INVESTMENT INCOME

Evening Post, Volume CXII, Issue 9, 10 July 1931, Page 9

INVESTMENT INCOME

EQUALITY OF SACRIFICE

The necessity for equality of sacrifice at the present juncture was stressed by the conference of the New Zealand Farmers' Union to-day. The following Auckland remit was under discussion: That as a large section of the community has had a 10 per cent, cut in income, and a further large section is to be similarly dealt with by the Arbitration Court, a corresponding -increase oi' income tax should be placed upon those not affected and a corresponding decrease made- in Customs taxation. Mi-. H. Barter (Auckland) said that the admittedly lower-paid section of the community had had a cut, and the other section, not affected by the legislation, should suffer to the same extent. Mr. W. M. Mulholland' (North Canterbury) said that the remit was gottiiig the conference in a maze. How were those who had received the cut to be determined?' How was the Taxation Department to know? Presumably tho remit was aimed at the receivers of intcrost, and he knew cases where receivers of interest had had a 100 per cent. cut. Mr. A. M'Conaughy (Auckland) said mortgagees who have had a 100 per per cent. cut. The remit was only hitting at the section that had not had a cut. A delegate: "What about the land mortgagees who have had a 100 -per cent, cut?." The president (Mr. W". J. Poison, M.P.) said that in the opinion of many, people the proposal was impracticable. Mr. H..0. Mellsop (Auckland) pointed out that a large number of people had not had a cut, and some had benefited. The investing public, it had been stated, was really getting a gift of £40,000,000. The price of interest had not fallen in any way. ,A large number of people whov had money invested in bonds had not had a drop in income. The remit was referred to' the Dominion executive. :*.-..