COMPENSATION TO RESERVE BANK: EXCHANGE LOSS

Greymouth Evening Star, 15 October 1948, Page 3

COMPENSATION TO RESERVE BANK: EXCHANGE LOSS

(P.A.) WELLINGTON, Oct. 14. Authority for the issue of stock to compensate the Reserve Bank for losses as a result of the depreciation of its assets because of the recent alteration in the exchange rate is contained in the Finance Bill introduced in the House of Representatives today. The bill validates the excess of unauthorised expenditure, provides for the abolition of overseas passenger duty announced in the Budget and given effect to a few days ago, abolishes the export duty on uncoined gold, and reduces the sales tax on omnibuses and tram-cars to 10 per cent. Resolutions giving effect to these changes in duties are validated. The time for making applications for refunds of duty on motor spirits is extended from two to four months. Gifts to the United Nations appeal for children are exempted from gift duty. The bill also validates contributions by local authorities to the British Empire Cancer Campaign Society, the Untied Nations appeal for children, and the Hamilton tornado relief fund. . Expenditure by local authorities in respect of the Royal visit next year is also validated. . . , Grants made by provincial patriotic councils to returned services’ associations are validated, and local authorities operating passenger transport services are empowered to make payments to the Fublic Passenger Transport Association. The privileges of members of the General Assembly attending the Empire Parliamentary conference in London are safeguarded during their absence Another clause in the bill states that Mr K. J. Holyoake (Opposition, Pahiatua) and Mr J R. Marshall (Opposition, Mount Victoria) shall not be disqualified from their membership of the House by receipt of certain travelling allowances and legal costs respectively. . Provision is made for the appointment of retired officers to the Public Service Appeal Board.