THE NEW TAXATION.

South Canterbury Times, Issue 6750, 3 February 1892, Page 3

THE NEW TAXATION.

(By TPLKSR#pn.i

WELLINGTON, Feb. 3.

At the annual meeting of the Equitable Building and Invcetment Company last night the chairman in moving the adoption of the report and balance sheet said several shareholders were disappointed at the interim dividend facing only 4 per cent instead of the usual 5 per cent, but the fact was that the half-yearly balance sheet, together with the taxation policy of the Government, decided the directors that only 4 per cent could fairly be declared. Under the new system of taxation the amount the company would have to pay would bo equal to a property tax of I£d in the f. This increase to their taxation arose from the resolve of ihe present Government to tax all a company’s deposits. Now as a large proportion of these consisted of small sums which under the Property Tax were exempt, be did not think small depositors bad much to be thankful for to the Government, As the increased taxation might mean a larger margin between depositors and borrowers, either deposits would come down or the borrowers would have to pay a larger rate of interest.