THE INVESTMENT YEAR

Gisborne Herald, Volume LXX, Issue 21278, 15 December 1943, Page 2

THE INVESTMENT YEAR

STOCK EXCHANGE VIEW BURDEN OF TAXATION (P.A.) AUCKLAND, Dec. 15. “For the first time since the war broke out we can look back on a year free from material fluctuations in market prices,” said Mr. J. W. Frater, chairman of the Auckland Slock Exchange, at the annual meeting yesterday. Stock exchange securities had shown a general appreciation over the year. The outstanding success of the year was the Third Liberty Loan of £35,000,000. A large percentage of the population was now holding Government securities and this was reflected in a steady increase in Stock Exchange business. Interest rates on Government securities had been at low levels for two years, but only in the past year had share values appreciated proportionately. Commenting on taxation, Mr. Frater said that while the present scale was doubtless necessary to finance the war, there could be no question but that the charge which absorbed the major proportion of company profits must be drastically reduced, if an undesirable rise .in interest rates, which were entirely out of line with all other charges, was to be avoided. He expected 1944 to be a busy year, the only disturbing possibility locally being a decrease in primary production." New Zealand owed its prosperity to the farming community .and a comprehensive plan to encourage production under a competent and sympathetic Minister was badly needed.