Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-03-31
REVENUE LAW IN CANADA.
TAKE. la store tor Hanks. Loan In-
suranc., Railway aud Express
Companies Generally.

New York. March STA dispatch TO
the Tribune FROM Toronto says;
Certain American interests doing
business In Ontario win feel the opera
lions OF the provincial governments
new revenue law. II applies exclusive
~ 10 commercial and financial corpora
lions. -ubjec,ing banks, trusts, loan. IN
aurance. railway. express and natural
gus companies TO various taxes. which
are assessed In some casca ON capital.
Ia others ON income ana In htlll others
ON different element.
The measure as the provincial treas
urcr stated In his speech introducing
n. iA founded on a study of the prac-
tico In several States OF the Onion. lie
quoted Prof. Gilmans work ON corpora
ton taxes az his guide. but 20 any one
acquainted with that authority II N
manifest at the first glance ito the
revenue bill that the provincial treas
urcr entirely missed the point of II. II
Il interesting also 10 note that the ren-
son for the new taxes " not unrelated
10 the United States. The treasurer
npologized for them by saying that they
had been rendered necessary by the act
passed last year, requiring that all pine
cut ON grown lands must be mnnufac-
tured, IA manufactured AZ all, In Can
ada. OF course. the meaning, intcntlon
and effect OF that act was 10 prohibit
the expectation of saw logs from the
Georgian hay district TO the United
States. A years grace was given 10 en-
able the American limit holders %
adapt themselves 10 IL.
Consequently, the expectation Of logs
went on as usual throughout the last
towing season. Hut u can go on no
longer unless the law IL repealed. Com
~ IA
hends that there viii be a material
Ehrinkage In the receipts for timber
dues collected on the crown lands,
There seems no probability that the
Michigan lumberncn VIII immediately
accommodate themselves 80 far % the
restrictions on their supply OF material
as 10 move their mills TO this side.
Their cut of logs therefore IL no longer
70 be- calculated on In the estimate OF
revenue for the coming year.
This means that some substitute for
the large aggregate OF Stumpnge dues
they paid had To be found. and that
the court provided Il In this revenue
bill which VIII yield upwards of 100000
a year. II la the FIRST plunge ~ the
urOyince into direct taxation, Hereto
fore the crown lands, particularly the
timber turned into merchandise on
those lands. kept the province IN nearly
all the funds It wanted for current ex-
penditures.
Tho Americans share In the new taxes
will be mainly In relation 10 the cap
ital invested In American Insurance
companies doing business In Ontario.
The bill provides that every life In
surance company which ttansaots busi-
ness In the province shall pas a tax OF
one per cent ON the gross premiums re-
celved from here In the previous year:
that every other insurance company
shall pay tax OF two-thirds OF one per
cent on It's gross premiums on It's on
tarlo business OF the previous year, hut
In the case OF fire insurance companies
which receive premiums In cash, the
tax shall be collected on the gross pre-
cash In respec, to the business trans
acted on q cash basis. II further pro-