UNFAIR TAXATION

Press, Volume LXIII, Issue 18920, 8 February 1927, Page 10

UNFAIR TAXATION

GAS COMPANY'S COMPLAINT POWER BOARDS FARE BETTER. •fK [THE PRESB Special Service.] AUCKLAND, February 7. It has long been a bone of contention amongst directors of gas companies that they are placed at a marked disadvantage in competing with their rival, electricity, for the public's custom. In most cases the electrical departments ore controlled by municipalities, and as such arc exempt, like other municipal undertakings, from taxation. This is the position in Auckland, and the matter was dealt with at a meeting of shareholders in the Auckland Gas Co. The chairman of directors (Mr J. 11. Upton) referred to it as follows: "When we met you twelve months ago I particularly referred to the differential treatment of the gas industry in comparison with Power Boards. No change, has ainco taken place in the incidence of our taxation, so that our competitor is still exempt, while tfo have to pay income tax. This is grossly unjust. One of tho basic principles of tnxation, as laid down by Adam Smith, is 'equality of treatment for all,' a principle accepted by all civilised countries. In our trade is seen the New Zealand application of that principle. It is distinctly Antipodean. Taxation Committees and Associated Chambers of Commerce have recommended that this injustice should bo redressed, but it still remains, and I may incidentally mention that during the last five years wo havo contributed the sum of £135,417 in incomo tax, while the Power Boards havo contributed nothing. ."Nor is this all. Power Boards receive an. indirect subsidy through tho Customs, most electrical plants being free, while gas plants for oxactly similar uso are subject to duty. Where electric appliances are not free tho duty leviod is less than in the case of similar gas appliances. For instance, electric cookers are subject to 20 per cent, duty, while gas cookers have to pjy 25 per cent. Wb have given evidence before the Tariff Commission, and hope that these anomalies will ore long. l , be removed." WOOL COMPETITIONS. THE RESULTS. .Tho merino ram wool competition organised by the Canterbury A. and P.- Association in connexion with the November show resulted as follows: James Stevenson (Flaxton), total value of fleece scoured £2 2s Sid, 1; D. G. TVright (Windermere), value £1 15s ljd, 2; W. W. Mcßao (Waikari), value iil 14s OJd, 3. % ;The result of the Corrtedale ram wool and mutton competition resulted as follows: ■Hugh Ensor (Rakahun), value of woql £1 3a Ud, mutton £1 13s, 1; O. H. Ensor (St. James, Hanmer), woo! £1 3s, mutton £1 12s 6d, 2; trusters of estate of, J. H, Ensor (Rvdal Downs), wool £LOs 6d, mutton £1 13s 6d, 3. A full statement regarding the competitions is in the hands of the printers, and will be published this week. > MINING RETURNS. 1 ALEXANDER COMPANY. ■ .. (MftM AHOCUTIOir TlUOlilt.) . i : BEEITOK. February 7. The Alexander Mines, Ltd., gold returns far January, 1037, were: Battery, 142o» Sdwta melted fold for 91 tons crushed cyanide; 85 os 13dwU of bullion from 80 tone of eoane sanda treated; total estimated value, £695. PERMANENT INVESTMENT AND LOAN ASSOCIATION. At' the annual general mealing of shareholders of the Permanent Investment and Loan Association of Canterbury, the chairman, Ut tti Firman, moving the adoption of the report and balanee-iheet, aaid that the result 'of the yaar'a operations showed a net profit of X 403 ISt 6d In excess of the net profit .of last year. This remit had been obtained partly by'an Increase is mortgage lnvwlmenli, and partly (and chiefly) hwauie theft had been able to obtain a slightly better a-rarage rata of interest. After paying a'dividend at the rate of 61 per cent., the balance at credit of profit and loio stood at X3308.10t 64, an Increase of £403 13s Sd on last year's balance. The directors had traunferred £IOOO from the profit and lost account to the goneral reaero'account, which now stood at £11;000, the' Association's total ■> reserve, Including balance of profit'and ; loss ■ account, being £14.708. -, >, Th« motion ..vao seconded - by Mr T. D. Harmao, and carried. There being no other nominations, the chaMnaa declared Maura J. J. Thornton and It li Kniebt. the retiring directors, ' to•tooted.

Xtun 8. W. Jameson and J. B. Beckett w*rn reappointed auditors for the coming rut.

A vote of thanks was accorded lo the director* and staff, and this was responded to t>7 the chalnnan-and the manager.

BLACKWATER COMPANY. The return tor January for the Bl.ekwater Mine's;-Ltd.;' is: Crashed, 2300 tons, yielding 844 Ant of, rained »t £3755; working expenses, £3835. , The roaster n]>o treated 47 tone of concentrate", yielding aeld veined at £377. Working expenses were £147, and the working profit £l6O. Tho capital expenditure *u £193. development expenditure £358, and the loss ever all £395. AMBERLEY MARKET. The waal Anberiey stock eale was held yesterday, when there was a, yarding of iK ewea aad 900 Jamb*. Sake were as follows:HoichJrin, 16 at 13S 6d; H. R. &*?* K %i . lS * ui ' H - *• H «d'w. Bjt » M, 18 at 15s; ?. Jfceve, 7 at it* Id: A; Hielop, 18 at Its M; T. Sheppherd, 13 •t lie 10d: W. WornaH, 7 at Its 6d. • LaabeH-Bwoittfield Estate, 19« at 26s 2d.W. WoroeU, 30 at SSs 9d; W. DonaW. 20 SS % *s• t 1 H *■ M 5 *.' Heart, M at «s sd; A. J. Waison, 63 at 26e; T. RetalIrt* 46 at OS* 1A; S. H. S3 »t 3*« Sd, 60 at 26*, 60 at 9Gs 3d; E. Gates. « V, *ft # : J< H - H,dla *» <* •» **» <<*; it. H. Hadler, 20 at 25* ad. 13 at 35s 7d: 8. Boyce, 30 at 25s lOd; H. Weir, 80 at ** 6d; and J. Hotehkin, 16 at 245. DAIRY PRODUCE. «*&* il . , i.. Ttt r n ?. bul ! » B,! ..Company have reWe* the following cabled Nsdrlee from ggfy* ?",«*• *« ♦•>• previous week being wnHoMd in parentheses) : &>•**. unsalted 188* to .184. (XBBs to >Ms), salted 173* to 174s (178. to 174.). As surket is steady. Stored butter: 166s *M«Ss (166. to 168s). iJmeeee—White, 93s to 94* (S3, to o<«> : ■Wmn*. 94* to 95* (94. to 955). ;: The •pgtn M steady. Canadian cheese; 88* to JttMMs to loo*), 'y-<"Z.