FINANCIAL. TO THE EDITOR.

Otago Daily Times, Issue 6897, 25 March 1884, Page 4

FINANCIAL. TO THE EDITOR.

[ Sir,—Your correspondent " Lucas " in your last Wednesday's issue asks me to answor him four questions. I reply to the Ist. That the Colonial Treasurer last session estimated that ono farthing in tho pound proporty tax would give £55,000. This would show tho capital valuo of property of all kinds to be £81,G00,000. 'Jo this would havo to be added a considerable sum for the exemptions of £500, as nlso for all property held by individuals under this amount. Then, again, deductions would havo to bo mado for all foreign capital, wbich also pays under tho Property Tax Act. As I havo no means of verifying these items, I must leave "Lucas" to form hi 3 own conclusions on the subject. 2nd, Having no data to guide me, I cannot

answer this question. " Lucas " can guess as well as I can. 3rd. Here I quote from a carefully-prepared lecturo delivered by Mr J, W. Thomson, M.H.K., at Wurepa in December last, a full report of which appears in a. supplement to the Clutha Leader of December 14, a perusal of which I would rocommend to " Lucas." During last session tho Colonial Treasurer estimated tho indebtedness of tho Colony to outside creditors — For public debits ... . ... £28,785,000 ~ Harbouraud municipal loans... 4,000,J00 „ Mortgages ... ... 10,000,000 Total... ... ... £48,785,000 But I am disposed to think that this is considerably under tho mark, Hh. Interest on public debt ... £1,436,229 ■ ,', Harbour and municipal loans ... 280,000 ~ on mortgages ... 1,120,000 or a total of ... ... £2,870,229 Mr Montgomery, M.H.H., calculates that we are sending out of tho country every year £3,5-47,000 for interest on our public and private debts, and which, 1 think, is nearer the mark. —I am, &c, William H. Reynolds. Montecillo, March 22,