SOCIALIST AIMS

Press, Volume XCVIII, Issue 28866, 10 April 1959, Page 7

SOCIALIST AIMS

Death Duties Criticised

? People should not be deceived ■ by the “playing down” of the 5 objective of the “socialisation of ■ the means of production, distribu- * tion, and exchange,” Mr C. D. A. George, president of Associated , Chambers of Commerce of New - Zealand, said last evening when ■ the association began its annual i conference in Christchurch. “If the forcible seizure or acf quisition of undertakings is not ; popular, the aim can be. and is /■ being, achieved in another way,” .'Mr George said. It was not the larger indusL i tries that presented an obstacle >! to a socialist government, but the ,; multiplicity of smaller concerns. E 1 he continued. “At the present j confiscatory level of death duties, j • many smaller and medium-sized I undertakings. particularly the ’■: family business or farm, will cease to exist after two or three I generations. How much easier j after that time to come into the ‘ open if need be and nationalise the more limited numbers and I larger-sized undertakings still > existing. “This is not a question only for : proprietors and shareholders. It should be fully understood by all those who prefer to retain their right to choose their own employment in private enterprise,” he said. “Another immediate aspect of the taking of such large amounts by way of • death duties is the drawing off of the capital necessary to maintain employment and to increase production and services. When it is remembered that the proceeds of this ‘grab’ are expended to a greater or less degree in fulfilling rash election - promises, it can be likened to s dissipating the seed corn and s handing it out as largesse.”