AMOUNTS PAID BY BANKS

Opunake Times, 27 June 1939, Page 1

AMOUNTS PAID BY BANKS

MATTEE SHELVED IN PAST “Early this year the banks between thorn paid some £380,000 income tax because in the previous taxation year they had held an average of £67,000,000 from the public in the way of deposits/’ said Mr,, E. C. Addison, chairman of the Associated Banks, at a smoke concert organised by the Bank Officers’ Guild at Wellington. The banks between them, he said, paid a further £290,000 income tax, because they made advances to the public averaging £51,000,000, They also paid substantial amounts on other assets and liabilities including—and this was the “cruellest rub of all’ just on £50,000 on the £8,750,000 which was the average 6 jthey had maintained at the Eeserve Bank, upon which deposits they did not receive any interest. Mr, Addison added that he wished to make it very Clear that he was not referring particularly to the present»Government. It was only fair to emphasise that a review of this “antiquated system of taxation,” which was conceived under absolutely different circumstances from those now ruling, had been shelved by various Governments.

Mr. Addison also paid tribute to the service which banks had given the Dominion during past years, and gave an assurance that they would continue that service in the future.