BANK PROFITS.
METHODS OF TAXATION. Speaking at the annual shareholders in the Bank of Austialasia ?n London, on March 28, the chairman. Mr. C. G. Hamilton, said:— "Profitable trading for banks in New Zealand is particularly ' Ilfllclllt Formerly we could invest out sutplus funds Treasury bills, but that facility Iris been withdrawn since the establish ment of »the Reserve Bank, and in Isew Zealand our taxation is based not on the actual profit made there, but on a hypothetical profit. We are assumed to earn a certain rate of profit on our assets in New Zealand, whether employed or not, and this assumed profit is much greater than the real profit. Consequently it is an absolute disadvantage lor banks to nave unemployed funds in Npw Zealand, and the banks have transferred their surplus funds from New Zealand elsewhere, New Zealand must not be surprised."
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Auckland Star, Volume LXVI, Issue 106, 7 May 1935, Page 4
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144BANK PROFITS. Auckland Star, Volume LXVI, Issue 106, 7 May 1935, Page 4
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