FINANCE BILL

Greymouth Evening Star, 7 August 1941, Page 4

FINANCE BILL

LOANS AND PAYMENTS.

WELLINGTON, August 6. Borrowing foreshadowed in the Budget, together with amendments to the existing law, are provided for in the Finance Bill introduced in the House to-night. The Bill, which was read a first time, contains 43 clauses. The Minister of Finance is empowered to borrow eighty million pounds in respect of War Expenses. The Marketing Department is empowered to make advances by way ol loan on account of the goods that it is authorised to purchase. The promised increases in the war veterans’ allowances in respect of dependent children are also made in the Bill. The sum is ocmg raised in the case of eacn child from £l3 to £26 a year.

Increased benefits under the Social Security Act are provided for. The Commission is authorised, in certain cases, to increase the age benefits by £26 a year, instead of by £l3. in audition, the rate of benefit for the children of persons receiving the age benefit may be increased to £26 annually. . Family benefits are to be now payable in respect of the first child. The maximum rate of the invalids’ benefit is raised from £2OB to £234 annually. There is another new increase, not mentioned in the Budget, which is that of the payment of 10/- per week for each child under the sickness benefit, as well as under the widows’ benefit and the age benefit. —P.A.

STATE ENTERPRISES.

WELLINGTON, August 6. State enterprises, grouped under the neading of National Development, are to be financed from a new account, the National Development Loans Bill, which was introduced and read the first time in the House tonight. The Minister of Finance, Mr. Nash, said: “This measure will result in a saving of interest, as there will be borrowing for one account instead of for a series of accounts. The Bill comes into force next'year. The Bill places national expenditure in its correct perspective, and provides for the raising ot money for national development purposes, and it abolishes the old Public WbAts Fund. It keeps the Consolidated Fund in its present position. There will be one account, and one only, into which will go all of the money borrowed, and out of which shall flow to the various activities associated with the State all of the money required by them. The funds or accounts to which money is to be transferred from the National Development Loans Account include the General Purposes Account of the Public Works Fund, the Electric Supply Account,'the Land for Settlements Account, the Main Highways Account, the State Coal Mines Account, and the Iron and Steel Industry Account.” Mr. Nash said that there also were others, including the Linen Flax Industry Account.