WIDE SCOPE

Evening Post, Volume CXVI, Issue 146, 18 December 1933, Page 10

WIDE SCOPE

FINANCE BILL

MISCELLANEOUS CLAUSES

THE RESERVE BANK

Few finance "washing-up" Bills introduced into a New Zealand Parliament have attempted to cover such a wido aiid varied field 'of policy and administration as the measure which was read a first time on Saturday night. Composed of 03 clauses, the Bill deals with several issues which at any time would be accepted as vital and which, even in the closing hours of the session, will have to run the gamut of contention and hostility. Subjects traversed include earthquake accidents, fire insurance policies, minimum wages rates of female- workers, irrigatiou undertakings, the financial authorities of local bodies, pensions, Public Servieo regradings, railway compensation, voluntary oversea conversion, petrol tax refunds, rebates to racing clubs, thirdparty risk deposits, and the appropriations of building societies. Among the provisions of a general character are tho following:— After a date to be fixed by Order in Council the conditions of fire. insurance policies are to be subject to the approval of the Government; they will contain only such provisions as may be approved by the Governor-General in Council. Marine insurance policies covering loss by fire are not affected. A fine of £100 is the penalty prescribed for the issue of any other firo insurance policy affected by the clauso which does not conform to tho requirements set out. The action of the- Government last year irt reducing pension allowances before the coining into force of tho empowering legislation on May 10, 1932, is validated by the Finance Bill now before Parliament, which makes the operation of the authority retrospective to April 1 of that year. TOTALISATOR TAX. A reduction of 10 per cent, in the totalisator duty during the financial year ending March 31, 1935, is authorised, this provision renewing a similar authority given last year. , All subsidies payable to rabbit boards from the Consolidated Fund on the amount of rates received during tho current year or in future years are to be reduced by 10 per cent. Changed conditions are laid down fo* the refund of petrol tax on fuel used in agricultural tractors. The discretion given the Minister to grant refunds, less 10 per cent,, if applications were made within three months of the end of tho quarter, is removed, and the Bill makes a full refund automatic if the claim is lodged within a month and a 10 per cent. deduction if the farmer waits two months after the end of the quarter before applying. Payments of travelling expenses to members of transport licensing authorities are validated. Authority is given for the payment by the Unemployment Board of travelling expenses and allowances for special committees set up by the board. Provision is made for the deduction of stamp duty paid on securities as a form of interest reduction from the return of income made for the purpose of assessing wage tax. OPPOSITION LEADER'S ALLOWANCE. There is provision for the payment of an additional sum of £160 annually to the Leader of tho Opposition. This is the result of the opinion expressed on both sides of the House that the holder of this position should receive a sufficient allowance to enable him to have proper secretarial assistance. At present the Leader of the Opposition receives his .ordinary honorarium of £364 and a further £284 a year for secretarial assistance. A change in the method of bringing the Reserve Bank of New Zealand into operation is contained in the Bill. Tho Reserve Bank Act, as passed earlier in the session, provides that six months after the issue of a .proclamation by the Governor-General the Reserve Bank shall . have the "Sole right of issue of bank notes. Tho proposed amendment provides that if, at the date fixed in the proclamation, 75 per cent, of the capital of the bank is not paid up, the proclamation shall not have effect until the Ministerof Finance has been notified that three-quarters of the capital has been paid up. The date on which this is done will be regarded as the date of the proclamation authorising, the issue of bank notes.