TIME TO EASE BURDEN

Otago Daily Times, Issue 26177, 13 June 1946, Page 8

TIME TO EASE BURDEN

CRUSHING EFFECT OF TAXATION (Special) WELLINGTON, June 12. “During the war we shouldered our taxation cheerfully, recognising that it was necessary to win the war, but now that the war is over I feel that no Government is justified in maintaining crushing war taxation as at present,” said the managing director of McKenzie’s Department Stores, Ltd., Mr J. R. McKenzie, at the annual meeting of shareholders to-day. Mr McKenzie said it was to be hoped that when Mr Nash returned he would realise that the present war taxation was crushing the very life out of business, and that immediate relief would be granted. The company’s difficulties with import restrictions, and the lack of special merchandise were still very evident. Now the war was over it was to be hoped that the Government would relax its controls and allow a much greater measure of freedom in trading. Trade with Britain was so important for all, that it was his opinion that there should be freedom to import from Great Britain without any restriction whatsoever. Britain placed no restriction on any of New Zealand’s exports. This year the board had reserved for taxation 13s 4d in the £, Mr McKenzie said. He believed that this reservation would prove more than adequate. To enable the company to pay a 10 per cent, dividend for the year R would be necessary to draw on the accumulated profits to the extent of practically £2OOO. Mr H. Edwards was re-elected a director, and the appointment of Mr A. W. Duncan as a director was confirmed.