STATE AND INDUSTRY.

Auckland Star, Volume LXIX, Issue 220, 17 September 1938, Page 21

STATE AND INDUSTRY.

When one reads the remark* of the -Minister of Finance 011 the Social Security Bill, one realise* how desperate -Mr. Nash is in finding a W . IV t() f man<X! the seneme. Hi* l«st move in imjx n «r a levy 011 companies' profit* of 1/ in the £ i* not only going to complete hi* paralysis of industry l>v the already heavy burden of taxation* but will mean a further huge increase in the cost of living and an increase of unemployment. I am not a lawyer, but a*. a layman, although I have not been able to study all the clauses of the Act. it *eems to me in the form 'is presented in the Press, that the companies, could not be compelled to pay t'ie levy. ]f one understands the "meaning of the Act," it is quite clear in stating that all contributors can receive the benefits of the scjieme, as set out in the Act, providing that they are eligible a* to age and income. Under no circumstance® is it possible for a company, as a com pan v. to receive any benefit* from the scheme they are forced to pay a levy to. It appears to me that under these circumstances if a company refused to pay the levy and the case went to Court they would win their case on the plea of ultra vires. Apart from the injustice of it one is amazed at the persistent foolish policy of the Government in paralysing the secondary industries. One would as soon expect a farmer to starve his dairy herd. Surely in the intercuts of their own supporters, the wageearners, the Government must realise their stupid policy of "killing the goose that lays the golden eggs." Perhaps I Lave got hold of the wrong end of the *t?ck, and that it is the definite policy of the Government to paralyse industry, with the deliberate intention of forcing down the market value of shares, so that they may carry out their policy of socialisation of industry. By these means they could buy out the industries at the lowest possible market value of their shares, not their real value, but a depreciated value, brought about by the Government's own legislation. Jf this is so tliey are succeeding only too well. TAXPAYER.