COMMERCIAL.

Taranaki Daily News, 19 April 1918, Page 5

COMMERCIAL.

AUSTRALIAN MARKETS. Australian Cable Association. Received April 18, 11.10 p.m. Sydney, April 18. Oais.—Algerian feeding, 4a; milling 4 3d; Tasmanian 4s. Maize.—ss, Potatoes.—Tasmanian, ; £6 tolffl 10s. | Onions.—|£U. I Adelaide, April 18. QfttSv^ed,

FINANCIAL COMPULSIOI

CLAUSES TO BE PUT ■ Rpfifl OPERATION, , , rj9 STATEMENT BY JOSEPHfffi|raj Py Telegraph—Press Association <j|H

Wellington, Last Interviewed to-day on the subject M the compulsory clauses of the Finance Act, Sir Joseph Ward made the foBow„j jng statement, which will be of inter«s| to those concerned, aa doubtß appear ($ exist in the minds of many garding their obligation to subscribe fej the war loan under the coprprttara clauses of the Finance Act. *" ~^f It may be as well to explain claarljj how it is proposed to administer 4h|BBC plauses, Section 40 of the Finance Act pt 1017, which provided compulsory clause} under that Act has been repeated." MX the only compulsory clause! whim aiJift now operative are those contaiuad it the Finance Act of 1918. Under 'Q»$ latter clauses the Commissioner of 'Jtaasii is empowered, after comparing" >t£| amount of land and income tax pa&i Jjs any individual with the amount at mfacription to war loan of that MHffefii to Berve notice on a taxpayer <**fpft&j an additional sum by way of submit tion to the loan. Provision is ma 4» for the setting ud of an appeal board to»<fee TVith any objections to the amount, sessed by the Commissioner of T&ceS) and a further appeal to a judge of ttH Supreme Court is also provided by $j Act. Every person is liable to b» ctM upon to contribute to the extent times the average annual amount "<fl their land and income tax assessed i him for the years 1915-16, 191M7 aa

1917-18, This does not mean the* «| Commissioner of Taxes is compeltej^ claim six times the amount' of' JUt& taxation, but this provision is xpessfrjin serted in tWe Act to provide a mawitCTO amount beyond which the Commiw'jawlf; of Taxes cannot go. The Act pjo*ids&' that subscriptions to the loan meter compulsory- clauses will bear intsrast^l 3 per cent, only, but I wish it to'ifi thoroughly understood that tixap 'Wffffie given to enable persons to discufia their position with the Commissioner-i^Tfta!! Wore the penal clauses are raii isdd operation 1 . Considerable diseretioi^M powers are given to the appeal ,bp«rjij which, in dealing with any appeal, 'WPI take into consideration the fact thafc.ffljjf appellant had subscribed liberally to>,pij» vious loans, or that he had losses, or that his circumstances img otherwise such as would justify W^H claiming partial or whole exempuw.|W&; the provisions of the Act. The objw^ra 'the compulsory clauses is not so pimp to compel a\willing contributor scribe more than he has- done as it'jjSftl compel the shirker to shoulder ik'iM share of the financial burdens 'of 48 country. ■' ;',^ In concluding his remarks, Sir JoaeS Ward said he felt it his duty to sti§ that he had given instructions for S)M compulsory clauses to be put into opj3P| tion, as he found it necessary that t§j( ] should be done. He would make a gtljfci eral statement about the present IdsM and give information concerning -0^ loan in the course of •«**#! or sO. r *j