REDUCED TAXATION WELCOME

Auckland Star, Volume LIV, Issue 147, 22 June 1923, Page 7

REDUCED TAXATION WELCOME

GOOD EFFECTS ON TRADE. BANK CHAKHES CRITICISED, my Jelesrapll.— l'ress Association.) DL'NEDIN, tins day. qjr George Fenwick, speaking at the a Mual meet-ing of the Perpetual Trustee- , Estate Company, said a reduction {taxation had been the means of putting heart into the conductors of many important company enterprises, and it must have immediate effect in improrin" trade. As to the bank rate on advances, he did not think Sir George giiot was On Prm ground when he argued that it shouia be maintained at present high figure. There was no adequate or sustainable reason why banks should not be amenable to the ] a w that cheap money tends to a prosperous condition of trade in the community, and were not acting in the common interests in maintaining such a high minimum rate as 61 per cent. Nor did he agree with Sir <;eorge Elliot's statement that it was still difficult to borrow on fixed mortgage, even on. a 50 per cent margin, at less than 61 per cent. In the South Island large sums were being constantly lent on approved securities and with a two-fifths margin at 6 per cent, the normal rate at present.