THE FINANCE BILL.

Manawatu Standard, Volume LIII, Issue 9, 8 December 1932, Page 9

THE FINANCE BILL.

WIDE SCOPE OF PROVISIONS. SUPERANNUATION FUND REGULATIONS. Per Press Association. WELLINGTON, Dec. 7. Provision for ail increased subsidy to the Public Service Superannuation Fund is made in the Finance Bill, introduced in the House of Representatives to-day.. Provision has already been made in the Estimates for the payment of £BO,OOO from the Consolidated Fund and legislative effect is given to this in the Bill. For the purpose of protecting the securities in which its funds are invested, the Government Superannuation Funds Board is empowered to expend money for the purpose of stocking and cultivating mortgaged lands, employing labour on them, making advances to mortgagors, and carrying on farming business. In tho event of any contributor to any Government superannuation fund being- convicted on a charge of tlieft, or misappropriation of public moneys or stores, the Minister of Finance may order that restitution in whole or part must be made out of the amount standing to the credit of the contributor in the fund, or that the money shall be applied toward the maintenance of the wife and children of the contributor, or toward the maintenance of any other person for whose benefit a maintenance order under the Destitute Persons Act could be made.

FINANCE FOR RELIEF WORKS. The Bill givers legislative authority for. the creation of a debt by local bodies financed in certain relief work by the Unemployment Board. At present the Minister of Public Works is empowered to carry out certain works of a reproductive character on or for the benefit of privately-owned property or any other property, if in such cases the local authority controlling the district is prepared to assist tho Unemployment Board by refunding it a proportionate part of tho cost of such works, but there is no provision in the existing legislation for the cost to be spread over a period of years. Provision is now made whereby the amount so expended may be treated as a debt due to the Crown and repaid over a period of years. Under the present law, if a local body improves privately-owned land by means of relief work, it may only recover the amount expended out of its own funds for this purpose. Another clause in the Bill extends local bodies’ powers of recovery so that tlie money advanced by the Unemployment Board for tho same purpose may. bo included. By another clause the residents of the Chatham Islands arc excluded from the operations of the Unemployment Act. Authority for the payment of expenses incurred by Messrs S. G. Smith and A. E. Ansell, M.P. s., in their tour of New Zealand investigating the juvenile unemployment problem is given. In a further clause, tho payments made to Mrs S. Macdonald, Airs H. Wilson and Miss Blanche Carnahan, members of the women’s committee which investigated femalo unemployment, are also validated. Various provisions relating to Government and local body transactions are embodied in the Bill. In accordance with the statement made by. the Prime Minister at Stiatford on November 7, legislative effect is given to local authorities to carry forward sinking funds to the redemption of loans. To obivate the substantial loss of sinking fund moneys in the remission of these moneys to London, it is proposed to authorise local bodies to raise the full amount of the maturing loan by way of a renewal loan and to carry forward the existing sinking fund as tho nucleus of a sinking fund for the renewal loan.

REBATE OF RATES PENALTY. Provision was made last year for local bodies to remit the 10 per cent, penalty on unpaid rates for the financial year ended March 31. It lias since been found that those local bodies whose rating year does not end on March 31 cannot take advantage of the legislation, and the clause extends the operation of the legislation to include all local authorities irrespective of whether their rating year ends on March 31 or not. ; The provision in the Mortgagors and Tenants’ Further Relief Act of this session enabling courts to reduce royalties under coal-mining licenses is made binding on the Crown by another clause. An extension of power under the same Act, enabling courts to grant relief from the payment of high royalties by the holders of licenses to cut timber or flax, or to extract coal, fs contained in another clause, under which relief may be granted to licensees from the payment of large sums in royalties to persons other than the owners of the land affected. The limit of £550,000 which could be transferred from the Reserve Fund to the Consolidated Fund is removed. Under another clause, if there is an excess after all commitments relating to the Hawhe’s Bay earthquake have boon met, this amount may be transferred to the Consolidated I’und.

PROFITS ON PETROL,

Per Press Association. WELLINGTON, Dec. 7. In the House of Representatives, Mr W. J. Poison asked whether the Government would follow the lead of Australia and institute an exhaustive inquiry into the profits of oil and petrol companies. He said that retail petrol prices were out of reasonable proportion to wholesale prices and taxation was being avoided.. The Prime Minister (Rt. Hon. G. W. Forbes) said that extensive inquiries into the costs of importation and distribution of petrol had already been made and a report on the investigations submitted to Parliament. The subject, as a whole, was receiving further consideration and additional information was being sought from the Commonwealth.