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be deemed to remain the owner of the land for the purposes of this Act (though not to the exclusion of the liability of any other person) until possession of the land has been delivered to the purchaser and at least fifteen per centum of the purchase-money has been paid." Resolved on the motion of the Eight Hon. Sir J. G. Ward, That the clause be amended by inserting the words " and all money lent to the purchaser by the seller " after the word " land " in line 45, subclause (2). Resolved, That clause 16 as amended stand part of the Bill. Clause 21. Resolved on the motion of the Right Hon. Sir J. G. Ward, That the clause be amended by striking out all the words after the words " shall be " in subclause (3). Resolved on the motion of the Right Hon. Sir J. G. Ward, That the clause be amended by substituting the following words in lieu thereof: " deemed for the purposes of this Act, so long as such possession continues (though not to the exclusion of the liability of any other person) to be the beneficial owner of the estate or interest which is subject to such mortgage or other security, and shall be liable for graduated land-tax accordingly; but there shall be deducted from the tax so payable by him the amount of graduated land-tax (if any) paid in respect of such estate or interest by the mortgagor or other owner thereof." Resolved, That clause 21 as amended stand part of the Bill. Resolved on the motion of the Right Hon. Sir J. G. Ward, That the Bill be amended by inserting the following new clause: — " 21a. (1.) For the purposes of this Act all standing timber shall be assessed at half its value and no more, and the liability of all persons for graduated land-tax shall be determined accordingly. "(3.) This section shall commence to take effect in respect of land-tax payable for the year commencing on the first day of April, nineteen hundred and seven." Clause 23. Resolved, That clause 23 be amended by striking out subsection (3). Resolved, That clause 23 as amended stand part of the Bill. Clause 21a. Resolved on the motion of the Right Hon. Sir J. G. Ward, That the clause be amended by inserting the following new subclause: — " (2.) The increase of twenty-five per centum provided for in section seven of this Act shall not be added to any land-tax payable in respect of standing timber." Resolved, That clause 21a as amended stand part of the Bill. Clause 22. Resolved, That subclause (5) as printed stand part of the clause. Resolved, That clause 22 as amended stand part of the Bill. Resolved, That the Schedule as printed stand part of the Bill. Resolved, That the Bill as amended be printed. The meeting then adjourned until 11 a.m. on Wednesday, the 11th September.

Wednesday, 11th August, 1907. The Committee met at 11 a.m. i* ??-T"U Mr - J ' AOen ' Mr - Colvin ' Mr - Flatman > Mr - W. Fraser, Mr. Laurenson, Hon Mr. Mills, Hon. Mr. McNab, Right Hon. Sir J. G. Ward. The minutes of the previous meeting were read and confirmed. The Right Hon. Sir J. G. Ward said that he intended to ask the Committee to recommit clause 7, but on reading a statement by Professor Salmond he had decided not to do so Resolved on the motion of the Right Hon. Sir J. G. Ward, That the Bill as amended, together with a copy of the minutes of proceedings, be reported to the House. The Committee then adjourned.

Approximate Cost of Paper.— Preparation, not given; printing (1,500 copies), S3 Hβ, 6d.

By Authority : John Mackay, Government Printer, Wellington.—l9o7 Price 6d.]

2—l. 11.

5

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