HEAVY TAXATION

New Zealand Times, Volume XLIX, Issue 11163, 20 March 1922, Page 7

HEAVY TAXATION

serious position for FARMERS. AUCKLAND, March 16. The question of taxation and its effect on the farmer was brought up at the provincial executive meeting of the Farmers’ Union, .Mr L. McAlpine said teat the position of the farmer in respect to the renewal of mortgagee at present held up by the moratorium was very serious. All the money in the oountry was being absorbed by the commercial People, and when mortgages on land became due there would he no money available for renewal. The manner in which companies were taxed jyas ascribed by Mr F. Colbeok as the great trouble in the matter. A company, in order to realise 6 per cent, net on mortgage money, had to charge 12 per cent. If the Government would forgo the tax on money lent on land there would be a flood of money available for removal of mortgages on broad acres. He suggested teat the Government be approached with a view of getting tee income tax on mortgage money remitted. It was decided that a remit on tee subject he framed for discussion at the next provincial conference of tee. union.