FINANCE BILL

Evening Post, Volume XCIV, Issue 58, 6 September 1917, Page 4

FINANCE BILL

VARIOUS PROPOSALS DISCUSSED

PENSIONS AND OTHER SUBJECTS.

Further amendments' to the Finance Bill -were brought down by GovernorGeneral's message -while"" the Bill was going through Committee in the House of Representatives yesterday evening.

The first of the new provisions is one under which company shareholders will be exempt from income tax up to £400 in cases where the company has already , paid income tax. It is provided, however, that the payment to any shareholder by way of exemption shall not- exceed 6 per cent. of the amount paid up on'his shares. In clause 43, dealing with brewers' licenses, it was proposed to add an amendment that no beer shall be sold under a brewer's license, unless delivery is to be made from a brewery, or from a depot or bottling-store approved for the purpose by the Collector of Customs ; and no beer shall be delivered 1 by the brewer from any place other than such brewery, depot, or bottling-store. Another amendment validates investments by trustees or companies in war purposes loans. When clause 61, dealing with, banking and loans, was reached, Sir Joseph Ward, in reply to Dr. A. K. Newman, stated that it extended the provision for investment in the Wax Loan in regard to forming a portion of a bank reserve as against notes that were issued. Replying to a point made by Mr. E. Heaton Rhodes as to the desirableness of liberalising pensions as far as earning capacity was concerned, Sir Joseph Ward stated that the present proposal would mean an increase of £250j000, and he could not agree :to the suggestion. Mr. H. Poland ; urged .more liberal consideration of miners suffering from pneumqconiosis. Replying, the Minister of Finance said he would have a report made before the Bil) reached the Legislative Council, but he could not yet say what the Government would do .in the matter of pensions. Persons owning the title deds of a house could transfer their deeds to the Public Trustee and thereby get the full amount of the pension. As to reciprocity between Australia and New Zealand, "he added that the Dominion had done its part, but so far Australia had not responded.

Mr. C. J. Parr entered an appeal on behalf of the Maori veterans in regard to pensions. . '

The Rt. Hon. Mr. Massey said that the Government had been .particularly mindful of the people of small means. As to income tax, no attempt had been made to lower the exemption of £300. In England it was £130. The Government had also increased pensions by 5s a week, and had increased the earnings of the small men by from 10 to 15 per cent. In New Zealand the price of sugar was lower than in any other country in the world. An enormous sum of money was required to enable the Government to carry out its share in the war, and the best plan was to spread, the charge over as large an area as possible. He did not believe that 1 per cent, of the population would object. [Various other phases of the debate are dealt with elsewhere.]

Answering questions at the latter end of the Committee stage of the Bill, Sir Joseph Ward said that there was an impost of 30 per cent, on imports from foreign countries, and enemy '• countries were being, shut out altogether. Mr. Reed contended that Australia had, by her tariff, practically shut cut New Zealand trade, while herself /taking advantage of our preferential treatment. Sdr Joseph Ward - said that the New Zealand Government had for years been ready for a preferential tariff with Australia, and he thought it should be the subject of discussion at- the earliest possible moment.

The Bill passed through Committee by 11.46 p.m., and then the Committee commenced the consideration of the amendments which had been brought •down by Governor-General's Message and ■have already been outlined. At 11.50 p.m. the Bill was reported with amendments, and the House rose, the Bill being set down for its'final stages to-day.