NEW FINANCE BILL

Manawatu Standard, Volume LIV, Issue 281, 25 October 1934, Page 6

NEW FINANCE BILL

MONEY FOR PUBLIC WORKS. POWER TO BORROW. (Bv Telegraph.—Special to Standard.) WELLINGTON, Oct. 24. Though it will not all be needed during either the current or "the next financial year, the Minister of Finance is taking power in the Finance Bill now before the House of Bepresentatives to borrow an .additional £b,UOU,000, of which £4,000,000 are for public works, £1,000,000 for hydro-electric works, and £1,000,000 for the consti uction of main highways. He explained that the amount to be borrowed this year had not yet been determined. Public works requirements for the last three years had been met from previous loan authorities and the remaining £1,600,000 probably would not be sufficient for the requirements of 1935-36. The additional £1,000,000 for hydroelectric works will enable those in hand to be completed and possible extensions provided for over the next three years. Mr Coates considered the further £1,000,000 for main highways construction will meet borrowing needs for three years, while the amounts in the existing funds would finance the building programme of the Government as indicated in the Public Works Statement. , ~ Another important feature of tlie Finance Bill is the assistance being given to racing clubs by permitting them to retain a larger proportion ot the totalisator tax of 12£ per cent, deducted from the totalisator pool for taxation. The clubs were to get 8* per cent and the Government 4 per cent, but in 1934 tlie Government took 4i per cent, reducing the clubs proportion to 8 per cent. Now it is proposed to restore the original proportions: Government 4 per cent and the clubs 8i per cent.