PARLIAMENT.

Gisborne Times, Volume XXVII, Issue 2673, 1 December 1909, Page 5

PARLIAMENT.

legislative council.

REGISTRATION OF BONDS

rpKii,Press Association.] WELLINGTON, Nov. 30. In the Legislative Council tins afternoon further discussion took place on the following motion by the Hon. E C J. Stevens, “That m the opinion of the Council it is expedient that facilities be given for the registration in the name of the holder of any bonds of the New Zealand Government which are payable to bearer, and if local bodies in New Zealand are not empowered to establish a similar system or registration, of any of their bonds p&yable to bearer, the necessary power should be given them.” The Hon. Ur. Findlay replied at considerable length. Ho said that no general desire liad been expressed to alter the present system, 'which had been in force for forty years. Any alteration would destroy a chief feature 91 >ne present system, viz., the negotiability of such documents. , On a division the motion was lost by 25 to 7, and the Council adjourned. HOUSE OF REPRESENTATIVES. LAND FOR SETTLEMENT BILL. After midnight on Monday, on clause 5, sub-clause D, which provides for the subdivision of land into allotments of not less than 50 and not more than 200 acres, Mr. Witty moved to strike out 50 and substitute 100. The amendment was rejected by 48 to 8 ‘ * ; - The Bill was reported without amendment, and the House rose at 2.25 a.m.’• ... 1 - , *. ' DEATH DUTIES BILL; * At the afternoon sitting to-day the Death Duties Bill was committed. Mr. Baume criticised the imposition of duty ,ou small estates, and said that increased taxation, should come from large estates. , . Mr. McLaren endorsed Air. Baume s views. ~' _ Mr. Pearce said that the House was trying to drive capital away instead of‘ encouraging it to stay. ■ .. • Mr.. S.tallworthy deprecated raising, the question of the poor man versus the Mr. Hordman asked lio.w tlie trustees of a large estate paying a duty say of £40,000 were to raise the'money. He suggested tlmt a scheme should bo devised enabling a man to pay sums pf money to the Public Trustee during Inslifetime by way of death duty on. liis Mr." Baunie said that the bulk of the revenue would be raised out of estates between £IOOO and £IO,OOO, which was not. lust, . , . Sir Joseph Ward, in reply, said that out of 1568 estates paying duty last year, 057 paid on estates under £IOOO. Tlie relief given to such estates under tlm new proposals would be considerable. The duties were designed .to produce £IOO,OOO a year, and if tlie larger estates woro taxed more heavily it might result in capital being withdrawn from industries. Air. Alien, referring to the estate duties, ©aid that tlie Premier -was right in saying that if the rate of taxation was too high on large estates it might have' the result of 'disturbing capital, but Air. Baunie was correct in saying that small estates wore unfairly taxed on succession duty. On the .motion of Sir Joseph Ward, tlio following new sub-clause was added to clause 12 (2), “The estate duty payable on any estato shall iiot exceed the amount by which• the final balance of that ..estate exceeds the .sum of nvp hundred pounds and the. estate duty payable <>n any estate, tho whole of which lias been by the will of tno .de<•eased left absolutely and. beneficially to-his widow, (shall not exceed tlio amount by which tho final balance of that estate exceeds fivo thousand pounds.

On clause 41, which exempts antinupoial inatriage settlements, Mr. Allen, moved to• extend the same to inc.nde gifts made by the parents of the parties to marriage. The amendment was negatived by 3/ to *>2. \ On clause 43, Mr. Allen moved to delete £SOO from the clause, winch exempts gifts of less value- than the sum named from but}*. On a division the amendment was lost by 38 votes to 10. On clause 07, which grants power to the Commissioner to assess duty undqi the Act on property other than land in siich manner as lie thinks lit, Mr. Allen objected to the enormous powers given t ( > the Commissioner, which lie saiu, might be used arbitrarily. Ho moved that tlie clause be amended so ns to render the Commissioner’s assessment subject to the right of appeal to the Supreme Court. The House rose at 5.30 p.m. . At the eveni lighting m committee on the Death Duties I3ul, at clause 73 section 5, providing for exemption from succession duty on native property not exceeding £2OO in value, Mr Homes moved to increase the amount to 4.4UU, but the amendment was negatived by 43 to 19. ' , . , Me. Wright moved a new clause to the effect that no duty shall be chargeable on moneys payable under hie insurance, left by a husband to a wile, not over £IOOO. The Premier pointed out that alieady a widow was exemjited up to £oooo from estate duty. . Mr. Massey said that clause ±2, dealing with an estate lelt to a widow, had apparently been misunderstood by the committee, who were of the opinion that a wiefow was exempt up to £oooo, whereas the clause provided that the exemption only applied to the balance of the estate over £SOOO when the whole estate was left absolutely to a widow. The Premier agreed to recommit the Bill later on with a view to remedying clause 12, and Mr. Wright withdrew his amendment., Mr. Baume moved that the first schedule be amended so that all estate's between £SOO and £IOOO ho exempt from estate duty, bringing the law into line with that of New South Wales. The Premier said that if the amendment were carried lie would have to ask the committee to increase the rates on larger estates so as to provide the revenue to he raised bv means of the Bill. Mr. Baume’s amendment was lost by 44 to 26, and the Bill was reported with amendments.

ENGINEERS FOR OIL LAUNCHES. On the Shipping and Seamen’s Amendment Bill, replying to questions, the Hon. J. A. Millar said that oil launches plying for hire or engaged m competitive pursuits would be required to carry an engineer, but would be exempt if used for private purposes, if not- over 50 tons.

SHIPPING AND SEAMEN’S BILL. When clause 28 was reached, the Minister moved the following new subclause, “If a ship does not exceed six tons register and carries passengers or freight for hire, she shall carry one duly certificated mail.” That, the Minister explained, left it quite open as to whether the man with a certificate should be the master or the engineer. The motion was carried. (Left Sitting.)