WANT OF CONFIDENCE

Wanganui Chronicle, Volume 72, Issue 199, 22 August 1929, Page 8

WANT OF CONFIDENCE

THE TAXATION PROPOSALS MOVE MADE BY REFORM LEADER [ Per Press Association. ] WELLINGTON, Aug. 21. In the course of a lengthy speech during the financial debate in the House of Representatives to-night the Leader of the Opposition, the Hon. J. G. Coates, stated that so keenly did he leel that the Government’s proposals were unjust that he would move that:— i

“In the opinion of this House the taxation proposals are not acceptable without further revision and amendment on the grounds that (1) increases in the primage duty will increase the cost of living and if further Customs revenue is absolutely required a duty should be imposed on certain selected luxuries of foreign origin; (2) that the proposed increase in land tax amounts in some cases to a confiscatory single tax absorbing the whole annual income of the property without regard to whether such property is capable of subdivision or not; moreover, the reduction in mortgage exemption will impose grave hardship on many farmers; (3) that if any change is to be made m taxation on that class of farmers contemplated by the Budget it should be based on the principle of capacity to pay. viz. income tax, with adequate provisions for preventing aggregation; (4) experience has shown that the proper classification of lands suitable for subdivision is essential before penal taxation is imposed; (5) that the proposals as to highway revenue are a breach of faith with the motorists of New Zealand, who agreed to the imposition of special taxation on the condition that no part of this taxation was to be available for the general purposes of the Consolidated Fund.” Mr Coates denied the suggestion that the attitude of the Reform Party was directed towards obtaining the support of the Labour Party. The purpose of the motion was to record disapproval of the Government’s taxation proposals

The amendment was seconded by Mr A. E. Ansell (Chalmers). Sir Joseph Ward stated that he could accept the amendment in only one way and that was as a motion of want of confidence in the Government. That was the attitude he would take up till the amendment was disposed of.

“It not only remains for me to move the adjournment of the House,” Sir Joseph Ward added.

Mr Coates asked why this was necessary. The Prime Minister said the Government was not going to sit by while the financial debate continued with a want of confidence vote impending.

Mr C. A. Wilkinson moved the adjournment of ihe debate and the House adjourned at 9.45 p.m.

sidering the state of the wool market at the present time, and we quote prices as being firm with rates ruling at yesterday’s sale in Wellington. “The following are a few of our realisations:—Westerhill: Ctgs., 8 id; hgt ctgs., 7Jd; Monovale: Ctgs., 83d. BH: Ctgs., BJ. Kaukatea/J: Ctgs., 73d. DR/O: Ctgs., 83d. Awawaro: Ctgs., 63d. WA/Hilton: Ctgs: 63d. ABB: Ctgs.. 7fd. GNB: Ctgs., 7d. JC: Ctgs., 73d. ACM: Ctgs., 83d. AM-O: Ctgs., 83'1.

Binned wool.—Ctgs., A A 9d Ctgs. A., 83d; Ctgs. seedy, 73d; dead A 93 d.”

LOAN AND MERCANTILE AG. CO. The New Zealand Loan and Mercantile Agency Co. Ltd. report:—“The last crutehing sale of the season was held yesterday, when a total catalogue of approximately 1450 bales was offered, of which our catalogue comprised 217 bales. There was a moderate bench of buyers who competed consistently for the various lots as they were submitted, though at no time could the competition be called animated, but considering the recent reports from London of the drop in values of wool, the prices realised yesterday must be considered satisfactory, and were on a par with the Wellington values last Tuesday. “Comparing prices with those obtained at the crutchings sales held earlier in the year throughout the Dominion, super lots have suffered the most, while inferior and seedy lots are selling comparatively better owing to the competition of local scourers and fellmongers. “We quote some of the sales hereunder:—Mt. Zion: Ctgs. E., 83d; ctgs. H., 74d. TH/N: ctgs., 83. CB/Tekorito: Ctgs. A., 83d; ctgs. H., 73d. Rotowhero: Ctgs A., 83d. RTB/Moawhango: Ctgs. A., 63d. JWH: Ctgs., Bid. Ruakiwi: Ctgs., Bd. Tanupara: Ctgs., 93d passed; G, Ctgs., 9. Alduiie: Ctgs., 83d. Morikau/OA: Ctgs. A., 9d. Aranui: Ctgs. A A., 93d. passed BirdGrove: Ctgs A., 9. WBC: Ctgs., Bd. DBROB/T: Ctgs., Bd. JS/P: Ctgs., B|d. JT/O: Ctgs., 73'1. Taukoro/I: B{d. Castle: Ctgs. A., 83d; ctgs. SA., 83d.”

DALGETY AND CO., LTD. Messrs Dalgety and Co., Ltd., report: At the crutehing sale held yesday their offering was generally heavycondition and seedy, with a few lots of good and medium lines of crossbred parcels, bushy and free from seed. Competition was in no way animated, local scourers being the principal buyers of medium sorts, which comprised the bulk of the offering. The. few good lines submitted were mainly taken by Japanese buyers with a few odd lots going to Canada.

As compared with Wellington sale, prices for good and super lots were Ad lower; seedy and inferior sorts being par. A fairly good order was in the market for a Scotch firm and this kept prices on a better basis than otherwise would have been the case.

We quote: —Good and super crutchings, 9Ad to lOd; medium, free from seed, 8d to BAd; slightly seedy, 7d to 73d; seedy and inferior, 43d to 6Ad. The demand for fleece wool was extremely weak and prices offered were generally below brokers’ ideas of values.

THE WELLINGTON SALE FARMERS’ DISTRIBUTING CO. The New Zealand Farmers’ Co.op. Distributing Company held their second clutching sale of the season yesterday, when they submitted a catalogue comprising 228 bales, chiefly crutchings, with an odd lot of new sea-

son’s hogget, seedy fleece, Lamos wool and oddments, to a full bench of buyers. Prices were from one penny to twopence per lb. lower for medium and good crutchings, but seedy lots sold practically on a par with those ruling at the June sale.

Their principal sales were: Fleece Wool: JH/Beaumontßomney hogget 133 d; Sniper Crutchings: F and HP 12d; Good Crutchings: RDP lOd; CCC/ Mikimiki 96d; Gairloch 93d; Ngatara Hanga 93d; Various 96d; JH/Droxford 9Ad FT/Huia 91 d; Medium FLM/ Tekapua Bjd; TBH 83d; EHA/A Bjd; Pariroa 83d; Various 83d; Matauia lambs AA 15d; Coop good fleece 123 d; First dead 123 d,