| Show FOREiGN CAPITlLI New York Taxing It Out of The State New York 2STl1e Tribune has the following details The recent passage by I the legislature of a bill taxing foreign capital employed in this state has created much uneasiness among the companies which the bill is likely to affect A meeting nt the agents of Canadian bank doing business in this city wa held yesterday morning at tho office of tho Bank of Mon trea that bank was represented by its pros dent George Stephen General Manager Sraithers and its New York agent Walter Watson and Alexander Lang tho Bank of British North America by Duncan A JIcTavish the Merchants bank of Canada by henry Hague the Canadian Bank of Commerce by J G Harper and tho Nevada Bank of San Francisco which is supposed to be affected equally with tho Canadian banks by its agent Geo Lu Brander The result of the conference was the calling in by these banks of loans amounting to about 3000000 The agents of tho Bank of Montreal called in 12oOOOQ of the Nevada Bank 750 000 of the British Bank of North America about 500000 and other smaller amounts It ii the intention of tho officers to call is similar amounts today and perhaps to continue this Course until the loans shall have been withdrawn entirely rom tho market Some of the binks bad already decided to withdraw their funds in view of the hostile legislation and the British Bank of North America particularly had been reducing its loans for two or three weeks There was at tho meeting no rigorous opposition to the proposed course One or two persons thought the action premature but they admitted that the plan had great advantages because be-cause it gavo tho banks an opportunity to purchase foreign exchanges at low rates and retire their loans gradually Tho total Amount of these loans by foreign banks was estimated to bo f om 23000000 to 30COOOOO In the official statement of the banks of Canada complied com-plied from returns furnished to the auditor audi-tor of public accounts tho balance due from other banks or agents not in Canada was as folbws In January 20755309 and in Februaiy 23042207 The amount for March has not been given Tho sum is supposed to represent fairly the amount of Canadian bi k capital used in Now York to this must be ad kd the amounts of the Nead1 Bank o San Francisco and oftlio Bank of California he Credit Lyonnsiso and tho Honjr Kong and Shanghai Banking Corporation It is not certain that the lw npi lies to commercial companies like the Merchants Trading Company Tho three lust named companies took no part in the meeting yesterday If tho bill should bcomo ti law it is ffiiJ that the fjreign btnka will wihdraw their funds and then contest tho bill in a similar case about six years ao when foreign banks were taxed under the laws of 1S55 the court of appeals decided in favor ff the h i nks lIne case was then argued by William M Evans in behalf ot tho banks While the prc cut bill was before the joint ininiltc on taxation the foreign capitalists applied for a hearing hear-ing md it is understood that Mr Eyiut8 had been engaged to appear in opposition to the bill The Cjmmiltco refused tog to-g o the hearing asked for and the bill was passed bj bth branches of the legi < laturo CJUIISQ for the banks left the city List evening fur Albany and a conference con-ference with Governor Cornell will belied be-lied today The agents of the foreign banks expressed yesterday a willingness to pay a just and fixed tax but they declared de-clared that the proposed law imposing a personal property hx on all the money used by them would fjrcc them out of New York Tho amount of tho tar would exceed the profits of tho business They were villing to pay a tax on revenues or on a capital that right be given them by the parent mill tutionbut the proposed tax was exceisivc and in fact prohibitive |
