DOMINION NEWS

Grey River Argus, 16 May 1946, Page 3

DOMINION NEWS

AUCKLAND HARBOUR EXTENSION AUCKLAND, May 15. As loan money raised for the construction of the export wharf and allied works, and the bulk import wharf and reclamation has been spent, the Auckland Harbour Board decided to obtain the sanciton of the Local Government Loans Board to raise £200,000, the fourth portion of the £1,000,000 granted in the Harbour Board’s Loan and Empowering Act. 1937. When this amount has been received, the total obtained under the Act will have been increased to £BOO,OOO. The application will be on the basis of a 20-year loan at a rate of interest not exceeding 3i per cent. GRANT FOR WIDOW. AUCKLAND, May 15. Because an* Auckland Harbour Board diver, whose death occurred recently, was not an acceptable risk to life insurance companies through the nature of his 1 work, the board decided to make some provision for his dependants. The superintendent and enigneer, Mr D. Holderness, said that, the diver had had 26 years’ service, and asked that an ex-gratia payment should be made in view of his long and efficient, career with the board, and because no insurance had been possible. The board decided to make a gratuity of £lOO to the widow.

COMPANY TAXATION. WELLINGTON, May 15

The chairman of directors ■of the Equitable Building and Investment Company of Wellington, Ltd., Mr. Malcolm Fraser, at the annual meeting said that the present scale ot graduated income tax pressed most severely and had a most discouraging strangling effect on companies in the assessable income group from £6OOO to £BOOO. After allowing for the recent redutcion of 6d in the i in national security tax, only the following sums, stated on a per £ basis to the nearest penny, were left to the company out of each £5OO ot increase: from £6OOO to £6500, Is 9d; £6500 to £7OOO, 2s 4d; £7OOO to £7500, Is 7d; £7500 to £BOOO, Is sd. That unfair taxation was serious enough, but by a reduction of per cent, in the deposit interest rates last November, the Government had inflicted a further grave injustice on investment companies and building societies. he had learned that as a result of representations made to the Minister of Finance concerning interest rates, the Minister’ had promised to give the matter further consideration.