FINANCE BILL

Hawke's Bay Tribune, Volume XX, Issue 259, 21 October 1930, Page 4

FINANCE BILL

MISCELLANEOUS PROVISIONS BORROWING AUTHORITIES. SIXTY-ONE CLAUSES. (From Ou Sneclal Pajrlhunentarv Reporter.] Parliament Buildings, Oct. 21. The usual miscellaneous provisions are contained in the Finance Bill which was introduces! in the House of Representatives by the GovernorGeneral’s message late last evening. The bill comprises 61 clauses. One of the mam clauses provided for the appointment of an Under-Secretary of Defence from the ranks ot the public service. Borrowing authorities provided by the Bill include power for the Minister of Finance to borrow not more than £5,000,000 for public works, mainly fvr tho purpose of railway construction, additional railway rolling stock, telegraph extension construction and the improvement of roads and the construction of irrigation works. Similarly, authority is given for the Minister to borrow £2,000,000 for electric power works, £1,000,000 additional for purposes of the Railways Improvement Authorisation Act and £1,000,000 additional for purposes of the Forests Act. The Minister of Railways is authorised in another clause to pay license fees in respect of motor services carried on by him. It is proposed to abolish the national endowment account forthwith and transfer the credit to the Consolidated Fund The Cheviot Estate account will also be abolished forthwith.

Provision is made for payment of travelling allowances and expenses to the Speaker of either House when visiting Wellington on official business during the recess. The privileges of wives of South Island members of the General Assembly with respect to steamer tickets are extended to cover twelve passages instead of six as at the present time. The limit of seven years with respect to attributalabillty of death or disablement due to war service is abolished. Expenditure by harbour boards out of revenue of sums for unemployment relief purposes made not later than September 30 is validated If the amounts paid were In eontrlbutlon to funds established by city or borough councils, town boards or road boards. The Bill also makes it legal for heal bodies to pay out of their general funds up to March 31, 1331, contributions to the blew Zealand branch of the Empire Cancer Campaign Society. It also authorises local bodies to contribute toward the cost of establishing a Chair of Gnyaecology at Otago University not later than March 31 next.

REMISSION OF RACING TAXATION. Provision is made enabling the Minister of Finance to remit taxation in respect to race meetings held dur ing the current financial year for the purpose of raising unemployment relief funds, on condition that tho amount of taxation that would be collectable is paid into a fund comprising the gross profits of the meeting. This is made retrospective to June 1, 1930.

Special provision is made with respect to payment to the Consolidated Fund of interest op capital expenditure on the railways. If the Minister of Finance is of opinion in any year that the annual accounts of the railways for that year will disclose that the full rate of interest the system is required to earn cannot be paid out of the working railways account to the Consolidated Fund, he may reduce the amount of interest to be paid. The power conferred on building societies to receive deposits or loans is restricted to fixed periods of pot less than three months unless the Minister of Finance otherwise gives his authority.