THE FINANCE BILL

Hawke's Bay Tribune, Volume XXIII, Issue 75, 10 March 1933, Page 9

THE FINANCE BILL

SEVERAL AMENDMENTS POWER TO SEIZE SILVER. PREVENTION OF EXPORT. Wellington, March 9. Amendments to the Finance Bill (No. 4) were introduced in the House of Representatives to-night. One amendment gives retrospective effect to the clause in the measure giving the Government power to seize silver which any person attempts to export from the country. The Rt. Hon. J. G. Coates said that under the legislation passed in 1931 only silver actually exported could be seized. In practice, however, it had been found that this provision was rendered practically inoperative in that in all cases silver was seized when an attempt was being made to export it. In view of this, it had been found necessary to make the new powers of seizure retrospective. If this were not done claims might be lodged against the Crown for the recovery of silver seized prior to the passing of this year’s bill. As it was, one claim was actually pending. The Government did not see why it should have to pay for silver which had been seized, and as it was really a legal question whether the Government was liable or not it had been decided to remove all doubt. Air R. A. Wright (Wellington Suburbs) asked -whether the exportation of silver was giving the Government serious concern and whether there was any truth in the statement that' over £lO,OOO worth had been sent out of the country. Mr Coates replied that the Government was concerned, for although it did not know just how much silver had been exported it was a fact that verymuch more than the amount mentioned by Mr Wright had been taken out of the country. The banks, in fact, were becoming rather short of silver. Mr Wright: Is it going to England? Mr Coates: Yes. Mr H. G. E. Mason (Auckland Suburbs): Bit Australian silver takes its place? Air Coates: It is taking its place to some extent, but we hone to clear that up by establishing our own coinage. It must be remembered that all silver taken out of the country means an extra 25 per cent, to those exporting it. The provisions of the Rent Restriction Act are extended from August 31 to October 31 by a new clause of the bill. Mr Coates explained that the extension had been considered advisable in view of the possibility that Parliament might not meet before the legislation expired. Largely as a result of representations made by the Christchurch Tramway Board, the rebate in respect of the taxation imposed this week on elec-trically-driven vehicles is increased from 40 per cent, to 50 per cent. Explaining another amendment, Air Coates said that it was designed to give effect to the promise that the total revenue from electrically-driven vehicles would be paid into the Main Highways Account. This meant, in other words, that the rebate being allowed in respect of these vehicles would come off the portion of revenue which would otherwise have been payable into the Consolidated Fund. The House adopted the amendments after the Minister of Finance had agreed to increase the rebate in respect of taxation on electricallydriven vehicles still further. An amendment increasing the rebate from 50 per cent to 60 per eent was adopted.