The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. THURSDAY, DECEMBER 15, 1881.

Thames Star, Volume XII, Issue 4045, 15 December 1881, Page 2

The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. THURSDAY, DECEMBER 15, 1881.

That the present Property Tax is obnoxious to the majority of people, is a well-known fact, and the desirability of substituting a Land Tax for it has been spoken of by a large number of the candi dates when addressing the electors;prior to the day of election. The Property Tax of the Hall administration J3 an unjust and unfair impost:; in principle, because it weighs heavily*'on the masses; who have to be very energetic in>even earning an existence during bad limes, while on the contrary .the large landed proprietors do not feel the effect of the Tax except nominally. This is clear, and that a Land Tax would be of greater beefit to the working classes may be gathered from the statement made by the Colonial Treasurer that out of 87,105 properties there were 67,000 valued at less than £500 each, which would be exempt from taxation, a circumstance that speaks most forcibly in favour of its inauguration. The following is an extract from the parliamentary reports: —" The Hon, Colonial Treasurer said the total number of properties .in,, New Zealand was 87,105. It has been found that there are some persons who own as many as one hundred properties in New Zealand, It has also been found that there are 67,000 properties under £500 net value. It is believed that the revenue derived"from the Tax will amount to the estimated sum of £100,008, ■ not* withstanding the depreciation in property that has taken place. Had the, valuation been made at the time this Act was passed there is no doubt that at least 20 per cent, more would have been realised. There being now in the Department a valuation of every property in New Zealand, should there be any alteration in the exemption, it will not be necessary to make a new valuation of properties, that would become liable to the Tax. The total of the improved value of property, is £99,566,679, and the amount of mortgages £21,764,292, which probably include a large sum lent on the security of live stock. It is believed that may be estimated to be foreign capital, and £11,640,712 maybe estimated to be colonial capital. The total interest is £1,845,078, which is 8| per cent. The amount of foreign and colonial capital, however, is only an estimate made upon the best data that could be procured. The actual expenditure of the Department to June 30 was £17.073 19s lOd, and the liabilities to the same date, duo principally to valuers, were £6021 ; total, £23,094 19s lOd. It is estimated that the expenditure for the current year will be £8,500." The Act above referred to is the Land Tax Act, 1878. The question has been well ventilated, and we have little doubt that ere long the Property Tax will be repealed, and a Land Tax substituted.