WARNING TO MERCHANTS

Taranaki Daily News, 13 June 1930, Page 8

WARNING TO MERCHANTS

POSSIBLE TARIFF INCREASE ALLEGED CLEARING FROM BOND. TAXES MAY BE RETROSPECTIVE, By Telegraph.—Press Association. Wellington. Last Night. Regarding possible increases of tax* ation, particularly affecting revenue received through the Customs tariff, the Prime Minister, Mr. Q. W. Forbes, made the following statement to-day:— “It has come to the knowledge of the Government that many commercial firms and others engaged in trade in the Dominion are anticipating increases in the rates of Customs duties on' articles in which they are interested. As I publicly intimated recently, the Government is faced with the necessity during the present financial year of raising extra revenue in order to balance tlie national Budget, but so far w« have not come to . any decision in- detail as to the methods by which this additional revenue is to be derived. The proposals of the Government in this respect will be submitted to Parliament for consideration in due course. '• .

“Having regard to the present financial exigencies of the country,- it would be extremely inconvenient if merfhrnts forestalled the Government by making extensive clearances of goods from bona and thus possibly avoiding any increased rates which Parliament might impose. I desire to say, therefore, that in connection with any increases in rates of Customs duties which may be approved by Parliament the Government will seriously consider making such increased duties retrospective if they are satisfied that abnormal clearances of goods affected have been made in anticipation of Parliamentary action.”