NEW SOUTH WALES POLITICS

Temuka Leader, Issue 2862, 31 August 1895, Page 4

NEW SOUTH WALES POLITICS

Sydney, Aug. 28. In the Assembly the Premier announced that the Government proposed to raise a loan of £3,727,000 in London shortly, to be devoted solely to the renewal of debentures, amounting to £1)77,000, falling due in 1890, and Treasury bills to the amount of £2,750,000. Ue thought that they were bound to get the monoy under o.J per cent. He denied chat the Government were pandering to the working classes in raising loans, for they could put useful reproductive works iu motion, and thus relieve the distress. It was their duty, and they meant to do it. Mr Reid stated that the present Bank Notes Act would bo allowed to expire in a few mouths. Two Savings IJanks will bo amalgamated A scheme would bo drafted during the recess, and provision made next season for a State note issuo. It was then intended to deal comprehensively with banking legislation. With a view to improve the position of the uolouy with borrowers he hoped to obtaiu the sanction of the British Government to place the colonial securities on the trustee list. It was not judicious to further increase foreign indebtedness, and any subsecpuont loans he intends to ra'ie by tendor in the local market. He said that he did not think much advantage was gained by the conversion of loans. Aug. 29.

In the Assembly the Premier moved the second readiug of the Land and Income Tax Bill. He said that it was practically the same aa that previously introduced. 'lho main alteration was that thero would be three commissioners, instead of ono commissioner, in charge. Tho collecting department would be worked in conjunction with other departments, and would, thereforo, entail few fresh appointments and little additional exponso. Other alterations made it clear that no part of the absentoo tax could be passed on by absentees to any residents interested in the taxed lands. Incomo tax was so altored so as not to include estimated returns derivable from improvements required for busi ness purposes. Mr Lyne, leader of tho Opposition, said that the gonor.il outlook was of a gloomy description. Tho rosult of tho dobato so far .shows that coua'dorablo opposition may ho expected, even from Government supporters, aa to tho incidence of taxation. In the Legislative Council the At-torney-General explained the provisions of tho Bill for reforms in the Council, and it was read a iir.it time. Mr Pi .ott moved that tho statement made by tlu Promier at a public meeting that the Council ia rotten and corrupt is scandalous and false. Tho motion was carried by 20 to 8, a majority ot tho latter being new members. As a result »;f consultation tho Legislative Councillors intend, when tho taxation proposals come before the Council, to raise tho point, whether, tho As e.ssinont Bill being merely a mnchinory me: tire and not imposing taxation, it would not

be competent for tho Council to mako such alterations and exemptions as it deemed desirable. The idea among several members is to eliminate altogether any exemption with regard to the laud tax, and reduce the income exemption to £2OO, or probably less.