FINANCE BILL.

Press, Volume LIV, Issue 16382, 29 November 1918, Page 6

FINANCE BILL.

POWER TO BORROW 10 MILLIONS. WAR LOAN CERTIFICATES ON TIME PAYMENT. LOAN OF 2* MILLIONS FOR PUBLTO WORKS. ISSUE OF FIVE SHILLING BANK NOTES. (special to "the rnxss.") WELLINGTON, November 28. The Finance Bill, which was introduced in tho House of Representatives this afternoon, continues tho war expenses account, and provides for the establishment of a war loans sinking fund, into which the Minister of Finance will pay from the consolidated fund an amount equal to ono per cent, of war loans outstanding on March 31st of tho preceding year. There is to bo a free issue of official postago stamps to members of Parliament, the maximum amount being £2 a month to a member, and £1 a month to a Councillor. This provision is retrospective to April, IUI7. The stamps may be used to pay postal and telegraph charges, but for no other purpose. The Government Life Insurance Department and all foreign insuranco companies are to bo exempt from the payment of the special war tax imposed by Section 7 of tho Finance Act, 1918. Tho Minister takes power to borrow £10,000,000. War loatt certificates are to bo issued anad be acquired on time payment, extending over a period not exceeding sixteen months. Inscribed stock provisions and tho compulsory clauses aro continued. The Minister' takes power also to borrow £2,500,000 for public works, tho | money being allocated as follows: — I . £ Buildings for public education 300,000 Hydro-electric undertakings in ' Auckland and Wellington districts ... ... 150,000 Telegraph extension ... 280,000 Public works ... ... 1,770,000 The Minister may also borrow £270,000 for the purpose of providing cold storage. This money will be used to make advances on terms approved by the Minister of Agriculture. A loan of £1,000,000 is authorised under the Discharged Soldiers' Settlement Act and £100,000 may be raised for the purpose of afforestation'. The Bill provides for the issue of five shilling bank notes and for the creation of a post office savings bank reserve account, into which profits may be paid to a maximum aggregate of £350,000. Tho Bill makes some amendments in connexion with stamp duties.