CHAMBERS OF COMMERCE

Timaru Herald, Volume CXXXVII, Issue 19632, 28 October 1933, Page 18

CHAMBERS OF COMMERCE

ANNUAL CONFERENCE | IMPORTANT DECISIONS REACHED 1 By Telegraph— Press Association WANGANUI, October 27. | At to-day's session of the conI ference of the Associated Chambers of Commerce of New Zealand, the following remits were earned:— "That the allegations of uneconomic competition by the Railway Department be referred to the executive for action, if necessary.” "That the provisions of the Income Tax Act, relating to deductions that may not be made from the gross toi come, in calculating the assessable t income of individuals and companies ! engaged in trade, are embarrassing to I trade and operate harshly and unjustly. The Act should be revised end amended so as to permit of the deduction from the gross income of all items of expenditure incurred in the earning of he gross income which are properly and reasonably chargeable, in accordance with established . commercial and accountancy practice. to the year's trading and profit and ! loss accounts."

"That allowances for depreciation fixed by the Commissioner should be revised by the entire at.lition of the principle of basing allowances on diminishing values of assets, and the adoption in ali cases of the original cost as the basis of calculation, also a reconsideration of the rates with a view to allowances being increased in those cases where the rate would clearly not extinguish the asset account within a period, representing its life, under normal conditions.”

Haste Deprecated. Tile Conference passed the following resolution: "That in the matter of the Reserve Bank Bill, this Conference is of the opinion that there is no immediate need to rush through this most important legislation; that it is essential that there should be a full and exhaustive inquiry before a duly constituted Parliamentary Committee, before which evidence would be taken and a report made before committing the country to this most important departure from established banking practice. The Conference further emphasises the point laid down by Sir Otto Niemeyer that a Central Reserve Bank should be entirely free from political influence or control, directly or indirectly. It is necessary, and should be obvious to all, that the danger of political interference, unless adequate safeguards are provided, might become a real menace to the financial stability of the Dominion.” . Another remit carried stated that free and unrestricted entry of our exports into Great Britain was so vital to New Zealand, that negotiations should be initiated to ascertain on what terms this right can be secured. New Zealand should be prepared to make concessions to achieve this end A remit was carried urging that legislation by “Washing-up" Bills should be rigorously curtailed. The executive was instructed to negotiate for more favourable shipping freights to and from the Dominion. A Protest. The Conference protested against Government trading ventures being accorded the protection of the Crown Suits Act, and considered that when the Crown was the litigant in respect of trading ventures, it should be bound by the same laws as operate between subject and subject. A unanimous vote was recorded against the present restrictive profusions of the Board of Trade Act, the Commercial Trusts and the Cost of Living Acts, and the Government is to be asked to amend this measure. On the voices the Conference approved the abolition of the land tax and the substitution of income tax. With regard to commercial examinations. the executive was instructed to call a conference of institutions interested with a view to adopting a uniform standard of examination. The encouragement of commercial aviation with a view to increasing the efficiency of the Dominion’s Air Force was unanimously decided upon. The next annual conference is to be held to Christchurch. Election of Officers. The election of officers resulted:— President, Mr A. M. Seaman (Auckland i: vice-president, Mr S. H. E. Turner (Christchurch); executive. Messrs A. S. Burgess (Wanganui), H. T. Merritt (Auckland), S. Spence (Napier). A. F. Wright (Christchurch!. W. Machin (Christchurchi. A. 11. Allen (Dunedin). C. B. Tapley (Invercargill). L. D. Kerr. C. A. L. Treadwell, D. J. McGowan. Stronach, Patterson, J. Halligan. G. C. Maccaul and H. J. James, (all of Wellington).