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Waikato Times, Volume 109, Issue 18359, 19 June 1931, Page 6

"There is no doubt that general high taxation drives money and credit out of a country, but by tills 1 do not imply that New Zealand lias, until now, suffered in such a manner; on the contrary, it is well known that large sums havo been transferred from Australia and invested here,” said Mr W. Watson, chairman of directors, at the annual meeting of the Bank of Xcw Zealand at Wellington to-day. “The causes of these remit lances wore undoubtedly the more stable conditions will eh obtain hero, fears of higher taxation, and probably exchange, n has been bi'lil by uminenl authority in Lonilmi that money ami eredil eamiol ordinarily be removed from a eniinlrv. bul individuals ran. and have been able to. transfer their assets from Australia in other rnunlrirs. by various methods, and lo enrich the places of receipt by making investments I here. II is also clear Ilia! subtraction by any Slate of Hie people’s weallii, either by inonlinale taxation or by high death and gift duties, lo pay for expenditure overseas, which eamiol be met by excess of exports over imports, must impoverish llial Slate tu the detriment of alt within it.”