LAND AND INCOME TAXES.

Colonist, Volume LVII, Issue 14130, 5 July 1916, Page 6

LAND AND INCOME TAXES.

A debate on the Land and Income $■ Tax Assessment' Bill elicited a further protest from Mr J^ayne against exemjjfc- \~_ in X goldmining companies from payment of income-tax. Mr Wilford, in the course of a severe criticism of the abolition of the mort-gage-tax as proposed in the Bill, doj dared that it would not mean abolition n at all, but only more profit for mortz. gagees 1. > Mr Hindmarsh, in condemning tub , c abolition of ihe mortgage-tax, deelar\e od that the Finance Minister had departed from the traditions of tlic Lih"a eral party. Had he desired to help the n _ 1 mass of .i>he'- people he should have re-,-jj J nutted, not the mortgage- tax, but the bo i primage-tax. He could "not understand j. e |how it was that Liberals in the Holism a _ took such a thing lying down. He w could only (believe that they were y obsessed by belief in the National Cab-' ol wet. • ••.... I M( s Sir Joseph AVard asked why Mr Hindx marsh did not go into tho National, ** Cabinet and help to prevent what ho ; n ,'so loudly denounced. [^ j Mr Hindmarsh • 1 am mighty j. now I did not. [p Sir Joseph Ward: Well, Mr HindK j marsh refused to sacrifice himself on| ie the altar of the needs of the gi'eat mass >s ;of the people bf this country when he ' had. an-Oipportunity. May ' I tell him l s also that no farmers demanded the abok" j litioivof the mortgage-tax? That pro- ■ 3 f posal came from myself. The abolition 'of the mortgage-tax is to help to place foundation for reducing the rate of I interest, .which affects xhe small farj.|mer far more than it does the large [Q \ farmer throughout this country. Parliament could not interfere with a conjj j tract entered into between a mortgagee gland a mortgagor,.but it would be to the c I interest of money-lenders to t».ke the j I proper course by realising that'the repeal was for the purpose of helping y mortgagors, but- if they took advantage a' of it to take what they were not en- ■_ titled tb then Parliament, after a reac son able time for consideration, would • Lave to legislate. Goldmining com--0 j paiiies- had objected to ibeing relieved of' income-tax, so he felt inclined to 3 iTcimpose it on them. s [ The Bill was read the third time.