FINANCE BILL.

Auckland Star, Volume LVI, Issue 232, 1 October 1925, Page 11

FINANCE BILL.

FOUR MILLION LOAN

REFUND TO RACING CLUBS.

SUPERANNUATION CONCESSIONS. (By Telegraph-- i'nrlinincntary Reporter.! WELLINGTON, Wednesday. There are . r >2 clauses in tho Finance till introduced into the Bouse of Repref.ntativ'es to-night. The new loan fhority provided is £4,000,000 for the instruction of railways, additional Y B _m S stock, telegraph extension, road[l f r n>ation and other public works, Mij'oOO for tho purpose of making advances to the Samoan Treasury, and f23 000 as an additional loan for work «t Hauraki Plains drainage. Tho Minister of Finance is authorised to refund to racing clubs an amount .dual to one and a-quartcr per cent of the gross takings at the totalisator, kt not" exceeding £250 1o any club in one ? ear - Payment will only be made if the Minister of Finance is satisfied that the club has, during the year in which the refund is made, expended, or incurred liability to expend, the refund in the erection of buildings or oiler permanent improvements on the course. The subsidy to tho New Zealand Injtituto is to be increased to £1500 annually.

State Advances Interest. The provisions for payment of interests on State Advances loans are being completely revised, the Finance Bill proTiding that the interest to be charged on loans hereafter granted to settlers, workers and local bodies shall be an atilount which the Minister from time to time determines. A former provision that, where money for'purposes of advances has been raised at a rate in excess of 4.V per cent, the interest charged borrowers shall be an additional half per cent has been repealed.

The Government Life Insurance Department is authorised to reduce its iital three-year interval between distributions of surplus.

Superannuation Changes. Prom April 1, 1925, the benefits payable to widows who are beneficiaries iltlv- Public Service, teachers, and rail-jjij-L superannuation funds, shall be fijl ]er annum. The Minister of Fiiiance is authorised to pay into these funds, in addition to subsidies, an iitipunt. sufficient to meet these increases. The rights of contributors who elected to continue their contributions to the fund on the basis of their salaries prior to the last general reduction are maintained, and apply to the Computation of pension actually allocked since the reductions took place. Tiie term salary, for the purpose of computing the amount of superannuation, is to include the value of house allowance or free board and lodging. This provision is to he made retrospective in respect of present contributors. An interesting new provision is that which will enable general secretaries of 3 Tailway servants' societies, who have been former members of the Railway Department, to benefit under the Railway Superannuation Fund, the respective societies paying into the fund the contributions which would have been P*i£ by the member had his railway stories been continuous, together with iiioh additional sum as the Governor-in-C6uncil may determine. The retiring allowance granted in such cases is not to exceed £300 per annum. The Government reserves the riglt to revoke tins, provision hy Order-in-Council and return all payments without interest. iTT fo £ mer Director of Repatriation, Mr. J. R. Sampson, is granted the right to retire on superannuation on the basis of his salary when at the head of that ilepartment. Magistrates who were not contributors to the Public Service Superannuation Fund when its provisions were applied to this branch of the service m 1924, are given a further six benefit Whi ° h t0 eICCt to accept ihe

Local Bodies Glauses. The validation of expenditure by local bodies on the entertainment of the American Fleet is authorised, and will not be taken into account in computing W maximum amount of their legal Im? 8 -*"- Ed "cation Boards will be authised to grant their chairmen an uotioranuin not exceeding £100 per mm, but the total 'expenditure in fl«r Zealand under this section is not to exceed £500. The "unauthorised" expenditure of the University Senate, four University College Councils, and MucatiOn Boards, is extended to £100 PW Another clause provides disabilities imposed by the Public umtracts and Local Bodies Contractors •acts shall not be applicable in respect ot payment for advertisements in newsPapers circulating in the district. rtv , looal authorities which have established superannuation funds are auyionsed to increase amounts paid to widows to a total not exceeding £31 Per annum, and, in respect to children, an amount not exceeding 10/ weekly.

Railway Improvements. It is provided that the loan for railway improvements already authorised "flail include, in addition to the original schedule, the following works:— of, or alterations and S lOnS to ' the f° n °wing stations (inX S £ lacin S of stations at new sites Mc that is considered necessary): 3|g Plymouth, Taihape, Hawera, Marton, Huntly, Studholme iti-fT' Helensvi ll<-> Frankton Jimc«?n, Greymouth, Wanganui. Taupiri, -u arunui ' Stratford, Morrinsville, St!l" ga ' Kakaill Deviation, and «m cation of railway between RavensW C i" d Burkes > * new depot for &? tlv ?s at Elmer Lan e. marshalling yard for Christchuurch at Middleton, or Sr« 6 ils ma - y be decided upon, of line between Ngaruawa"!M l " d Horoti «. deviation of line to j: ,'. the Rimutaka incline, electric .W& S ii , st!lti °us, yards, and other Faces, telephones, telegraphs and sig"alhng, interlocking an d safety appliSotK h ° PB T. aDd e l ui P™ ent of br anch, new workshops at and 2&-*- and Petone ' and alterations ton Z& Tt to workshops at Adding(as ™ Hulside, miscellaneous works of Sau 7 decided on h i T the Minister

. Dunedin Exhibition, to fci M i Dis^ r of Finance is authorised Seai-n u°^ c New Ze aland and South M".fitt io " C OB, P an y £25,000 at 5J to w , ocal bodies ar e empowered but-?* , 0r the P ur P°se of contribut- ° toWa rds the cost of the exhibition.

Reporoa Settlement. soidL aref L of 1T ' 048 ac ™s in Reporoa in* w tlement unsuitable for farmtto v a i. f • Grred to the Btate Crests, area „ "M? eln 6 flxed at £«393. Another acres ; n -. same settlement, 11,605 to ft- q!"? 1 ly tran « f erred at a cost otate Forests account of £768

Another clause authorises fSOOO special grpnt from the Main Highways account towards the cost of construction of a bridge over the Wairoa River at Dargaville. Provision for relief of the Kangitaiki settlers on the drainage area is contained in a clause which cancels the drainage rate levied last March, and declares that the capital sum upon which rates are to be levied shall be reduced to £205,000.

Putaruru-Taupo Railway. The power exercised by the PutaruruTaupo local railway board to levy rates is to apply in fdture, not to tim-ber-bearing land, but tb "any land district with mlllable timber thereon, other than land bearing timber intended solely for the purpose of providing shelter, or any native land." The board of the local district is authorised, but without taking steps prescribed by the Local Bodies Loans Act, to borrow such an amount as the Minister of Public Works may approve, for the improvement of its railway line and plant, and for the purchase of additional rolling stock, not to exceed the total loan liability df £220,000. Another clause validates subsidies paid to the Auckland Hospital Board in respect of certain moneys received by that board from the Auckland Lalies' Benevolent Society, and tho Onehunga Ladies' Benevolent Society respectively, which, by reason of conditions attached by the societies to payment of such moneys, a subsidy was not legally payable thereon.