AUCKLAND SAVINGS BANK.

Lyttelton Times, Volume LXXVI, Issue 9489, 11 August 1891, Page 5

AUCKLAND SAVINGS BANK.

[Per Press Association.! AUCKLAND, August 10. A meeting of the Trustees of the Auckland Savings Bank was held to-day. Captain Daldy presiding, to consider the proposal of the Government to charge Income tax upon the transactions of the bank. A resolution was passed, and it was resolved to telegraph a copy of the following message to the Premier, Mr Bryce and Mr William SheraThe Trustees of the Auckland Savings Bank, in meetingassembled.as representative of 1600 depositors averaging about .£3O, and £6OOO in the penny bank, urgently request you to give favourable consideration to the following reasons why the proposed taxation of Savings Banks should not be carried out; That these institutions are established for the receipt of savings of the labouring classes and persons of small means, who would thus be indirectly taxed, although otherwise exempt by the proposed Act. (2) That by the subjection of these institutions to the payment of Income tax, it would be necessary to reduce the rate of interest allowed to depositors. (3) That they are carried on by Trustees, who receive no remuneration or benefit for so doing, the whole income of the bank being property trust. (4) That in all previous legislation Savings Banks have invariably been exempted from all taxation, on the ground of their being provident institutions, and not carried on for gam or profit. (5.) That all the arguments urged for the exemption of Building Societies and Friendly Societies apply with greater force to a Savings Bank. The injustice is so manifest that the Trustees hope you will devise means to rescind the resolution arrived at in Committee, and leave Savings Banks free from all taxation. E. Cameron, Manager, Auckland Savings’ Bank.”