The Waikato Times AND THAMES VALLEY GAZETTE. TUESDAY, JULY 29, 1890.

Waikato Times, Volume XXXV, Issue 2815, 29 July 1890, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

TUESDAY, JULY 29, 1890.

Equal anil exact justice tn all men, Ot whatsoever .stale or persuasion, religious or political.

*— ■ The recently issued report of the Property Tax Commissioner affords a good opportunity of discussing this fiscal measure. The report contains a mass of interesting and instructive figures from which we make a few e.\ tracts. The total net property of the colony is about the same in 18' JO as in Iteal property has decreased some, £5,000,000 whi'e personal property has increased over £3,000,000. The reduction in the amount of real property, being explained by the inflated values given by certain land . companies in their 188G balance sheets as against the lower assessment by the department, the total net property real and personal being £128 000,000. The value of real property is arrived at as follows :—Grown Lands, .£12,205,70.'); native lands, £5,700,360" ; education and other reserves, .£8,933,415; taxable real estate of persons and companies, .£45,810,873 ; not taxable real estate (including that under mortgage and £500 exemption), £,"8,397,057. Tlio increase in personal property, as wo havo said, is about £3,000,000 being £ 1,000,000 in stock-in-trade, machinery, ote., and £2,000,000 in cash. But lioro the report makes it significant statement which will wo fear, prove a severe shock, to those- who havo upheld the Property-tax on account of what they term the fairness and justness of its application, that the amount returned as cash, including cash deposited with banks is loss by £0,718,000 than tho totals as shewn by the bank returns, this is a serious matter, involving a loss of

nearly £28,000 in revenue. The obstacle in the way of fleuling with tliis maitor seems to be, that tho ileuiii'tinent litis no power to inspect anyone's hank account, without an orclor from tho Sii])fenie Court. The knowledge of this and tho remote chance there would be of an\ - fraud being detected, has boon acted, upon, and while thoso investing their means in tangible improvements to the benefit of the whole colony, have been taxed to the last farthing, we linrl nearly seven millions oi money ■ has been quietly lying in the Banks, presumably earning interest and paying no tax whatever. This is indeed, as the report states, a grave scandal, and it is singular that no : mention is made of it in the Finan- ! cial Statement. In that Statement we arc told, that an exhaustive re- , consideration of the Property-tax j has been made by the Government, '■ without seeing any way to reduce, much less to abandon the tax. The '■ sum of £355,000 is expected to be realised for die present year, but of the great loss that is being inflicted not as the Commissioner puts it, upon the Government, but we hold really upon the other tax-payers,— not a word is mentioned, nor does it appear as though the Government contemplated taking any for the introduction of legislation to meet the case. The Premier further states that any change in the . incidence of taxation must be left to a future Parliament, with this 1 we a"ree, but whatever that change may be, we sincerely trust that the burden of taxation will be so tid--1 justed as to fall equally in proportion to their strength, upon all members of the community, and not permit as the property tax has done, a i large number, and of those presumably best able to bear it, to escape altogether. Other tables attached to the report give the total amount of property covered by the £500 exemption a5.£39,;318,751, involving a loss intax account of £101,000 per annum. In ISS'J there were 1-199 less taxpayers than in 18SG. The total net value of land and ini- ' provements in the North Island ! being £32,752,002, and in the • South Island £13,588,575.