DOMINION FINANCES.

Taranaki Herald, Volume LXVII, Issue 16448, 30 May 1919, Page 3

DOMINION FINANCES.

VIEWS OF MR. A. M. MYERS. (Per Press Association. WELLINGTON, May 29. The Hon. A. M. Myers, at the Chamber of Commerce meeting, said the question of dumping had been brought under his notice as Minister of Customs, and a clause dealing with the matter had been drafted for submission to Parliament when opportunity arose. The New Zealand tariff, added: Mr. Myors, was not sufficiently elastic to meet the rapidly changing conditions of trade and commerce. Rectifications wore required in many directions, but, as matters stood, the alterations could not satisfactorily he made, except at the time of a general revision of the tariff. The Government had under consideration a scheme by which, when it appeared advisable that the tariff on any article should be altered, the matter could he referred to an advisory committee. On -the recommendation of this committee the Minister of Customs, with the approval of the House of Representatives, would bo able to modify the tariff in the direction deemed/necessary. He believed some such scheme would, he of great advantage to manufacturers in New Zealand, and especially to those who were establishing new industries. The Hon. A. M. Myers referred to tho increased financial burden that would have to he borne by the people of tho Dominion in consequence of the war, and said l it was plain there must he increased production. The country must not overlook the fact that tho apparent increase in exports during recent years had been due chiefly to high prices. When prices began to fall again the couhtry would he in a difficult position unless production had been increased in the meantime. Ho was entirely in accord: with the policy of securing expert advice for the Government in business matters. Ho had proved the great value of expert advice in his work as Minister of Munitions and Supplies. Tho business men who had advised 1 him had saved the country hundreds of thousands of pounds. No Minister could know enough to handle all the intricate problems that came before him without the advice of experts to guide him.

TAXATION AND WAR LOANS,

WELLINGTON, May 29,

An exhaustive reference to taxation and war loans was made to-day by Mr. J. 0, Uarkncss in his presidential address to the Chamber of Commerce. Ho said that advice and criticism in regard to raising from 40 to 50 millions locally was unwarranted, and, whatever opinion might be held on the subject, it was a matter of sincere congratulation thao the Dominion was in a position to hoi]) itself, and that when the Imperial Government was burdened with tho responsibility of raising enormous sums for war purposes, it was, ho considered, unreasonable for their Dominion to expect assistance from Britain in such a time of financial storm. The policy adopted in England of repaying portions of loans out of revenue was practically impossible here. To place a heavy burden on the shoulders of the taxpayer by immediate repayment would mean the depletion of the capital required for development of the resources and expansion of the present industries, and to hold that interest payable on war loan investments should be subject to incometax was to overlook the fact that without some inducement the money would not have been obtained, and to obviate that difficulty the rate of interest ■would have been increased, which would be no good to tho Dominion financially. No one objected to the extia. revenue raised by the Government during the past five years, but exception might reasonably bo taken to tho incidence that taxation and land tax had been left severely alone, tho contention being that it was a matter for the country settlers to arrange. This, ho maintained, was not. a policy which was conducive to the best interests of the community.