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THE TAXATION QUESTION*'
IN NEW SOUiH WALES.
REP0K.T OF THE CONFERENCE.
AN AMICABLE SETTLEMENT.
Svdnev. Nnvpmhwr 97
A little before midnight both Houses were
summoned to meet with tho welcome intima
tion that the Conference had concluded itr
labours and come to an amicable understand
ing ou tbe points iu dispute iu regard to tha
Land and Income Taxes Assessment Bill.
Mr. Reid, in the Assembly, and Dr. Mao
LACEIX, in the Council, read the report,
whioh was not debated. The Houses im
mediately adjourned.
Too report ie brief, and unless read in con.
junction with the original measure and ths
amendments made by the Council is quite un
intelligible. Its main fbatures msy ba sum«
marized thus : — The Conference agreed that
tha amount of the land-tax exemption ehould
ba £240 and that the amount of the income
tax exemption ehould be placed at £200.
Regarding tbe taxation of mortgaged
lands, really the most serious point at)
issue, a compromise w»b come to which
amounts to the affirmation of the Assembly's
position. But tbe clause agreed to by the
Assembly is dropped, tocetlier with that
suggested by tbe Council, and a wholly new
one adopted. Under this olauee the owner of
mortgaged land will pay land tnx on the full
value of his land, subject only to a deduction
of the amount payable by the mortgagee as
moome tax on income derived from hia mort
gage. The Managers for tho Assembly agreed
to tho action of the Council in striking ont the
clause providing for the special taxation of
abientees. This is really the only important
ooncesBion gained by the Council. The
clause voiding all contracts by which the
land tax ouuld be passed on from the owner
to the tenant is allowed to staud with a
slight modification.
The report of the Conference will be dis
cussed by both Housed to-morrow.
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