FINANCE BILL.

Marlborough Express, Volume LII, Issue 83, 12 April 1918, Page 2

FINANCE BILL.

When the House met after dinner the Finance Bill was introduced. Sir Joseph. Ward, who was in charge of the measure, explained that, it proTided for extending appropriations until the House meets later on in the year, the delay being entailed on;.account of tihe visit of the two Ministere to England. Provision was also made to increase the amount of unauthorised expenditure. No alteration had been made in land and income taxes. Tlie incidence of taxation would not be altered this session, and he did not think there would be any alteration next session. The Bill provided for exemption from the amusement tax of any entertainments promoted for patriotic purposes, also for those of an educational nature. The amount now due under the last Loan Act was £9,500,000, and provision was made for the raising of an additional twenty millions. As he had indicated recently, the penalty for financial shirkers passed last session would bo. .repealed'and'the new proposal would be double the amount of land and income tax and only 3 per cent, interest for what was subscribed instead of 4£ per cent. iffo vision was made in the Bill to deal with buyers and sellers who had trafficked in | the last war bonds. Anyone who had bought bonds from others (and he understood there were many who had done so at 88 per cent*.), would not be taken into consideration so far as contributions were concerned, nor would the vendor have his purchase I recorded to liis credit, 'sq far as the penalty clauses were concerned. He explained that since tjie war commenced the sum of £33,393,830 had been raised by this country, and of that amount all but £8,000,000. had been expended on the war. The other amount had gone to public works. All bub £19,500,000 had been raised in tiiis country. Provision was made for ! putting local public bodies under the I Moratorium Act in respect to loans falling due during the war or within twelve months aftter. Another clause provided for the postponement of the general election for another year. He ■ pointed out that freedom from income tax had no connection witjh the mxichj vaunted idea that such was done to ! assist wealthy contributors. Quite. I tho reverse was the case. The reason exemption was mad© was to induce financiers to contribute to the loan. ;Mr Forbes (Hurunui) held that •: Members could do no more than trust the Finance Minister. Ho had the whole of the finances of tho country to cater1 for, and he* knew tho pulse of the public. Therefore, tjiey could do no hotter than leave the whole matter to him without question. H© agreed with the suggestion to prolong the life of Parliament. It was not fitting that a general election should bo held at tho present junctor©. In normal times lie would be tho first to object to prolongin.g the Parliamentary term, but these were by no means normal times. Tho couiiriry should bo honored to know that "the Imperial Government desired the presence of New Zealand representatives at the Imperial TVar Orumcil. Mr Pearce (Patoa) continued the 4 debate, his chief objection being not

to have control of the amount to be paid by assessment. That function belonged to Parliament. He hoped to .see the whole system of taxation reviewed.

Dr. Newman (Wellington East) continued the debate.

Mr McCallimi (Wairau) asked the. Minister for Finance whether during tho recess he would consider the urgent need of an amendment to the present taxing legislation so that mortgagees with incomes exceeding £300 but not exceeding £800 might be placed on the same footing as farmers and business men drawing similar incomes.