FINANCE BILL

Evening Post, Volume CXXXV, Issue 150, 26 June 1943, Page 4

FINANCE BILL

VARIETY OF PROVISIONS A Finance Bill containing some 26 miscellaneous and validating provisions was introduced in the House of Representatives yesterday afternoon, and was read a .first time. The Bill authorises borrowing powers for war expenses to be increased from £180,000,000 to £300,000,000. In addition to all other moneys payable into the War Expenses Account, the Bill provides for one-quarter of the re-, venue received from income tax during the present financial year being credited to that account. The Bill abolishes the Public Works Fund and establishes a Public Works Account. The Electric Supply Account within the Public Works Fund and' the Electric Supply Sinking Fund Account within the Electric Supply Account are to be kept as separate accounts within the Public Account. A clause exempts the GovernorGeneral and diplomatic and other representatives in New Zealand wholly or partly from any public or local taxation. This section has been substituted for a number of other relevant clauses in various Acts, which are accordingly repealed. Pensions in respect of death or disablement of police officers are exempted from income tax. Members of the General Assembly and Parliamentary candidates are not to be disqualified because of receiving remuneratfon under emergency regulations before'their appointment or election. The appointments of the Hon. A. McLagan and the Hon. T. O. Bishop to the Legislative Council are validated. It is explained that at the time of their appointment they were disqualified from being called to the Council as they were civil servants within' the meaning of the Legislature Act, 1908. Authority is given for mutual insurance associations to insure against damage by lightning. A clause validates- the purchase of the King's Wharf Power Station, Auckland, from the Auckland Electric Power Board. The station is to form part of the North Island hydro-elec-tric power scheme. Another clause validates payments made by the Dunedin Savings Bank out of its profits during: the current financial year for various charitable purposes. Provisions . are. amended , enabling permanent members of the Public Service to become contributors to the superannuation fund in respect to previous temporary service. . A similar authorisation is made in respect to members of the education service. There is provision for a superannuation allowance for Mr. Justice O'Regan on his retirement as temporary Judge of the Compensation Court. Power is given to the New Zealand i Meat Producers' Board to make a compassionate grant of a sum not exceeding £3000 to the widow of the late Mr. Robert S. Forsyth, formerly the board's London manager.