TRADING BANKS
TAXATION EXEMPTIONS
(By Telegraph.—Parliamentary Reporter.)
WELLINGTON, this day. To give substantial taxation exemptions to trading banks was something new for the Labour party, said Mr. Lee (Democratic Labour, Grey Lynn) in the House of Representatives last night when speaking in the second reading debate on the Land and Income Tax Amendment Bill. If New Zealand was to continue to allow trading banks to be controlled privately there could be no argument against it. The present method was making private monopoly of the Dominion's credit machinery impossible. He held the view that without a reduction in taxation the banks could not have continued to advance large sums of fresh credit to the Government for war purposes. He held that it would be better to proceed with the policy of the Labour party and socialise one of the banking institutions. Even if that were done there was still a case for this measure.
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Auckland Star, Volume LXXII, Issue 238, 8 October 1941, Page 10
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153TRADING BANKS Auckland Star, Volume LXXII, Issue 238, 8 October 1941, Page 10
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