Foreign Loan Companies Assessed. Sections 15 and 34.

The assessment of foreign loan companies is thus dealt with by Clause 15:—"Any company carrying on the business of advancing money on loan within the colony, but the principal office whereof is beyond the same, shall upon proof given to the satisfaction of the Commissioner of the actual amount of its paid-up capital and of the amount of its accumulated undivided profits employed within the colony, be assessed thereon, instead of being assessed on the balance of its assets over liabilities."

Clause 34 provides an escape from a sort of deadlock that might arise in assessing a foreign Company. It enacts that "Where it shall appear to the Commissioner that any company carrying on business within the colony, but the principal office whereof is beyond the same, cannot, at the time of making an assessment, furnish an accurate statement of the actual amount of the capital of such company employed within the colony, he may agree with the Public Officer of the company what shall be the capital upon which such company shall be liable to taxation in respect of such assessment."