril was concluded late tonight, when the Minister replied in one of the best speeches he has delivered during the session. Ho wished members to fix their minds on the fact that the proposed taxation was for the war period only. The fiscal system of the country was not being revolutionised. The task might have to be undertaken after the war, lint would not be attempted now. Ho had listened to criticism of the Bill with much interest, and was prepared to meet some of the suggestions that bad been made. The supplementary tax of 5 per cent, would be lightened on smaller incomes up to a certain amount, so removing one objection to the imposition. In the options given to taxpayers re the assessing of excess profits, interest would be allowed up to 8 per cent, instead of up to 0 per cent. Provision would be made to ensure no injustice being done to young companies of young firms which, on account of expenditure in establishing themselves, might find their first profits ranked as excess profits. Professional men under the same heading would be allowed an evertion wage, so to speak, of £OOO a year. Steps would be taken to prevent any confusion between ordinary banking institutions and institutions carrying on business on behalf of farmers and others akin to banking operations. Any competition for deposits calculated to raise the price of money unduly would be prevented by a new clause in the Bill.

The Minister went on to explain that 110 p.-ofit had been made out of commandeered meal or other produce by Government operations conducted on behalf of the Imperial authorities, and oliere could be no doubt that iliey luid secured for producers better prices than they otherwise would have obtained. When the Minister had done, he was warmly applauded, members feeling their objections had been 1 airly considered, and, where possible and desirable, concessions made. Sir Joseph's conciliatory attitude will much facilitate the passage jf the Bill through Committee, and quite probably it will go on to the Council this week. Mr. Massey and Mr. Allen are still laid up with influenza, and the Minister of Defence has been in charge of the House during tlie last few days.