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A Property Tax Case.

«. . [per press association.]

! Napikr, June 16. Captain Preece, sitting as a Board of Review under the Property Assessment Act, to-day heard a peculiar case. It was an objection made by Messrs Murray,« Roberts and Co. to an alteration made in their property tax assessment by the Commissioner, who gave notice that he would disallow a deduction of a sum of £25,000, which Murray, Roberts and Co claimed to deduct as a debt due to the Bank of Australasia in the colony. Mr Crombie, Deputy, appeared for the Department. The I facts were clear enough, and there was no dispute as to them. Prior to October, 1888, Murray, Roberts and Co. drew on their London agents, Sanderson, Murray and Co., three bills for the aggregate amount of £25,000, which were to be repaid by wool sent to London in the season., t The bills were purchased or discounted by the Bank and the proceeds placed to the credit of Murray, Roberts and Co. They contended that the debt was due to the Bank, as a firm they were collaterially liable to the Bank, and that they were therefore entitled to deduct the amount. Mr Crombie urges that the debt was not to the Bank, and that Murray, Roberts and Co. had no liability to the. Bank, except in the event of the bills not being honored at maturity, and that did uot entitle them to deduct the £25,000 as liability within, the colony. The case really turned on the interpreting of subsection 3 of clause 17 of the Property Assessment Act, 1885. Judgment was reserved.

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Bibliographic details

A Property Tax Case., Ashburton Guardian, Volume VII, Issue 2443, 17 June 1890

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A Property Tax Case. Ashburton Guardian, Volume VII, Issue 2443, 17 June 1890

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