Like most other Governments at the present time, that of Mysore is confronted with a considerable hiatus between income and expenditure, due to causes arising largely from the war. Owing to the soaring tendency of the rupee the position has been aggravated during the past few months, and the Mysore Administration “sees itself obliged,” in the phrase of the defunct Austrian Government, to meet the situation by the imposition of fresh taxation. It is hardly surprising in these circumstances to learn that a new and most determined effort is to be made to bring Mysore up to, or down to, the level of British India in the matter of income tax. Hitherto the dwellers in that Arcadia have been exempt from this most unpopular impost, but at the Durbar held last Monday the Dewan announced the intention of the Government to “proceed with the Income-Tax Bill, which was introduced in April last in the Legislative Council, but has been deferred pending issue of the promised memorandum on the finances of the State.” By way of compensation, however, the Government express their willingness to curtail expenses, and invite an “honest and open-minded scrutiny into their present expenditure in order to effect retrenchment wherever possible. Nor are they unwilling that such a scrutiny should be conducted with the help of a non-official agency.” In this, as in so many other matters, the Government of Mysore set an example which the Government of India would do well to follow.
FATAL CYCLING ACCIDENT
A fatal accident took place at the junction of Kidderpore Road and Casuerina Avenue, resulting in the death of Mr. F.W. Rice, an assistant in the Tea Department of Messrs. Mac-Neill and Co. So far as could be gathered, Mr. Rice, who as residing at Alipore Lane, went for a spin on his motor cycle, and was apparently returning home for breakfast and proceeding along the Red Road. After passing the Dufferin Statue, Kidderpore Road on the left is “up” for repairs, and Mr. Rice in attempting to turn into Casuerina Avenue, took rather a wide sweep. The handle of his cycle struck a tree on the southern junction of the two roads and he was thrown heavily on to the Maidan. A European gentleman who was passing that way in his motor car picked up Mr. Rice who was lying unconscious, and removed him to the Presidency General Hospital, where he died shortly after.
MADRAS, OCT 8
At yesterday’s meeting of the Corporation of Madras the Commissioners decided to levy a number of taxes under the new Act. The tax on property will remain as it was under the old Act, but as the new Act provides for a rebate of 10 per cent on the annual rental for repairs, etc., this will actually result in a fall of the Corporation’s revenue under this head. The deficit will, however, be met from a number of small additions provided for under other heads. The Commissioners decided to levy a tax on all companies, but the President pointed out that the Corporation would be getting very little under this head as the companies were already paying profession tax and the new tax was only in lieu of that. The transfer of property tax is a new tax and it was decided to levy it at one per cent for the present.
COMPANY PROMOTING IN INDIA
A meeting of the Bombay Share Brokers’ Association was held yesterday, to consider what steps should be taken to remove the difficulty and confusion caused by the flotation of new companies and the placing of their shares in the market on a high premium before a company has been actually registered. Sir Shapurji Broacha presided. Mr. Ardeshir Madan said that at present several wealthy agents and influential directors were promoting companies regardless of the public interests and public safety. Some of the underwriters were able to secure all the shares, which they palmed off on the public at a high premium. This endangered the safety of the public. In Great Britain there was a rule in stock markets that the prospectuses of the companies should be publicly advertised. The practice was strictly observed and adhered to in England.
SOUTHERN INDIA PLANTERS
At today’s sitting of the United Planters’ Association the rules of the association were discussed and passed. Mr. R.C. Wood, Director of Agriculture, Madras, explained the position with regard to the appointment of the planting mycologist and a special mycologist for rubber. The association passed a resolution urging the Government to increase the salary offered to these officers as they felt that the salary offered at present would not be acceptable to suitable men, and it agreed to find the requisite money to enable the Government to offer terms to a special mycologist for rubber.