7

B.—ll

The percentage of cases where total relief is recommended is high, and may be accounted for by the fact that these objectors comprised holders of land who were subject to heavy financial liabilities, combined with other forms of hardship which called for relief. A review of the two following cases will illustrate the point:— Example (A). Special land-tax, £32 19s. 3d. ; ordinary land-tax, £106 6s. Bd. Unimproved value of land, £15,550 ; capital value of land, £.17,915 —as at the 31st March, 1929. Area, 1,044 acres. Mortgages owing at the 31st March, 1929, £16.000 ; other liabilities at the 31st March, 1929, £1,300. The taxpayer purchased the property in 1919 at £24 per acre. At that date his capital was approximately £16,000; at the present time his capital is under £1,600. Income for the year ended 31st March, 1929, £600 ; income for the year ended 31st March, 1930, under £300. Note. —Since the 31st March, 1929, the values of the property have been revised, and now stand at— Unimproved value, £13,050 ; capital value, £14,780. Example (B). Special land-tax, £1,230 ss. Id. ; ordinary land-tax, £1,230 ss. Id. Unimproved value of land at the 31st March, 1929, £69,912 ; capital value of land at the 31st March, 1929, £103,110. Area—Freehold, 5,047 acres ; leasehold, 1,031 acres. Mortgages owing at the 31st March, 1929, £141,246 ; other liabilities at the 31st March, 1929, £23,250. Capital, as per balance-sheet at the 31st March, 1929, £4,115. Income---Year ended 31st March, 1929, loss £5,126 ; year ended 31st March, 1930, loss £4,415. In conclusion, your Commissioners desire to tender their thanks to the Commissioner of Taxes and Mr. C. R. Richardson, the secretary, for their able assistance in connection with the many matters which required consideration during the progress of the Commission. We also wish to thank the various solicitors, accountants, and other witnesses who gave evidence and in other ways lightened our labours during the course of the inquiry. A summarized statement of the cases dealt with is appended to this report, together with the Warrant of appointment. In witness whereof we have hereunto set our hands, this 14th day of May, 1930, [l.s.] W. C. Riddell, Chairman. [l.s.] D. G. Clark, Commissioner. [l.s.] A. E. Fowler, Commissioner.