N.Z.’S FINANCES

Waikato Independent, Volume XXXI, Issue 2449, 7 March 1931, Page 2

N.Z.’S FINANCES

AMERICAN’S IMPRESSIONS. “MILLIONS IN INTEREST.” ‘‘ A good newspaperman finds news wherever he goes, and 11. L. Baggerley, who went from Los Qatos to Australia to see a horse race, saw much besides, along the way.” So reads an article in a San Francisco newspaper. Now read on. “In his newspaper, the Los Gatos Mail-News, Mr Baggerley informs farmers of conditions in Now Zealand that might please them. On that huge island the Government owns a fire insurance and accident insurance company. The Government also owns railroads. Farmers in New' Zealand pay no taxes on tlicir mortgages, their machinery, or their cattle, and pay no income tax. They borrow from the Government at five per cent and pay back less than one per cent of the principal. The Government has been doing that for more than thirty years, and Mr Baggorlcy says it has lost little oi no money and has collected millions in interest.” So now wo know!