NOTES AND COMMENTS.

New Zealand Herald, Volume LIX, Issue 17979, 3 January 1922, Page 4

NOTES AND COMMENTS.

" NUISANCE " TAXES.

A revision of taxation has just come into effect in the United States which repeals most of the small miscellaneous taxes imposed during the war, and which are popularly known in America as " nuisance taxes." The more important changes made are the repeal of the taxes on passenger tickets and domestic railroad freights and the excess profits tax on corporations. Other alterations are a reduction of the maximum surtax on individual incomes from 65 per cent, to 50 per cent., the increase of the rate on corporation incomes from 10 per cent. to 12J per cent., the increase of persona! exemption for married persons with incomes less than 5000 dollars from 2000 dollars to 2500 dollars, and 400 dollars instead of 200 dollars for each dependant. THE RISKS OF TRADE. The English and Scottish Co-operative Wholesale Societies have had a disastrous year's trading. The English society alone lost £3,434,620 in the last six months of its financial year. Of this large sum, £676,837 was lost in speculative transactions in rubber. Tho Spectator commenting on this says:—The co-operative societies are not, of course, to be blamed for having losses 'like too many ordinary commercial firms in these difficult times. But the experience will be of value if it reminds the working men who invest in cooperative societies of the risks of home and foreign trade. Labour leaders often talk as if the mere business man invariably makes great profits, mainly at tho expenso of his employees. Those Labour leaders who are co-operators can now see for themselves that this comfortable theory is unfortunately untrue. BETTING DEBTS. Some consternation has been caused in betting circles in England by a decision of the House of Lords, which lay 6 it down that money paid by cheque in respect of betting transactions is legally recoverable by the loser. The decision in based on the British Gaming Act of 1835. The Law Lords were agreed that this Act and earlier statutes, applied to cheques paid in settlement of betting losses, and that such cheques, being given for an illegal consideration, were null and void. Anyone in the United Kingdom who has paid his betting debts by cheque within the past six years is thus entitled to recover the money. It may, indeed, bo said that executors, trustees, and administrators in bankruptcy are bound to sue for the return of the moneys paid by cheque for gaming losses by the persons for whose estates they are responsible. Immediately on the publication of the decision demands were served on bookmakers for a return of very large sums. In one case alone the figure was in the region of £50,000. THE FEDERAL CAPITAL. Officials in charge of construction work at Canberra, the Australian Federal capital, claim that, provided the necessary funds are available, they can have tho capital ready for occupancy at the first stage within three years. This expenditure will be on the basis of a population in the city area of 6000, and at the end of the three years, it is stated, housing can be provided for the Parliament, the Governor-General, Ministers of State, members and officials, and others to the number indicated. The central administration of most of the departments will also, at this stage, be removed to the territory. The exceptions are the Departments of the Navy, Defence, and Repatriation, which will be represented by the creation of special secretaries, numbering in all 50 persons. A start is to be made early in the new year with the work by the erection of tho hostel for the accommodation of members of Parliament and other visitors. In about 18 months' time, if the plans now in hand are carried out to schedule, the territoiy will contain probably the finest tourist hotel in tho Commonwealth. Two hundred guests will be accommodated in a one-storey building that will equal in beauty of design the most up-to-date of the tourist hotels of California ajad Florida in the United States of America. RUSSIA'S DEBTS. Evidence is accumulating that the leading Russian Bolsheviks have abandoned all idea of suoceeding without the capitalist, but it will take a great deal of repentance to gije capitalists confidence to send their money to Russia* It will be remembered that early in November the Bolsheviks, who have repeatedly declared that they would never recognise Russia's debts, nominally reoeded from that position. In a note they informed the British Government that they would recognise Russia's obligations " with respect to State loans made by the Tsarist Government before 1914," provided that they were given " those special conditions and facilities which will render possible the realisation of this undertaking." The primajy condition wag that the Great Powers should conclude a definite peace with the Bolsheviks, and that other Powers should recognise them as a Government. They proposed the summoning of an international conference to discuss the claims of the Powers against Russia, and of Rfissia against the Powers, and to draw up a treaty of peace. It will be observed that the conditions make the offf r worthless, as there is no likelihood of all the Powers agreeing to such terms. Nor will Russia, so long as tho Bolshevik chaos endures, bo able to pay her foreign debts. The Bolsheviks have already asked for fresh loans with which to buy food for the peasantry whom they' have reduced to starvation. UNDERWATER CRAFT. Writing in the Naval and Military record in November Mr. Hector C. Bywater said: I—The1—The laying down at Chatham Dockyard of a new submarine, the first to be ordered for the British Navy since the close of the war, coincides with the revival of rumours concerning the formidable types of underwater craft said to be on order, or actually building, abroad. Both the United States and Japan are reported to be at work on submarines which exceed in displacement and speed the largest vessels dating from the war period. The American fleet submarines are designed for long distance operations in the Pacific, and will, therefore, have a cruising radius higher than that of the "T" class. Their sea speed is also expected to be such as will enable them to keep station with the battle fleet. Their displacement on the surface is unofficially returned as 2025 tons, and (heir speed m 21 to 22 knots, as compared with 1100 tons and 20 knots for the "T" boats, the latter having a nominal radius of 7000 sea miles. It is understood, however, that the "T" boats, by taking on board their maximum supply of fuel, could adtually cover a distance of 9000 sea miies before returning to base. The Japanese naval authorities are equilly desirous of'increasing the sea endurance of their ocean-going wibmarines, while the orders they have placed in Europe for very high-power Diesel installations suggests that they are aiming at improved speeds. Notwithstanding sensational stories in the American press, it is very doubtful whether more than half the completed Japanese submarines have a radius of action sufficient for prolonged operations far from their home bases. Some of the new types authbrised under the 1920 programme are believed to be not less than 2500 tons in displacement and to have a partly enclosed superstructure, affording excellent protection from tie oa dack,,.