FINANCE BILL

Evening Post, Volume CXII, Issue 51, 28 August 1926, Page 10

FINANCE BILL

PUBLIC WORKS LOAN

AUTHORITY TO BORROW FIVE

MILLION

The Finance Bill .was introduced into the House of early this morning, its principal provision being authority to the Minister of Financo to borrow £5,000,000 for public works, including rolling stock for open lines, telegraph extension, roads, development of goldfieMs, and irrigation works.

The loan authorisation for carrying out tho railway improvement programme, including electrification of tho lino from Lyttelton to Middleton, in extended by £2,000,000.

A further sum of £16,000 to the Samoan Treasury is authorised, and additional loans arc also authorised: £200,000 for the purposes.of tho Deteriorated Lands Act, 1026; £500,000 for afforestation; and £100,000 for tho Waihou and Ohincmuri Rivers Improvement.

It is proposed to establish a separate account, to which will bo credited moneys appropriated for the purchase of Bank of New Zealand shares, and all receipts by way. of dividend, which can then be transferred to the Consolidated Keve*nue. :

jThe Minister of Finance is authorised to issue ordinary tax-bearing securities in place of securities free of income tax, and to make whatever variation of interest desirable.

Payment of jurors in civil proceedings is increased from £4 to £8 for every day on which a jury of twelve serves, and from £1 10s to £3 for every day on which a jury of four serves.

The Clerk of the Legislative. Council and Clerk of the House of Representatives are to be paid £800 per annum, and the clerk-assistant- of .each" .branch of the Legislature ■ £600. ■ This represents an increase of £50 per annum in each case. ..'"'. A number, of amendments: affecting' the Public Service Superannuation Funds are, included in the Bill.' One provides that the service, of a- contributor to the Teachers' Superannuation Fund shall include the period ] at ' training college.' ;...-!.

Every male contributor to the Public Service and Teachers'' Superannuation Fund ia to be given the option on retirement or 'within .'six. months', thereafter- of contracting with the board for a' reduced 'retiring allowance, and in consideration.of this 1 the \ board may agree with the contributor that upon his death they will pay his-widow an annuity of an'amount recommended by the actuary.

Pensions in the event of; the death or disablement of members of the New Zealand ' Defence or Naval : Forces through misadventure; in- the performance of their duties arc-to be paid on the same scale as war. pensions. Another clause affecting members of the Public Service " Superannuation Fund provides that where by reason of age or infirmity a contributor's salary has been reduced,'his retiring allowance shall be computed on the average rate of salary received'by him during the three years preceding such reduction.

A clause affecting harbour boards declares that any moneys deposited by them with any incorporated building or investment society shall not remain on deposit after 12th January, 1929. The Bill authorises 'concessions to members of the General Assembly travelling to or from Wellington by service cars where reasonably convenient railway or steamer services are not available. ' :