ing wood and timber without regard to the rule of proportion otherwise required in taxation.

MONEY AT INTEREST.

Add at the end of Article 5 the following:

Provided, further, the said general court shall have full power and authority to specially assess, rate and tax money at interest, including money in savings banks and other banks, without regard to the rule of proportion otherwise required in taxation.

LIMITED INCOME TAX.

Add at the end of Article 5 the following:

Provided, further, the said general court shall have full power and authority to impose and levy taxes on incomes from stock of foreign corporations and foreign voluntary associations and money at interest, except on incomes from money deposited in savings banks and other banks in this state received by the depositors without regard to the rule of proportion otherwise required in taxation, and it may graduate such taxes according to the amount of incomes and may grant reasonable exemptions, provided that if such taxes be levied on incomes from stock and money at interest no other taxes shall be levied thereon against the owner or holder thereof.

UNLIMITED INCOME TAX.

Add at the end of Article 5 the following:

Provided, further, the said general court shall have full power and authority, regardless of the rule of proportion otherwise required in taxation, to impose and levy taxes on incomes of persons, co-partnerships, associations and corporations, including gains, profits, and income derived

of whatever kind and in whatever form paid, or from professions, vocations, businesses, trade, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in real or personal property, also from interest, rent, dividends, securities, or the 'transaction of any business carried on for gain or profit, or gains or profits and income derived from any service whatever, and it may graduate such taxes according to the amount of incomes and may grant reasonable exemptions.

The first and second of the above proposed amendments set aside from other property growing wood and timber and money at interest to be specially taxed by the legislature if it sees fit so to do.

The third amendment would permit the taxation of income from foreign corporations, foreign voluntary associations, and from money at interest, at a higher rate than now can be imposed.

The fourth amendment would pave the way for substituting in place of the present property tax the income tax, or ability tax, as it is sometimes called, or the ancient faculty tax, and follows the language of the federal income tax law.

Whether the members of the coming constitutional convention will deem it prudent to submit to the people amendments under which the legislature may tax "intangible wealth" now untaxed time alone can answer.

CONFERENCE, NEW ENGLAND STATE TAX OFFICIALS' ASSOCIATION.

The seventh annual conference of the New England State Tax Officials' Association was held at the Balsams, Dixville, New Hampshire, October 5-6, 1917.

Other conferences have been held in Boston, Mass., Augusta, Maine, Providence, R. I., and Hartford, Conn., and for the year 1918 the conference will be held in Vermont.

The chairman of the New Hampshire state tax commission has been president of the association two years, and it has long been the wish of the commission that the association meet at some place in New Hampshire where the accommodations are adequate and the surroundings attractive.

Almost any place in the state will satisfy these requirements, but Dixville Notch seemed to present the ideal location because, among other reasons, a journey through the whole length of the state, which in October is ablaze with autumnal foliage, is necessary to reach it.

The Balsams is unique in its setting, unsurpassed in its equipment, and fully justifies the faith of its owner, Mr. Hale, in New Hampshire as a vacation state, while his adjacent farms, supporting herds of blooded stock, evidence his confidence in the state from the agricultural standpoint.

This was the first visit of many in attendance to the extreme northern part of the state, but will not be their last.

Representatives were present from each of the six New England states: the governor of Maine addressed the meeting; the secretary of state of New Hampshire responded for its governor, who had been hastily summoned to Wash

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ington; Mr. Holcomb, treasurer of the National Tax Association, Mr. Whitney, tax attorney of the Western Union Telegraph Company, Mr. Zoller, tax attorney of the General Electric Company, all came from New York; Dr. John B. Phillips, former chairman of the Colorado state tax commission, enlivened the proceedings with his yankee wit, though he claims Michigan as his birthplace; the attorney-general of Connecticut traveled the length of the Connecticut river to meet the attorney-general of New Hampshire, and both kept sharp watch on tax commissioner Plumley of Vermont, to see to it that he does not bodily annex the whole river to that state before the question is determined by the supreme court of the United States, where it now rests.

However, the question whether the west bank of the Connecticut river, the center of the stream, or the east bank is the true boundary line between New Hampshire and Vermont was not openly discussed, nor was allusion made to the Indian Stream war of 1836 fought in Pittsburg, less than twenty miles from Dixville, but the following are some of the subjects considered at the four sessions of the conference: tax legislation in New England, recent and prospective, responses by tax commissioners from each of the states; address of welcome by Col. E. C. Bean, secretary of state of New Hampshire, response by Albert O. Brown, chairman New Hampshire state tax commission; the congress of states in connection with the Atlanta national tax association conference, by Carl E. Milliken, governor of Maine; constitutional limitations in tax legislation, by Hon. James P. Tuttle, attorney-general of New Hampshire; suggestions on the taxation of business corporations, by Dr. John B. Phillips, former chairman of the Colorado state tax commission; the farmers' interest in taxation, by W. B. Fellows, secretary, New Hampshire state tax commission; the income tax as a substitute for the personal property tax, by Hon. George E. Hinman, attorney-general of Connecticut, Henry H. Bond, state

income tax deputy, Massachusetts, J. F. Zoller, tax attorney, General Electric Company; results of improved revaluation methods in the city of Cambridge, Mass., by Stoughton Bell, chairman, mayor's special tax commission; are special franchise taxes practicable in the New England states, by Francis N. Whitney, tax attorney, Western Union Telegraph Co.; the result of the recent changes in federal taxation, by Alfred E. Holcomb, treasurer, National Tax Association; the proposed taxation article in the Massachusetts constitution, by William D. T. Trefry, tax commissioner, Massachusetts; interstate comity in inheritance taxation, by Joseph S. Matthews, assistant attorney-general of New Hampshire; is it lawful for the federal government to collect taxes and apportion a part of them back to the states, by Fred T. Field, Boston, Mass.

At the round table meeting pretty much of the whole realm of taxation was reviewed, and even payment of the war debt was considered, though no one offered to pay it, as Daniel Webster once did at a non-hydraulic dinner graced by his presence. The following concrete subjects received. attention until a late hour: central and local coöperation in tax administration, home rule vs. centralized control, bank taxation, taxation for school purposes, taxation of household effects, the present status of mortgage taxation, the policy of real estate exemptions, after-war problems, how shall the war debt be extinguished, the national tax conference at Atlanta.

It is not too much to say that the conference was profitable, and the inference that the members enjoyed their visit to New Hampshire may not be unwarranted.