Show A NEEDED ENACTMENT WE hope that the bill introduced into the legislative assembly providing for the exemption from taxation tax atton excepting certain specified apeci fled property the funds of benefit building societies Socie tied and other similar organizations will be passed and receive the signature of i I 1 the governor governa r we observe by the legislative minutes that a petition has been presented from zions benefit building society asking for the passage of such an act as the one referred to the case came of the petitioners petition ers illustrates illustrates the feces sity for such a law as the one now pending the organization has been in existence for a number of years and has been conducted upon a plan that is purely operative cooperative co its object which has been tenaciously adhered to was to enable workingman to ob wn homes by pl a system aaste of monthly palmento pay mento amounting to fifty cents on each share of stock and aad a low rate of Inte interest rost on lorup loans from tho the association A leading object objection lon to the taxation of such a society is that chat it to is virtually of a double character in this way the tax on the society to is levied on funds that do not remain in its hands but forthwith pon pass out to members in the form of loans to enable them to erect dwell dwellings tip and in the latter oh are taxed again the tax against the society has been it a great hindrance to its operations as in consequence it has bad a hard bard struggle to give loans at the rate of 8 per cent per annum the highest it has baa ever charged whatever profits accrue from the interest on these loans or from any other source such as fines for nonpayment of dues etc go proportion abely toward helping the borrower to lessen his bis indebtedness all the officers of the society with the exception of the secretary give their services free the result of the operations of the society to is that numbers of good homes have been erected which would not otherwise have bad an existence today we are satisfied that any legislator inclined to oppose a measure of the kind asked for would change his bis mind if he were to take the trouble to inquire into the beneficial character of the society now referred to this one fact is certain to it cannot possibly come from any friend of the workingman |