THIRD READING

Evening Star, Issue 20315, 25 October 1929, Page 12

THIRD READING

TAXING BILL IN FINAL STAGE REFORM'S JEREMIAD DEFLATED LAND VALUES WELLINGTON, October 20.~ The House of Representatives met at 9.30 this morning. Speaking on the third reading of the Land and Income Tax Amendment Bill, Mr Coates stated that the effect of the measure would undoubtedly bo to reduce land value', from ono end of the dominion to the other, thereby affecting the security of every man who owned land. The Bill did not contemplate in any way the amount of land that could be absorbed without deflating values. _ Mr Coates declared that the land or income tax, whichever was the greater, principle represented an intention to ignore whether a year’s transactions had shown a profit or not. Ho then reviewed at length the attitude of the Reform Party and the points it had raised during the committee stage of the Bill. The Leader of the Labour; Party assorted that the whole position was so lull of humour that one longed for a Mark Twain or an Artemus Ward to deal with it. The Reform Party n,id declared that it would fight to the last ditch, but all it had gained was the insertion of the words "on any fair and reasonable grounds whatsoever.” And the law draughtsmen had stated that tno alteration made no difference whatsoever. (Laughter.) Air Wilkinson said he was disappointed with the United Party, and ho would vote against the Bill on the third reading. He considered that the real Government of the country was the Labour Party. Mr Stewart rebuked Air Holland (Buller) for bis attitude throughout the consideration of the Bill, and alleged that the Labour Party had voted against its convictions. Air Poison said the Bill represented a decision to deflate land values. Surely the House had realised that by this time. The measure would affect every farmer in the country. He contended that the United Tarty had never placed the policy embodied in the Bill before the electors, and he added that ho could not understand the Labour Party in supporting reductions of the mortgage exemption to £7,300. Air M‘Don gall defended the Bill, and stated that the Reform Party’s stand had been in the interest of the money lenders. Mr Lysnar argued that many farmers had been saved from “going down ” as tho result of the Reform Party’s opposition in committee stage. Mr Harris alleged that the minority United Government bad sacrificed its principles to accept the dictates of the Labour Party.

The House adjourned at .12.45 p.m till the ringing of the bells.