"SUBTLE TAXATION."

Auckland Star, Volume LXIV, Issue 16, 20 January 1933, Page 8

"SUBTLE TAXATION."

TRANSPORT BOARD COSTS, ADDITIONAL £20,000 A YEAR. In the case of the Auckland Transport Board, the increased rate of exchange has put that body in a very difficult position. Mr. J. A. C. Allum, chairman of the board, said this morning that it would probably mean an additional expenditure of £20,000 a year, the extra cost of remitting funds to London for the payment of interest on loans, and to meet tltc additional cost of supplies. That additional expenditure, for which the board had not made provision, would force the board to take immediate action. In the past every endeavour had been made to avoid striking a tramway rate and to reduce fares as low as possible, but this extra and wholly unexpected burden rendered the continuance of that policy impracticable. The matter was exceedingly serious as far as the board was concerned, and he was calling the members together immediately to consider what steps should_ be taken to meet this unexpected situation. Mr. Allum said the raising of the rate of exchange was really a subtle and ingenious form of taxation, and it was going to have-repercussions that people never contemplated.