CHAMBERS OF COMMERCE

Greymouth Evening Star, 28 October 1933, Page 2

CHAMBERS OF COMMERCE

CONFERENCE DECISIONS.

[PEB PBESS ASSOCIATION.]

WANGANUI, October 26.

The Associated Chambers of Commerce passed a resolution that in the matter of the Reserve Bank Bill, this conference is of opinion there is no immediate need to rush through this most important legislation. That it is essential there should be a full exhaustive inquiry before a duly constituted Parliamentary Committee, before which evidence would be taken, the report to be made before committing the country to a most important departure from established banking practice. The conference further emphasises the point laid down by Sir O. Niemeyer that the Central Reserve Bank should be entirely free from political influence, or control directly or indirectly. It is necessary and should be obvious to all that the danger of political interference unless adequate safeguards are provided, might easily become a real menace to the financial stability of the Dominion. A remit was carried that free unrestricted entry of our exports into Great Britain was so vital to New Zealand that negotiations should be initiated to ascertain on what terms this right can be secured. “We should be prepared to make concessions to achieve this end.”

ft was carried that the allegations of uneconomic competition by the Railway Department be referred to the executive for action if necessary; that pro Visions of the Income Tax Act relating to reductions that may not.be made from the gross income in calculating assessable income of individuals and companies engaged in trade, are embarrassing to trade, and operate harshly and unjustly. The Act should be revised and amended so as to permit of a deduction from the gross income of all items of expenditure incurred in the earning of the gross income which are properly and reasonably chargeable in accordance with established commercial and accountancy practice, to the year’s trading and profit and loss accounts. That allowances for depression fixed by the Commissioner should be revis'ed by the entire abolition of the principle of basing allowances on diminishing values of assets, and adopting in all cases of original cost as the basis of calculation. A reconsideration of rates with a view to allowances being increased in those cases where the rate would clearly not extinguish the asset account within a period representing sits life under normal conditions.

GOVT. TRADING VENTURES.

The Conference carried a remit urging that legislation by«way of “wash-ing-up” bills be rigorously curtailed. The Executive was instructed to negotiate for more favourable shipping freights to and from the Dominion. The Conference passed' a motion, protesting against the Government trading ventures being accorded the protection of the Crown Suits Act, and considered that when the Crown was a litigant in respect of trading ventures, it should be bound by the same laws as operate between subject and subject. A unanimous vote was recorded against the present restrictive provisions of the Board of Trade Act, the Commercial Trusts Act. and the Cost of Living Act, and the Government is to be asked to amend these measures. On the voices, the Conference approved of the abolition of land tax and the substitution of income tax. With regard to commercial examinations, the Executive was instructed

,o call a conference of the institutions

interested with a view to adopting a uniform, standard of examination. The encouragement of commercial aviation, with a view to increasing the efficiency of the Dominion’s air force, was unanimously decided upon. The next annual conference will be

held at Christchurch. The election of officers resulted: — President. Mr A. M. Seaman (Auckland) ; vice-president, Mr S. H. E. Turner (Christchurch). Executive: Messrs A. S. Burgess (Wanganui), H. T. Merritt (Auckland), S. Spence (Napier), A. F. Wright (Christchurch), W. Machin (Canterbury), A. H. Allen (Dunedin), C. B. Tapley (Invercargill), and L. D. Kerr, C. A. L. Treadwell, D. J. McGowan, Stronach Pattersen, J. Halligan, G. C. MacCaul, and H. J. James (all of Wellington). Mr AV. Machin was re-elected vice-president of the Federated Chambers of Commerce of the British Empire.