INTEREST LIMIT

Hawera Star, Volume XLVIII, 5 November 1924, Page 5

INTEREST LIMIT

INCREASED TO PER CENT. BORROWING POWERS. ADDITIONAL AUTHORITY. (By Telegraph—Special to the Star.) WELLINGTON, Nov. 5. Additional borrowing authority to the extent of two millions sterling for Public Works and five millions for the State Advances Office is provided in the Finance Bill introduced last night. The Finance Minister is authorised to pay increased interest to 5£ per cent, in respect of loans under the Railway Improvement Authorisation Act, the former maximum having been per cent. Power is taken to appoint a Commissioner for New Zealand in Canada and the United States, who will carry out the Government’s instructions regarding improvement, of commercial relations. He will not be accredited to the respective Governments, nor. be an officer of the public service! Members of the New Zealand Parliamentary delegation. visiting South Africa are to be paid £l5O allowance eaph. . Regulations recently gazetted provide for the Board of .Trade exercising control over the quality of gas. The Bill provides that the cost administration of the regulations is to be paid proportionately by the gas companies, the levy not to exceed' 15s per million feet of gas sold/ by a company jn the year preceding that in which the levy is made. The Superannuation of Magistrate’s Bill contains a scheme for the superannuation of stipendiary magistrates, who are to retire at 68, or having become unfit by infirmity, having reached the age of 60 and having at least fifteen years’, service. They are to be entitled to a pension, this to be computed at the rate of one-fortieth part of the annual salary at date of retirement, but not to exceed twenty-four-fortieths of such salary. Magistrates who were contributors to the Public Service Fund shall continue to pay equal contributions, and those appointed after the passing of the Act will contribute at the same rate as the Public Service contributors. Those who are already members of the Public Service Fund may elect to remain in that fund. Any magistrate who lias retired under the 65 years of;', age;limit, and lias not attained the age of 68, may he reappointed to the office of hospital board chairman and may be paid an annual honorarium of £250 or one-fiftli per cent, of the board’s maintenance expenditure, whichever is the lesser.