NO MAJOR ITEMS
THE FINANCE BILL
WELLINGTON, this day.
Most of the 18 clauses in the Finance Bill which was introduced and read a first time in the House of Representatives yesterday afternoon are of a relatively minor nature. The second reading of the bill was commenced last night.
Authority is given for payments from accounts established under the Marketing Act, 1936, for purposes of stabilisation. Relevant clauses state that the Minister of Marketing may, in accordance with agreements entered into with representatives of the industry concerned, approve of contributions toward any expenditure incurred for the purpose of subsidising costs of production or marketing of goods of a class in relation to which the account has been established, or for the purpose of equalising as far as possible the net returns received or payable for any such goods.
Provision is made for the investment of Public Account cash balances in Government securities.
Another clause increases the limits of amounts that may be issued by way'of general imprest for payment of interest on loans from £600,000 to £1,500,000. It also increases the total amount that may be outstanding in the books of the Treasury and Audit Office for general services from £750,000 to £1,000,000.
The bill provides that the general salary increase is not to be taken into account in fixing the maximum remuneration of retired public servants and teachers temporarily reemployed.
Assistant-commissioners of Stamp Duties are authorised to reduce or remit penalties for late presentation of documents for stamping.
Transfers of shares. are to be chargeable with duty as deeds if exempt from conveyance duty. One clause makes it lawful for a local body to pledge any of its property as security for a special loan notwithstanding that the property may have been previously pledged as security for any other loan. This authority is deemed to have always been lawful. Any consolidated or new debentures issued in liert of cancelled debentures shall have the same priority as the cancelled debentures.
The consent of the Local Government Loans Board is required to extensions of loans for more than one year. Local authorities are authorised to make grants to dependants of deceased employees. Members of the General Assembly are not to be disqualified because of the receipt of remuneration as members of the Licensing Commission:
The final clause in the bill provides that moneys owing by trading companies and bearing interest are deemed to have been borrowed under contracts of deposit. » Referring to the clause dealing with the remuneration of public servants and teachers temporarily reemployed, Mr. Nash said it met to a limited extent some of the representations made by public servants. The clause provided that increases given to public servants should be given to re-employed servants without affecting their superannuation.
Hospital Boards' Assets
. Explaining the clause authorising and validating successive securities under the Local Bodies Loans Act, Mr. Nash said that the general practice was for a local authority to pledge a rate to cover a proposed loan. As a hospital board did not rate it had been suggested that if it pledged its assets it had nothing else to pledge. Actually it had. because it could pledge its power to call on a local authority to give it money for which the local authority had to levy a rate. The clause dealt with that position. Mr. Poison said that if stabilisation was to be applied in New Zealand it should be applied to every section and not only to farmers, upon whom the economy of the country depended. Britain had obtained a benefit by buying New Zealand produce at a low price and bulk payments were made in recognition of those prices and were earned by the primary producers who did not receive them. No other part of the Empire had received bulk payments because other parts of the Empire had received higher prices for primary products. One part of the community had earned money which had been taken to bolster up othei sections of the community. The debate was adjourned.
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NO MAJOR ITEMS, Auckland Star, Volume LXXVI, Issue 170, 20 July 1945
NO MAJOR ITEMS Auckland Star, Volume LXXVI, Issue 170, 20 July 1945
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