Page:The Economic Journal Volume 1.djvu/840

 THE ECONOMIC JOURN.L THE Australians admit economic knowledge at one entrance of which we have not yet availed ourselves, by holding meetings periodi- cally. The practice appears to be at each meeting to read a paper, and afterwards to discuss a paper read at the preceding meeting. Questions relating to labour are frequent subjects of deliberations; and we trust that the Association is true to its motto, ' Iuch may be said on both sides.' ' The problems of the unemployed,' and the solution afforded by 'organization,' are considered in the inaugural address delivered at the opening of the eighth session of the Australian Associa- tion by its President, Prof. Valter Scott. NEW ZEALAND, which stands out even among the Australasian colonies for boldness in political experiments, has passed a new Land and Income Assessment Act, which makes a very strong application of the principle of progressive taxation. In the first place, there is to be a tax (amounting, Sir Robert Stout expects, to a penny a pound) on the market value of all land, and of all improvements (bnildings, fencing, drainage, &c.) over 3,000 in value. This exemption of improvements worth less than 3,000 is introduced for the benefit of the small farmers, and, according to Sir R. Stout, will relieve from taxation 26,000,000 worth of property which at pregent pays property tax. Then besides this tax, there is to bs an additional tax on land alone without imp'ovements, and this additional tax is graduated. It beans at one-eighth of a penny in the pound when the value is between 5,000 and g10,000, rises to two-eighths of a penny when the value is betveen g10,000 arid g20,000, three-eighths vhen it is between 20,000 and 30,000, increasing one-eighth of a penny for every 10,000 up to 50,000, and for every 20,000 thereafter up to 210,000. Large landowners whose estates are worth 210,000 with improve- ments deducted, will pay lths of a penny in the pound upon them, or including the previous peuny, 2d. per pound. The present tax on personal property is to be abolished, and instead of it coines an income tax, which, though not graduated, is still differential. Companies (except Life Insm'ance companies) are to pay the tax on their full income without any abatement, while private persons will pay it on all incomes over 300, and private persons who draw their incomes from salaries are to p.y a lower rate than those who draw it from business. 'The tx is to come into operation on the 1st of April next. OUR knowledge of colonial affairs has been greatly increased by a remarkable series of papers on the subject of ' Britaunic Confedera- tion' in the Scottish Geographical M, gazine. Mr. Freeman's essay on tle ' Physical and Political Basis of Natural Unity' treats of matters which a'e above our sphere. But we may refer to Mr. Chisholm's paper in the August number of the magazine as presenting & comprehensive