FINANCE BILL

Evening Post, Volume CXXXVIII, Issue 23, 27 July 1944, Page 4

FINANCE BILL

BORROWING FOR WAR

MISCELLANEOUS CLAUSES

Provision to increase the borroAVing powers for Avar purposes from £300,000,000 to £350,000,000 is the principal clause in the Finance _ Bill (No. 2) introduced into the House of Representatives yesterday afternoon. The Minister of Finance (Mr. Nash) said that +-ie second reading debate would be taken today. There are 20 clauses in the measure of a miscellaneous nature, the majority being of a validating character The Minister of Industries and Com merce is authorised, for the purpose of developing the flax industry to the fullest extent, to enter into contracts, undertake works, provide buildings and equipment, and dispose of materials and products. The Reserve Bank of Neiv Zealand is given authority, restrospective to February 1. 1944, to borroAV moneys outside Ncav Zealand for any purpose connected Avith the. issue, repayment, or conversion of any New Zealand Government securities. Another clause empoivers local authorities to pay a cost-of-living bonus to their superannuitants, not to exceed the bonus paid to Government superannuitants. A pension payable under the National Provident Act may exceed £300 a year by the amount of the cost-of-living bonus. Salaries of £1500 and £1200 a year respectively are fixed for the Public Service Commissioner and Assistant Commissioners. MONEY FOR MARKETING. Authority is given for the payment from time to time out of any account established under the Marketing Act, 1936, of such sums as the Minister of Marketing may approve as contributions towards any capital expenditure to meet wartime requirements or conditions arising after and as a result of the Avar in connection Avith the industry in relation to ivhich the account has been established. -_1 payments before the passing of the clause are to be deemed validly and laiA'full. made. Excess unauthorised expenditure during the past finar :al year is validated under another clause, and there is provision for safeguarding the rights of New Zealand teachers serving in Tonga. Payments by the Auckland Savings Bank last financial year to the Auckland R.S.A. and the Auckland Sailors' Home, and to the Methodist Central Mission Fund during 1942, and a payment by the Invercargill Savings Bank to the Royal New Zealand Society for the Health of Women and Children, are validated.