TAXATION AND INTEREST.

Waikato Times, Volume 97, Issue 15272, 23 June 1923, Page 5

TAXATION AND INTEREST.

SIR G. ELLIOT’S VIEWSCOMBATED BY SIR G. FENWICK. ADVANTAGES OF CHEAP MONEY. By Telegraph.—Press Association. DUNEDIN, Saturday. Sir George Feuwick, at the annual meeting of the Perpetual Trustees’ Estate Company, said the reduction of taxation would he the means of putting heart into the conductors of many important company enterprises, and must have un immediate effect "in improving trade. As to the bank rate of advances, he did not think Sir Geo. Elliot was on firm ground when he argued that it should be maintained at the present high figure. There was no adequate or sustainable reason why banks should not be amenable to the law that cheap money tends to a prosperous condition of tradc i in the community, and they were not acting in common interest in maintaining such a high minimum rate as Gi per cent. He did not agree with Sir Geo. Elliqt’s statement that it was still difficult to borrow on fixed mortgage, even on a five per cent margin, at less ttian 6J per cent. In the South Island large sums were being constantly lent on approved securities, and with twofifths margin at 6 per cent. This was the normal rate at present.