THE TALISMAN MINE

Dominion, Volume 8, Issue 2556, 2 September 1915, Page 8

THE TALISMAN MINE

TAXATION OF PROFITS TRANSFER OF MANAGEMENT FAVOURED ■Shareholders in the Talismam Gold M-in- i ing Conipany met at the lVellinglon Stock Excliange yesterday, tind -pasßed a resolutioil favouring a' chaiure of management from Lomlon to Zealand. Jtr. *r. Shailer Weston, -wlio presided tit tho meeting, said that the New Zealand - representatives had been negotiating since March lait witli the London Boa,vd to effect a-'change, wliich would mean reniov- , ing the management . from' England to New Zealand. Who London Bona'd was somewhat. loath. to ■ effect such a change hecause it would affect tliem personally, and they liad issued'circulars with a view, to testing the feolinit in tlie Dominion. "The prospects, of -tlie mine," .remarked Jit. .Weston,- "arc not as'.(rood as they were ti. few' years age." . " A'voice:' Query I - .. JCr.-Woston said tliat the sliarelioldars should eaideavour to effect'economies, and ono- economy could lie brought about by trajisferring the' manacement to New Zealand and thereby escaping double taxation. English taxation would; be very i severe durng the. next two years, ;,aiid, pro- i bablj' aftei- that: they woiild have to pay at least 2s. 6d. in -the: £ on £130,000. If a removal to Now Zealand was made; they would only have to pay English taxation on, the proportion of ■ tiheir profit that went, to pay the dividends of the English shareholders. Eaving in management expenses, - also, should follow tho change, and it was estimated that.three years' savings under ; all heads would total at, least £30,000.. He < hoped tho whole of-tho New Zealand shareholders would support those who wero moving for the change. - •D,r. 0. Prcndergoet Knight said that the circulars sent out by - the London Board 1 inferred that those who asked for ' the ' change were unpatriotic men' who wished to escape taxation. Thai was not fair to the New Zoatandors, who had liad the matter in hand for ton-.e time., They .wero prepared to pay their share of ta-xa-tion and desired only a fair thing.- Tho interests of tho mine, really, were-here, andthe change would, be tihe means of'making a considerable saving. There was no idea of -changing the mine manager. ' ' Dr. Knight and Mr. Weston both remarked that the' Lou-don .St-ock Exchange was worth nothing to the. shareholders. . Mir. A. Ford drew attention to a. published- statement which put forward an opinion that- the profits of the mine would be less 4n the future than formerly, and he raised objections to-the statement. .Mr. Weston replied that the facts had to be faccd. The mine was not working the eamc amount of time now' as. formerly, wliich: meant less tonnage and less profit. 1 Mr.. Ford: That is only .temporary, and - I- think the- statement is very" detrimental ' to .the interests of the shareholders. ■ , A' voice: Hear, hear. . Mr., Ford moved: "That the management , of the company shall bo removed! from 1 England to . New Zealand." A shareholder: llhe tho management. Mr. Ford: Yes; I think that would bo better. Miv: Wef^-on: They .have takeu. counsel's opinion, at Home, and find thait'if th.o management and control is here they es-cape-taxation, but if the directorate .is hero and t.lbe management remains .in England they don't. Mr.-Ford remarked then that he would i not alter the original wording of the motion. ■ '• i . ! Mr. A. E. Whyto seconded the moton. „ Kespecting the published statement re-' . ferred, lo by Mr. Ford ho Baid that it was incorrect -to convey an impression ' that the -bottom had fallen-out of tho mime. He thought tlio mine would have « very food future.- :' . .• .- 1 . Mjy Weeton: Might I..suggest that .we add to the motion: "And that the London -Board shall be. asked to take immediate steps to bring about same'os speedily as possible." Wo. don't want to 'run into an additional taxation year. It, was - bad er.ongh to have to pay this year. The'addition' suggestion was made, and tlie* motion was carried unanimously.