Legislation by Washing-up Bills

Manawatu Times, Volume LIV, Issue 7299, 28 October 1933, Page 7

Legislation by Washing-up Bills

Chambers of Commerce Urge Rigid Curtailment

REMITS ON A DOZEN TOPICS

Per Press Association. WANGANUI, Last Night. The Associated Chambers of Commerce to-day carried a remit urging that legislation by Washing-up Bills be rigorously curtailed. The executive was instructed to negotiate for more favourable shipping freights to and from tho Dominion. Tho confercnco protested against Government trading ventures being accorded the protection of the Crown Suits Act, and considered that, when tho Crown was a litigant in respect of its trading ventures, it should bo bound by the same laws as operate between subject and subject. A unanimous vote was recorded against tho present restrictive provisions of the Board of Trade Act and the Commercial Trusts and Cost of Living Acts, and the Government is to be asked to amend these measures. On the voices, the conference approved of the abolition of land tax and tho substitution of income tax. With regard to commercial examinations, the executive was instructed to call a confercnco of institutions interested with a view to adopting a uniform standard of examination. 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. Tho election of officers resulted: President, Mr A. M. Seaman (Auckland); vice-president, Mr H. E. S. 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. Taplcy (Invercargill), and L. D. Kerr, C. A. L. Treadwell, D. J. McGowan, Stronach Patterson, J. Hallingan, G. C. MaeCaul, and H. J. James, all of Wellington. Mr W. Machin was ro-electcd vice-president of tho Federated Chambers of the British Empire. Railway Freight Rates INCOME TAX DEDUCTIONS Per Press Association. WANGANUI, Oct. 27. The following remits were carried at the conference of the Associated Chambers of Commerce: — That allegations of uneconomic competition by the Railway Department be referred to the executive for action if necessary. That as the provisions of the Income Tax Act relating to deductions that may not. be made from gross income m calculating tho 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 the deduction from gross income of all items of expenditure incurred in the earning of 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 account.

That allowances for depreciation fixed by the Commissioner should be revised by the entire abolition of the principle of basing allowances on diminishing values of assets and the adoption in all cases whore the rate would clearly not extinguish the asset account within a period representing its life under normal conditions.