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NAPIER, June 25.

The • Telegraph,' commenting on Mr Smart's letter to the ' Southland News' relative to the Property Tax paid by the Scottish and New Zealand Investment Society, points out that the society have nearly half a million sterling invested in this colony, and yet their secretary states that this investment only yielded a net profit of L 5,455. "It is not part of our business," it goes on to say, " to criticise a management that can produce such poor results ; but we do not think tho English shareholders have reason to ccmplain at paying L 2,176 Property Tax on nearly half a million invested in this colony."

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SPECIAL TELEGRAMS., Issue 7943, 26 June 1889

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SPECIAL TELEGRAMS. Issue 7943, 26 June 1889

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