KNOCKED BACK.

Auckland Star, Volume LII, Issue 206, 30 August 1921, Page 6

KNOCKED BACK.

AMERICAN BUSINESS. NEW TTTIXGS r.N TAXATION. SYDNKY, August 23. An interesting decision with regard to his income lax has heen cnnu> to Uy Mr. David Boyee, of the (inn of TT. Jones and Co. Mr. Hoyce announced on his return from Amprica by the Moraran yesterday that in future he would pay his taxes without a murmur, | In ordinary circumstances a sensa- ' tional resolve <>f this kind Ijy any taxpayer whatsoever Would lie ineapablp of any plausible explanation. Foreseeing tlie incredulity with ivhieh his announcement would he rcoeiveil Mr. ISovcc took tare to fnrnii-li his rei'.sons. The facts are that lie has seen the art i as practised in America, ami has romp to the conclusion that tn Australia we don't know what taxation really is. "Everything you buy in the states, from ice cream tr. a suit of clothes, is taxed," said Mr. Hoyee. He pointed out Unit the firm's factory at Oakland. California, liau first of all to pay ii county tax. Next.there was the State tax, and following close on its heels a city lax. rinse up fourth was the Federal tax. Fifth and six prizes were gathered Ln liy a "wealth tax' , on stock, '• and, most extraordinary of all, a "bank ' tax." This bank tux is collected on March 1 each. year, and js a three per cent impost on one's banking account. Naturally, it is in the ■'interest," of the depositor io take his money out on February 28 and put. it back on March 2. and he is fast learning to do this. j •TIIK lIAItn ROAD." Asked the reason for the heavy taxation Mr. Hoyce said that America had apparently wasted money largely during the war, both at home and overseas. i The United Slates, he gathered, is still > in the period of deflation am! reconstruction. The banks are afraid to do business, and many large American firms are I abrogating their contracts. There arc great numbers of workless. j Practically all kinds of metal mining | lljjivr ceased, hec-ause of the low price of j minerals. General Bramwcll Booth pre- ; licts that industrially the coming winter : will be (lie worst for 'fifteen years. Thenis a great, deal of poverty throughout : the country. , Some men. skilled and unskilled, who went t" 'Friwo from Sydney some time | back, iir-- still out, of work. Oμ account of tiic stringency immiirra- ! tion has been stopped, and some Nydn-y j passengers who went Willi the Soiu>n:u i lasr trip were f.la.-od ~n a;, island in 'Frisco Hay. and culled upon to si-n bonds that they would leave the country j irithiii a certain time. Mr. lioyce coTisidcrs that the outlook for American trade is serious. The proa- j peet of refraining lo.it markets is a very i live one among business men. The opti- i mists a?nong them think-that things will right themselves when F.urope i* siifli- , ?iently on its feet to buy from them. ' Mr. Boyw. ho«'e\er, does not think that) America will ever jp iiJßarge export trade i isnin. The reason for this far-reaching result is the war taxation ami the high j wages. ' ! He found several business men wiio \ ifrreed with him on these points- Neither ! iocs lie .jxpeet that America will even- ! tually find .1 big market in Europe, he- i .•ause he thinks that Kurope will itself \ :>e able to manufacture cheaper. Even in the exteisive picture industry : there is already a fear of cheaper Coii- ! tinental pictures coming in, and talk of a I big tax to keep them out. As an instance of the depression, the visitor saw large numbers of idle boats tied up. There must have been liftv of these in one port alone. " i