A SENSIBLE PROPOSAL.

Temuka Leader, Issue 1661, 17 November 1887, Page 3

A SENSIBLE PROPOSAL.

The Wellington correspondent of the Otago Daily Times ftives the following as the outlines of a navr proposal which will be made by Sir George Grey : "It has often occurred to ira as strange that the holder* of New Zealand securities have not been called upon to contribute something to the colony from which tbey derive so much benefit. Our debt at the present time is about £34,000,000 net, and with the exception of three and four persons the holders of New Zealand securities either live out of the colony, or keep their bonds outside of the colony thus evading the property tax. Now my idea is that holders of all such securities should be asked to contribute one penny in the pound property tax. This would bring in no less a sum than £143,000 pet annum. With such security as a revenue like that amount would mean, we could raise »loan of £3,000,000 if necosnary. At any rate, the imposition of such a tax would mean the reduction of our national debt by £3,000,000; it would BtaDd at £31,000,000 instead of £34,000,000. Looking at the matter superficially, it might appear thai the proposed tax would fall very heavily on the bondholders in question, but on close examination it will be seen that they would only have to pay a mer« trifle In comparison with the benefit received. A person drawing £ISOO par annum would only have to contribute £8 4s a year, while a person getting £IOOO a year would only have to pay £4 3* 4d. On the ground of equity they could not possibly object to the tax. The bondholders who reside in the colony not only circulate their money amongst us, but are forced to p ! «y property tax on what they possess. Surely, then, those holding osr securities outside th& co ! ony could not object to contribute something towards the maintenance of pe <co, order, an-i good government in the colony from which they

derive an income. Great Britain and all, or nearly all, (he European States make the holder* of their publis securities con. tribute something towards the revenues of their respective countries in whose bonds they are interested, and why in the name of common sense should New Zealand hesitate to adopt a system which has worked so beneficially elsewhere t It is an undeniable fact that every man who earns his bread by the sweat of his brow in the colony is compelled to devote a certain amouot of his labour to pay interest on our borrowed money. They toil that the bondholders may receive their interest, and why should not the latter be compelled to do something in return towards the government of the colony t Bondholders owe a debt of duty to the laboring people to pay their fair proportion of ths taxes. The payment of a trifling sum would give the holder of colonial securities a much grestsr interest, persons! and direct, than th«y hare at present in the welfare of New Zealand. A strong argument in favour of the scheme I propose, is that the money can be collected without the aid of any extra expense. When bondhold«rs present their | coupons the tax could be deductsd without the slightest trouble, and without the aid of any extrn clerical assistance. 'lhe adoption of this scheme would enable the Government to carry out their plans of retrenchment on a sound basis, instead of rushing at it in the wild manner proposed. A complete md efficient reform of the civil service could be effected with, out inflicting any hardship on individuals, and a radical schemo like the one proposed would be the means of bringing peace and contentment to thousands of families.' 1 1 inquired of Sir George if he intended to bring the matter forward in the House during the incoming week, and ho informed me he would certainly introduce the subject in some form,