FIVE MILLIONS

Hawera Star, Volume XLVI, 30 August 1926, Page 5

FIVE MILLIONS

ANOTHER NEAY LOAN

FINANCIAL BILL PROPOSAL, (BY TELEGRAPH PRESS ASSOCIATION.) WELLINGTON, Aug. 28. AYlien the Finance Bill was introduced by Governor-General’s Message .in the House of Representatives, the Minister of Finance explained that its principal provision was authority to borrow £5,000,000 for public works, including rolling stock for open lines. The loan- authorisation for carrying out the railway improvement programme, including the- electrification of the line: from Lyttelton to Middleton (which is specifically mentioned in the- clause) is extended by £2,000,000. A further loan of £16,000 to the Samoan Treasury is authorised. Additional -loans are also l authorised as follows: £200,000 for purposes of the Deteriorated Lands Act, ’ 1925; £500,000 for afforestation; and £IOO,000 for the AVaihou and Ohinemuri Rivers improvement. It is proposed to establish aseparate account to which will be credited moneys appropriated for the purpose of Blank of New Zealand shares and all 1 receipts by way of dividend, which can then be transferred to the Consolidated Revenue.

The Minister for Finance is authorised to issue ordinary tax-bearing securities free of income tax, and to make whatever variation of interest is desirable. P'ayment of jurors in civil proceedings is increased. The ,Clerk of the Legislative Council and Clerk of the House of Representatives are to be paid £SOO per annum, and the Clerk Assistant of each branch of the Legislature £6OO. This represents an increase of £SO per annum in each case.