HOUSE OF REPRESENTATIVES

Southland Times, Issue 19185, 24 October 1903, Page 3

HOUSE OF REPRESENTATIVES

THE MIDLAND UAIL/WA** On the motion foil the third reading on' the Midland lln.hvny IVU tions Settlement Act Amendment bill. Mi James Allen urged that ALr Corttes. I'-iC receiver for the debenture-holders, hnd upree.l to accept ,£. 1 .3d, 0n0 in serin, and now. because some of the d.'heat,.i-e-lio.detH objected to the arrangement, the matter was forced into a .'ie--h course, which meant greater cost to '. ao colony to the ex len I of £lo,ihm> — The Colonial Si-< ivta,ry said a ■liiiii-ul ty < ropped nn which prevented the issuing of the stock authorised by thi> act of last year wthm v roiisonulvlf* period niter the Act was passed An nmi-ndinent made in Commute.- U.st y.-nr limit.-. I Iho is.su.- oi tindebentures to a sutticient amount to ruiso 1:1 50.000 and the delay in the issue Of tho stock was caused by the fact of the dissolution of the company. To give effect to tho agreement the company had to be reinstated. This bill simply gave effect to the intention of the Legislature.— The third reading was carried on tho voices, and the bill passed. TREASURY BILLS EXTENSION. This bill was read a third timo and passed without a word of debate. INCIUCASED "LAND TAX. In moving tho second reading of the Land and Income Assessment Act Amendment Bill the Premier said that owing to anomalies This bill was imperative-. They had also, a right to nrijust fairly the incidence of taxation, Under the 'present law there were jumps and gaps, 'lhis bill would Rive an inoreased revenue of A-3000, exclusive of tho increase in the absentee tax ( £1*000). In making the adjustments it had been impossible to, avoid tho slight increase. The tax had been made more equitable The reduction that had been made on the tax on foreign mining companies was, he considered, the first instalment of i reference to Britain. English compamoswould now have to pay on half the dividends, the same ns local companins. He would show why a readjustment was necessary : at present a person with propert v "valued at £9999 paid £5 4s 2d. but if tho value wns £1 more he paid £10 8s 4d ; if the value wa5£19.999 ho paid £.'"1 "*s ; if £1 more £41 IHs -Id , if the value was £109,999 the tax was £.'.7 l* if £1 more the tax was £OHO ; if the value was £209,999 he paid £104(1. if £1 more £1750. The jumps were too big The scale was out of proportion, and the result was that people fought so as to show a reduction of CL in some casus because it meant a saving of £10u. From £500 to i;2o,<>i»n there would be .paid £441 loss in the aggregate : on lessor amounts there was ' practically no difference. Absentees paid £900, a paltry sum, and the p-oposod increases would not matter much after all. Interrupted by 50 30 adjournment.