The Portland daily press., 1893-01-14
Especial to the Press.l

Sessions of the Committee.
Especial to the Press.l
AUGUSTA, Me-, January 13.-The spe-
cial committee on taxation will not at
tend many of the entertainments in the
cosy little theatre in Granite Hall this
winter. They propose to work evenings,
graphing with the arguments presented
by representatives of various industries
and have already mapped out their pro-
gramme until the first of February.
They voted today to give hearings as fol-
lows:
Monday, January 20, 7.So p. photograph
and telephone companies.
Wednesday, January 20. 7.3O p. m,-Rallr
road and sleeping car companies.
y Thursday, January 20, 7.3O p. m.-Street
railroad and express companies.
Monday, JANUARY 80, 7.3o p. m,-lnsurance
tuesday, January 81, 7.30 p. m.-Savings
banks and trust companies.
Besides the meetings for these hear
ings, the committee will hold regular
sessions Wednesday afternoons at 2.30
and Thursday evenings at 7. From the
list of hearings, it will be seen that it
will be well into February, any way, be-
fore the committee can report and get
the tax question fairly before the legis-
Iature.
The Taxation of Savings Banks.
Senator Grindle today presented the
bill embodying the new scheme for the
taxation Of savings banks as follows;
Sect 1. Every savings bank, institu-
ton for savings and loan association in
t<,J on "a low of the AStqfa
shall, semi-annually, ON the last Satur-
days of April and October, make re-
turn, signed and sworn to by its treasur-
er. of the average amount of its deposits
and accommodations for the six months
preceding each of said days, together
with statement in detail of it's assets,
loans, investments and deposits within
and without the state, in separate col
umns with aggregates. Said return shall
be made to the state assessors on or be-
fore the second Mondays of May and No.
vember, and for wilfully making false
return the corporation treasurer forfelts
not less than five hundred nor more than
five thousand dollars.
Sect. 2. The state assessors shall
thereupon determine the values of the
several franchises of the said banks, in
situations and associations according to
the following rule: From the average
amount of deposits and accumulations so
returned there shall be deduct
ed an amount equal to the
amount of United States bonds. the
shares of the corporation stocks such as
are by law of this state free from taxa
ton to the stockholders, and the asses
sed value of real estate, owned by the
bank, institution or association and also
an amount equal to one-half of SO much
of said funds as by said return appears
to be loaned to persons resident or cor
porations located and doing business in
this state, and of so much as so appears
to be invested in securities of this state,
public or private, or on hand or deposited
within the state. Upon the value of
each of said franchises so ascertained
the State Assessors shall assess an an
nual tax of one per cent, one-half of said
tax to be assessed on or before the fourth
Monday in May and one-half on or be-
fore the fourth Monday in November.
The State Assessors shall thereupon
certify said assessments to the treasurer
of state who shall forthwith notify the
several banks, institutions and associ-
ations interested.
Sect. 8. All taxes so assessed shall be
paid semi-annua1ly within ten days after
the first Mondays in June and December.
One-half of the sum SO paid shall be APP
propriated for schools in the manner
provided for tax on banks of circulation
in section III of chapter IL of the
Revised Statutes, and one-half to the
state.
Section 4. Sections Cd and 65 Of chap
ter of the Revised Statutes are hereby
repealed.
Section5. This act shall take effect
when approved.