INCREASED NOTE TAX
POSSIBLE CONSEQUENCE. VIEWS OF BANKS EXPRESSED. (Per Press Association.) WELLINGTON, August 18. It is understood that the Government is calling for applications from the banks for Treasury bills of short date, or until collections of land tax and, later, from income tax, are available. The rates of interest at which tenders may be submitted are likely to be influenced definitely by the proposed increases in note tax. If this is given effect to it is likely to lead to realisation of Government securities and a considerable calling up of advances in order to reduce the note circulation, and the charges of the banks may be increased. It has been explained that the banks must perforce hold a substantial quantity of gold in their vaults as the foundation of as the Government would have to do if it were the sole note-issuing authority. Notes must have good backing. The views of the banks on the proposed taxation, and their objections to it, and the probable consequences if it is carried, have been fully set out in a private deputation to the Government.
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Bibliographic details
Ashburton Guardian, Volume 50, Issue 262, 19 August 1930, Page 2
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184INCREASED NOTE TAX Ashburton Guardian, Volume 50, Issue 262, 19 August 1930, Page 2
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