Parliament INVESTMENT TRUST COMPANIES

Dominion, Volume 28, Issue 34, 3 November 1934, Page 8

Parliament INVESTMENT TRUST COMPANIES

Measure Appointing Receiver and Manager

SUBSIDY ON RATES PROPOSED FOR FARMERS

Less than three hours after its introduction m the House of Representatives yesterday .both Houses of Par lament had passed the Companies (Temporary Receivership) Bill appointing the Public Trustee manager and receiver of the Investment Executive Trust of New Zealand, Limited, and its interlocking companies, pending the completion of the investigation now being made into their affairs. The Bill became law at 9 o clock last night, at which hour it received the Royal Assent from the Governor-General, Lord Bledisloe. The object of the Bill is to protect the assets of the companies concerned in the interests ot the debenture-holders and other creditors. The other business dealt with by the House yesterday was of a miscellaneous nature. Second readings were accorded both the Reserves and Other Lands Disposal Bill and the Cinematograph Films Amendment Bill. Late in the afternoon a number of important amendments to the Finance Bill (No. 3) were brought down by Governor-General’s Message. The Minister of Finance, Rt. Hon. T. G. Coates, took urgency for all stages of these with a view to clearing the Order Paper of the Finance Bill before the adjournment was taken for the week-end, but this could not be done, although the House sat on .past the customary rising hour of 5.30 p.m. The House adjourned at 7 o’clock until Monday night, when further consideration will be given the Finance Bill, and after that the Agriculture (Emergency Powers) Bill. The main amendment to the Finance Bill provides for farmers to receive this financial year a special subsidy of 12} per cent, of the amount of -rates levied upon their properties. Several members considered that there should be some arrangement whereby this assistance would not go to farmers not requiring relief. Consideration of the clause .was interrupted by the adjournment.