The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-04-10

600 or $4,000 were paid out in salar-
les. The manager would be very
promptly brought into court and il
would be proven VIII alter or not he was
conducting the business for the stock
holders.
Minister Damon-It is the very first
step that has ever been taken hero
toward an income tax, and as the bill
has been drawn from such an Act, 1 feel
confident that il Will ultimately lead up
to that
Senator Baldwin, had a conversa-
ton with the Minister OF Finance last
night regarding this item. We who
have sugar interests are ready to pay
fair tax; we are ready TO see a change
if it is fairly made. l believe in hav
ing those who make tax returns include
the gross receipts, and that the assessor
should take those into account.
Senator McCandIess-The part of the
Act referring to the assessors may not
be wise, because he might do some
thing which would be against the law.
To ascertain what is necessary to ar
rive at in carrying out the provisions
it will be necessary to have both the
net and gross revenue. If sugar corpO-
tent of this Act, there will be an in
crease of $S5, 900 annually in the reVe-
nue of the country. This amount will
be from sugar only. All profit sharing
business must be considered as coming
under this Act.
President WiIder-Suppose a cOrpO-
ration spends it's profits in improve /
ments, it would have no reserve fund, |
and yet the property would be more
valuable.
Senator McCandless - That wound
come under the income tax law.
Minister DamOn's amendment car
ried.
Sections II and IS passed as in the
bill.
When Section 10, referring to insur-
ance, was read Senator Waterhouse
asked why the life insurance was not
included.
Minister DamOn-Premiums on life
insurance are not payable here, as is
the case with fire or marine insurance.
To include this branch in the Act would
render the policies on the lives of a
great many people here void, for the
reason that the companies would ar
range to have premiums paid at the
head office, in New York or elsewhere,
while as an accommodation the agents
collect them and transmit the money ,
for the person assured.
Senator McCandless-I am like Sen
ator Waterhouse, l want to know why
life insurance companies are not in
Guided Other Legislatures may have
tried to impose the tax, and if they
failed perhaps it was because the mem
bers were bulldozed.
4.
Contracts are made wherever the head
office may be. Most of them her. are
by the laws of New York.
These companies can force people to G
pay premiums in New York instead of L
through agents here, and perhaps
million dollars would be involved e
Senator Baldwin-The matter has
been thoroughly canvassed by others. t
We have no life insurance companies 1
here; they are taxed wherever they are t
In Washington because Ii
hey belong there, and in Massachusetts a
'or the same reason. The companies t
could do away with agencies here and e
have travelling men from the United d
States, but that would deprive a few o
honest men of doing business here. n
Motion to include life insurance III the u
list of taxable properties was iIsL
Sections 20 to 25 inclusive passed as a
u the bill. t
Section &c, relieving shareholders e
from taxation in stock passed. S
Senator Schmidt asked to strike out
Section 81 relating to taxes on mort S
gagged property. The section was refer I
red to the Finance Committee. a
Section IS, ten per cent. delinquent T
charge, passed as read. I
Section 20 passed as read. t
Section 80, eXempting diplomats, cler- q
gymen and volunteer soldiers from tax F
alton, passed as read. Senator Lyman
offered an amendment to exempt "all /
youth in actual attendance in schools C
within the Republic" The amendment a
was lost and the section passed as read. a
Section 81, giving the assessor discre-
ton in exempting infirm and INDECENT l
persons from taxation, passed as read. j
Recess. C
AFTERNOON SESSION. C