COMPANIES' POSITION

Evening Post, Volume XCIV, Issue 57, 5 September 1917, Page 3

COMPANIES' POSITION

DEPUTATION TO FINANCE

MINISTER

A deputation representing business men from ail parts of tho Dominion waited on the Minister of Finance (Sir Joseph Ward) ydsterda.i evening to discuss certain matters relating to the Dominion's financial position. Mr. J. Macintosh, chairman of the Wellington Chamber of Commerce, congratulated Sir Joseph Ward on the success of the War Loan, mid remarked that the'result,had been largely due to the Minister's personal effort. The depuUtiou wuitecl to t\ev.\ with Uw Us. on conupaniiw. They <liJ not desire to

ovade taxation, but they thought the proposed incidence was not quite fair. ' Mr. Fred. Williams (Hawkes Bay) urged -that the Act should bo made to press more equitably on those people who were drawing small dividends, and thereby making up small incomes. Other speakers^ remarked that there are manifest differences in the incidence of the taxation proposed, and^ that the taxation should be made -heavier, as the income swept upward. Mr. P. Barr (Dunedin) expressed the opinion that there was a, general feeling that taxation on companies would be' passed on- to private individuals. He suggested that businesses should be allowed to deduct writings-off for depreciation purposes, and that consiaeration should be paid to "wasting assets." Mr. T. S. Weston urged that 1 the Government should pay special consideration to the original shareholders in concerns which we're carrying on ithe work of the Dominion. ■ Sir Joseph Ward expressed great fJeasure at the success of the War Loan, n regard to company laws, he said there were many difficulties. First of all they wanted the money,' and the difficulty was not capable of early solution. He had gone into the matter with the Commissioner of Takes on more than one occasion, and he had not yet been able to find a way out of the difficulty. The question he could not answer was>, what was the difference between the man with £300 or £301, and the man with £400 or £401. What were they going to do in euch casea! He was not prepared to impose a larger increase of taxation on companies, but he had to find the money, and the money would be found. He was as anxious as anybody to bring about equity in the-distribution of the, taxes. (Hear, hear.) He thought they ought to have a system of .providing for "wasting assets," but he had come to the conclusion that the only safe thing to do was to wait until the war was over. As soon as possible it would be the duty of the, country to provide for "vvasting assets," as had been indicated in the Budget.