CONDITIONS IN AUSTRALIA.
There was a point in Mr. Andrew Williamson's address to shareholders of the English, Scottish and Australian Bank, Ltd.--a report of which appeared in the last issue of The Spectator--to which I would like to draw attention. As usual, Mr. Williamson made a most comprehensive survey of present conditions in Australia, the net result of which was to convey a favourable impression both as regards economic. conditions and the national finances. At the same time Mr. Williamson called attention to the fact that there was one form of taxation which, it seemed to him, should, in the best interests of Australia herself, receive serious reconsideration by Australian Governments, namely, the taxation of absentee shareholders and debenture-holders. This, more than anything, Mr. Williamson considered, tended to deter people in this country from investing in Australian enterprises, and this at a moment when Australia more than usually requires the assistance of private capital to help on recovery. It was, Mr. Williarrison said, the wisdom rather than the equity of such taxation that was in question, for the hurtful effect in deterring the flow of 'private money to Australia far more than offset any financial benefit from the tax collected.
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