FINANCIAL STRINGENCY.

New Zealand Herald, Volume XLVI, Issue 14018, 25 March 1909, Page 6

FINANCIAL STRINGENCY.

i • •'. S. ■ ■ "j; ' ' • ■ ' / IMPORTANT RECOMMENDATIONS. [BY TELEGRAPH.THESIS ASSOCIATION.] Napier, Wednesday. A special general meeting of the Napier Chamber of Commerce was held to-day to consider the financial stringency now being experienced in the Dominion. About 20 representative members were , present. After discussion, the following motion was unanimously agreed to, viz., "That whereas the mortgage tax has been found to bo the cause of a large amount of capital being withdrawn from New Zealand and to restrict the influx of capital for investment, and to create financial stringency in obtaining loans required for the -legitimate development of the country's natural resources, the attention of the Government be called to the position, and it be suggested that the mortgage tax be abolished; further,-that in lieu thereof all -income derived from the investment of capital on mortgages be made subject to income tax, that a graduated tax on capital invested in the shares of public companies be levied on the paid-up value of such shares only, instead of as at present on the proportion of such shares to the total value of land owned by public companies, irrespective of their liabilities." - It was also decided to bring the resolution before the Prime Minister, and before the coming conference of representatives of the various chambers of commerce in Wellington. ■ . ________