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WITHDRAWING CAPITAL.

(Per Pbess Association.) London, October 27." The cablegram published yesterday in connection with the meeting of the National Bank of New Zealand should have read as follows:— It is stated that one investment company carrying on business in the north of New Zealand is withdrawing investments to the extent of a quarter of a million, while others are preparing to do likewise. All refuse to increase their investments while the attacks on capital continue to be made in the colony. Sydne*. October 29. The Sydney Morning Herald says that the withdrawal of a quarter of a million of British capital from New Zealand is another serious warning as to the probable results of turbulent politics in the colonies.

(From Oub Own Correspondent.) Napieb, October 29. With reference to the cable announcing the withdrawal of capital from the colony the Hawke's Bay Herald, a few days ago, stated on authority that the managers of two companies, having colonial headquarters in Napier, and with about three-quarters of a million invested here, had received definite instructions from their English and Scottish directorates not to advance' any more money, to renew no mortgages, and withdraw all capital at the earliest possible date. The colonial directors advise that no precipitate steps be taken as they believe that when the effect of the new taxation is seen there' will be an amendment of the law at least so far as investing companies are concerned. In one case a company holding no land, with £100,000 paid-up capital, and £400,000 borrowed on debentures, would be taxed £3950 against £2083 under the property tax, or within a fraction of 4 per cent, on the capital. In the other the company owns land, and would pay more in proportion under the progressive tax, bat the exact amount cannot be stated until the valuation of improvements is known,

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/OW18911105.2.53

Bibliographic details

Otago Witness, Issue 1967, 5 November 1891, Page 15

Word Count
309

WITHDRAWING CAPITAL. Otago Witness, Issue 1967, 5 November 1891, Page 15

WITHDRAWING CAPITAL. Otago Witness, Issue 1967, 5 November 1891, Page 15

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