PRESSURE OF TAXATION.

Lake County Press, Issue 2990, 17 May 1923, Page 3

PRESSURE OF TAXATION.

Reduction Urged.

Reduction of taxation was strongly urged at the last meeting of the Poverty Bay Farmers' Union executive by Mr J C Field, who moved : " That tho Prima Minister be written to and urqed to seriously consider at the earliest possible moment the further reduction of taxation enabling de velopment work to be carried en and thereby substantially increasing production. "We would refer Mr Massey to Mr W D Hunt's statement in the press, that money was uuproourable for investment in land. Large invest mant companies have to pay 7a 4d in the pound on the interest earned by them. T:i order to get a reasonable nei re.u.a ibo companies, therefore, have to charge the farmer a rate of interest that they know he is unable to pay The banks will further reduce their rate of interest whan taxation is reduced." Mr Field said he believed that a loan should be raided outside the country. There was muoh development work to be done, and if it were done. the old returns would be restored Stock was at present diminishing, and the flocks had to be increased and taxation reduced before the farming industry would be restored to its proper footing.