PARLIAMENT

Inangahua Times, 6 November 1934, Page 2

PARLIAMENT

RUSHING BUSINESS. j MEMBERS protqst. (Per United Frees ‘ m j WELLINGTON, Last Night. In the House, an amendment was introduced to Finance Bill (No. 3), the purpose of winch was to include farmlands in Boroughs. In the clause granting a rebate of per cent on rates, an Appropriation Bill was introduced, and urgency was accorded its passing, also that of Finance Bill (No. 3). A number of speakers protested against what the called undue haste. Some said the Cinematograph Bill at least should he put through before the House adjourned.

budget estimates.

half YEAR’S FIGURES. WELLINGTON, Last Night. Moving the second reading of the Appropriation Bill in the House tonight, Mr. Coates reviewed the finances for the half year ended September 30th. He said the Budget had been based on the expectation of a substantial increase in revenue compared with that received for the last financial year, and the results were in accordance with thgpe expectations. The accounts over the period would show that revenue amounted to £9,900,125, compared with £8,254,098, an increase of £1,646,027. Of that increase, 1,390,000 represented buoyancy in taxation receipts, the principal item being customs half a million. The receipts so far are well up to budget expectations.

The expenditure amounted to £12,860,571, of which detot services accounted for £5,826,000, exchange £1,417000, social services £2,114,000, permanent appropriations £947,000, and other votes £1,856,000.

The excharge expenditure covered the requirements of the whole year and the expenditure would be within the estimates. This combined with the fact that revenue was well up to expectations, supported the Budget forecast, and the year would close with a small surplus. The Minister referred to the Mortgage Bonds’ Corporation Legislation as being intended to solve the last major item remaining +« be dealt w i+ h in the financial rehabilitation of the Dominion. With a prop**” organi*ation, the margin existing between fie market Tate for mortgages and good stock exchange securities could be hi arrowed and interest rates stabilised.

Wellington. Nov 6 The Legislative Counoil met at 10.30.

The Finance Bill was referred to Statutes Revision Committee.

On the -second reading of the Appropriation Bill Sir F. Bell entered an emphatic protest against the raising of the exchange rate, and referred to the .prospectus issued in London, which stated that the public debt bad increased hy in one year. Sir F. Bell attacked the raising of the exchange rate and said there were whispers that the remit was to be repudiated. Surely it was time for the Government to pause and consider, not only the welfare of class, but the hateful hideous burden being east on the country.

Hon Mr Masters defended the Government’s action in raising the exchange rate, and said the total obligations of the moment was The bill was put through the remaining stages and passed. The Council adjourned at 1.45 p.m until the ringing of the bells.