WAR LOANS.
SHOULD THEY BE TAXED! Sill JOSEPH WARD THINKS NOT. Cliristchurch, Maxell 11. Sir Joseph Ward made a very lengthy statement to-day in reply to criticisms that recently have been directed against the obtaining of war loans in New Zealand free of income tax. In his concluding remarks, Sir Joseph Ward says: "VVhy are the various portions of tlje British Empire, including New Zealand, appealing for subscriptions for war loans free of income tax? It is because the amounts required are excessive, and, at all events, in ta« ease of New Zealand, beyond anything ever dreamt of as being likely to be asked for. The money is tied up in the war loans in the first instance for a period of twenty years or more. There are comparatively few people in the country who can afford to withdraw money individually or from their businesses without obtaining financial assistance to enable them to <lo so. If there were not some incentive held out, many who have loyally and magnificently responded would not in any of the countries have undertaken, in many eases beyond I heir means, a heavy additional responsibility. There is no country boyond New Zealand to which we could gi> at present and obtain money under (it per cent., and then with a heavy discount oil' our loans. "In the interests of financial safety for the country it is impossible for me to adopt the proposals of well-intention-ed people, who are entitled to their own views, but whose advice would be useless to me as Minister bf Finance if .an unholy mess were made of the finances of the country during war time, and the confident opinions they express would be no excuse from my standpoint for yielding to representationj of the kind. 1 should have greater confidence in tiieir judgment if countries like the United States of America, like Canada and Australia, like Great Britain, had adopted such a policy as they are now urging, but I am satisfied in my own mind that, for reasons very similar to those which have prompted me, (he course which they have suggested was regarded l>y experienced men as a dangerous oik upon which to embark.
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Taranaki Daily News, 13 March 1918, Page 5
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366WAR LOANS. Taranaki Daily News, 13 March 1918, Page 5
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