EXTRA DUTY ON ALL IMPORTS.

New Zealand Herald, Volume LXVI, Issue 20323, 2 August 1929, Page 15

EXTRA DUTY ON ALL IMPORTS.

LARGE FARMS TO PAY SUPERTAX RAILWAY CAPITAL REDUCTION

The Financial Statement delivered by the Prime Minister, Sir Joseph Ward, in the House of Representatives last evening, was a comprehensive review of both the financial position and proposals and of the major aspects of the Government's policy. There was a complete surpriso in tho proposal of a general increase in customs taxation by doubling the primage duty, which in recent /years has exceeded £IOO,OOO annually. Expectations of additional taxation of' "large farmers" were fulfilled in proposals to levy additional taxes on farms exceeding £12,500 in unimproved value. The owners are to pay either a supertax on land values or income tax, whichever is the greater. In addition, the exemption in respect of mortgages is to be reduced.

The Government proposes to write down the capital valuation of •the railways by about £8,100,000, and to discontinue the subsidy from the Consolidated Fund. The continuance of services on branch lines is to b6 investigated by the Transport Advisory Council. Plans for the development of idle lands are outlined, these being based on the provision of a development fund of £5,000,000. The Prime Minister also outlined the public works programme for the year, announcing that expenditure on railway construction would be increased by 60 per cent., while that on electricity schemes and roading would also be greater than last year.