WELLINGTON TOPICS.

Taranaki Daily News, 30 April 1923, Page 5

WELLINGTON TOPICS.

• JAYOKiAi.'* ELECTION. (Special Correspondent.) Wellington, April 23. The Oamaru election is not arousing much interest here except among the politicians immediately concerned Mr. Massey and his colleagues naturally are putting forth every effort to recapture the seat, the Prime Minister having practically established his headquarters in the constituency for the time being, and his colleagues giving what assistance they can from a more respectful distance. The issue of the Financial Statement from Oamaru on Saturday was quite a stroke of diplomacy, and probably will have a better effect thaa any amount of platform speaking would have had. The Liberal leaders here are watching tho position closely, and are eager to be in the fray; but Mr. Macpherson, -the Liberal candidate, prefers to confirm the previous verdict so long as the Prime Minister and the Reform candidate do not, call an army of helpers to their assistance. Here it is impossible to get any very clear outlook as to the prospects of the contest, but the general feeling is that the fine showing made by Mr. Macpherson last December in what appeared to be a uphill fight, will stand him in good stead on this occasion. The sporting instinct of an indifferent public is on liis side. COMPANY TAXATION. Mr. G. Shirtcliffe, who ventured t> cross swords with Mr. W. D. Hunt o i the question of company income tax, withdraws from tho controversy in a letter addressed to the Dominion thi? morning without having made his cas? quite good. “While some lending an i trading companies have unfortunately lost during recent years a substantial portion of their reserves, entailing a corresponding reduction in their indi vidual earning capacity,” he says, “tne fact remains that the purely lending companies having practically maintain -o their reserves have been able while giving good, service to their borrowing clients at rates probably not exceed ing per cent, on average to pay their shareholders reasonable dividends, .even during the recent difficult times. I do not doubt that such companies will pursue the even tenor of their way, and as conditions improve show even better results, either by way of increased dividends or further additions to reserve or both.” Mr. Shirtcliffe has retired from the controversy just as it was becoming interesting, without, it must b? admitted, disposing of all the facta arrayed againat him, but. . probably .Mr, Hunt still has something to say that will throw further light upon the points in dispute.