LINEN FLAX.

Auckland Star, Volume LXXI, Issue 206, 30 August 1940, Page 8

LINEN FLAX.

DOMINION SCHEME.

CURRENT YEAR'S LIABILITY.

WELLINGTON", this d*y.

The financial liability in the current year for linen flax growing in Xew Zealand is £530,000, stated Mr. Xaeh, Minister of Finance, in moving the second reading of the Finance Bill, Xα 2, in the House of Representatives this morning. There was an assured market with a financial provision which would cover possible losses on capital expenditure if the demand was not continued after the war. Pulling machines were being made in Christchurch, but the question of hand pulling was also being considered. Answering questions, the Minister stated that the procedure for a national savings and developmental loan were being prepared for issue at an earlv date. He had been unable to include all excess profits provision in the present bill, and he undertook that the House would have an opportunity of discussing this legislation when it iiext met. An:ong miscellaneous clauses explained by the Minister -was that giving him Power to revoke bottle store licensee iseue to breweries in no-license areas There had bsen power to issue these licenses and no power to revoke them There were also two clauses designed to deal with some clever method! of evading taxation, which had been devised by the issue of debenture capital and the organisation of a serie* of companies, all having the same ownership — (Parliamentary Reporter.)