taxes levied in this section shall not be liable for tax on their capital stock, and no county or corporation shall be allowed to impose any additional tax, license or fee. The license fees and taxes imposed in this section shall be paid to the Insurance Commissioner, and by him paid into the State Treasury, as required by law." 46

In New Brunswick fire insurance companies pay one per cent. of the net premiums received, together with $100 by each foreign company. Foreign life insurance companies pay two hundred and fifty dollars, and domestic companies one hundred dollars. Accident and guarantee companies pay twenty-five dollars and one-half of one per cent. on premiums received in respect of insurance in the Province.47

All special or travelling agents of a life insurance company (except such as shall have resided in the Province one year before being so employed) shall pay an annual tax of one hundred dollars.48 Any general agent of a life insurance company whose territory includes New Brunswick, but who resides outside the Province, shall pay an annual tax of ten dollars. Each life insurance company shall pay a license fee of two dollars for each agent.50

§ 596. Taxation of insurance companies in New York.

In New York insurance companies are taxed like ordinary corporations locally, and upon their gross receipts by the State, under the following provisions: "An annual state tax for the privilege of exercising corporate franchises or for carrying on business in their corporate or organized capacity within this state equal to one per centum on the gross amount of premiums received during the preceding calendar year for business done in this state, whether such premiums were in the

46 N. Car. Machinery Act of 1903, § 68.

47 N. B. 1892, ch. 4, § 1, cl. 2, 3, 4.

48 Ibid. ch. 5, § 1.

49 N. B. 1896, ch. 34, § 6.

50 Ibid. § 7.

[Chap. XXV. form of money, notes, credits, or any other substitute for money, shall be paid annually into the treasury of the state, on or before the first day of June by the following corporations: "1. Every domestic insurance corporation, incorporated, organized or formed under, by, or pursuant to a general or special law;

"2. Every insurance corporation, incorporated, organized or formed under, by, or pursuant to the laws of any other state of the United States, and doing business in this state, except a corporation doing a fire insurance business or a marine insurance business;

"3. Every insurance corporation, incorporated, organized or formed under, by, or pursuant to the laws of any state without the United States, or of any foreign country, except such a corporation doing a life, health or casualty insurance business, and doing business in this state; but the tax on gross premiums of a corporation so incorporated, organized or formed and doing a fire or marine insurance business within the state shall be equal to five-tenths of one per centum. This section does not apply to a fraternal beneficiary society, order or association, a corporation for the insurance of domestic animals, a town or county co-operative insurance corporation, nor to any corporation subject to the supervision of or required by or in pursuance of law to report to the superintendent of banks; but this section does apply to an individual, or partnership, or association of underwriters known as Lloyds, in so far as corporations doing the same kind of insurance business are subject to its provisions. The taxes imposed by this section shall be in addition to all other fees, licenses or taxes imposed by this or any other law, except that in assessing taxes under the reciprocal provisions of section thirty-three of chapter thirty-eight of the general laws, credit shall be allowed for any taxes paid under this section." 51

The excepted corporations pay a franchise tax of two per

51 N. Y. 1901, ch. 118, § 1.

cent. on their gross receipts, with deductions for similar taxes paid in other States."

52

597. Retaliatory Taxes.

In several States there is a retaliatory provision, by virtue of which foreign insurance companies pay at least as much as in the State which chartered them similar corporations of the State itself would pay.53 Such a provision is not unconstitutional.54

52 N. Y. Rev. Stat. ch. 38, § 34.

53 California Polit. Code, § 622; Conn. Gen. Stat. § 2450; Del. 1899, ch. 166, 9; Mass. Rev. L. ch. 14, §§ 27, 28; Neb. Comp. L. ch. 43, § 33; N. J. Rev. Stat. p. 1780, § 183; p. 1745, § 10; N. Y. Rev. Stat. ch. 38, § 33; Oh. Rev. Stat. § 2745; Okl. Stat. § 3051; and see ante, Chap. VII. State v. Insurance Co., (Neb.) 99 N. W. 36.

The roadbed, track, and other property, real and personal, of all railroads are taxable.1 This shall be valued like any other property; that is, the valuation "shall be had exclusively upon the consideration of what a clear fee-simple title thereto

would sell for under the conditions under which that character of property is most usually sold." 2

Every telegraph company doing business between points. wholly within the State shall pay a privilege tax based on the mileage of line operated within the State; each company whose lines within the State do not exceed 150 miles, one dollar per mile; each company whose lines exceed 150 miles pay $500, besides one dollar per mile. No telegraph company which has paid this privilege tax shall be liable to pay an additional privilege tax or any other tax in the State except licenses required by cities and towns, and except upon its real estate, fixtures and other local property, which shall be subject to taxation as other property in the State.3

Express companies doing business between points wholly within the State pay a privilege tax based on the mileage of railroad operated; each company whose lines within the State do not exceed 500 miles, one dollar per mile; 500 to 1,000 miles, $1,000; 1,000 to 2,000 miles, $2,000; 2,000 to 3,000 miles, $3,000; 3,000 to 4,000 miles, $4,000; more than 4,000 miles, $5,000. No express company which has paid the privilege tax shall be liable to any other tax except on its real estate and local property. Sleeping car companies pay $500 and one dollar for each mile of railroad over which their cars run, with a similar exemption from other taxes. Gas works, electric light companies, telephone companies, street railways, tollbridges and ferries are taxed on their gross incomes, at the rate that property is taxed."

§ 602. Arizona.

5

The property of railroads is assessed by a Territorial Board of Equalization, to which each railroad makes a return show

2 Ibid. § 3972.

3 Ibid. § 3913.

• Ibid. § 3914.

5 Ibid. § 3915.

• Ibid. § 3912, cl. 3.

.