THE MORATORIUM

Waikato Independent, Volume XXIII, Issue 3064, 31 May 1923, Page 5

THE MORATORIUM

REDUCTION OF TAXATION TIIE P If EMIEft'S P BOM ISES (Speaking at the opening of the Win ter Show at Hamilton on Tuesday afternoon, the Prime Minister dealt at some length with matters concerninr the. moratorium, which would soon be coining to an end. He strongly urged that, mortgagors should be reasonable in their dealings with mortgagees, and that they should observe the golden rule. Mr Massey stated that the Advances Department was now lending up to £2OOO to enable, people to pay off their mortgages, and when Parliament met in a few weeks’ time he intended to ask that: this amount be increased to £3OOO. They had the money, and if a man could give the necessary security he would be able to get up to £3OOO to help hint meet, his liabilities. This should largely meet the difficulty that the removal of the moratorium would create. Thanks to the improved condition of affairs, said the speaker, the Government could get plenty of money and they would lend it out; at what it cost them, with one-half per cent added to cover expenses.

Air Massey added, amidst applause, that it at as hoped to reduce taxation on all classes in the near future; indeed lie expected to be able to reduce taxation by two millions a year. A heavily taxed people could not be prosperous, although there were those' 1 who cried out “Atakc all pay who can.” One of the results of heavy taxation was unemployment, as they had found to their sorrow in New Zealand in the past.