FRESH TAXATION.

Auckland Star, Volume LXII, Issue 118, 21 May 1931, Page 5

FRESH TAXATION.

MR. POLSON'S PREDICTION.

'DEFICIT AT LEAST £6,000,000' FARMERS' UNION URGING FUSION. (By Telegraph.—Press Association.) PALMERSTON NORTH, this day. Mr. W. J. Poison, M.P., Dominion president of the Farmers' Union, told an inter-provincial conference of the union to-day that he thought there was sure to be a revision of taxation in the near future. Referring to a suggestion made in some quarters of repudiation of debts, he said that in a Britioh country like New Zealand that should not be considered. They would have to tighten their belts and face their obligations. Mr. Poison said he considered the deficit would be at least £6,000,000, despite the economy measures, and probably there would be additional taxation to yield £2,000,000. Socialistic remedies could not assist. The executive of the Farmers' Union was urging the fusion of the moderate political elements in the countn/. Provided it was reasonably and equitably applied, the new taxation threatened would have to be viewed moderately.

Now was the time, said Mr. Poison, to push on the campaign for an agricultural banking institution. Had such a concern been deeply rooted the farmers would have been able to secure finance to stave off interest demands and amortisation payments.