WAR WEALTH.

Taranaki Daily News, 19 March 1920, Page 5

WAR WEALTH.

THE PROPOSED TAX. BRITISH BANKERS OPPOSE ''J 'I SCHEME. j By Telenapfc—Press A&m.—Copyright* j London, Much 18. j The opposition of bankers to tl capital levy on war wealth was voire*, before the House of Commons committee pii February 24. ■{ Mr. Martin, chairman of the Britilsii Bankers' Association, said that h'l coin sidered the tax on war profits edly just, but the tax on war wealth \ as proposed, was a direct attack' vaC the thrift of the' uan who, during thai war, stinted himself to invest m Waft, Loan. Tie would now see his savings; raided if they exceeded £2OOO, while the profiteer was scattering hit newly" made riches, which went free. with the effect on trade, Mr- Martlt saw. the demands on the banks for tyvul for legitimate purposes were kcrewnfet' The trader wishing'to do pre-war trader required at least three times more casH; fal. It was a. complete fallacy to thine that because bankers' deposits had rl«n| there was at hand a surplus fund wMehf could be tapped by taxation. j Mr. Fain, the manager of Lloyd'* Bank, denied there wan any war wealtiu He said that the proposal before tan committee wa9 the greatest blow to the! credit of the country it had ever naul and the tax 1 would follow the great financial efforts made by the people dur-< ing the war and at a lees favorable" time. He gave it as the deliberate opinion of himself and other prominent financiers and bankers that if the aug< gested tax was imposed the country would be in serious danger of a fnwW cial panic, such as the present BHkffidki tion had never known.— vice. '-/i.^