PARLIAMENT

Manawatu Standard, Volume LX, Issue 234, 31 August 1940, Page 9

PARLIAMENT

FINANCE BILL PASSED. MONTH’S ADJOURNMENT. Per Press Association. WELLINGTON, Aug. 30. When the House of Representatives resumed the second reading discussion of the Finance Bill (No. 2) after the luncheon adjournment, to-day, Rev. F. L. Frost urged caution in the taxation of farmers. “We must 'have increased production,” he said, and he believed we -would get it. Farmers were looking not only to their own interests, but those of the country in the magnificent response they had made to the Government’s appeal for increased production. Mr W. J. Poison dealt briefly with the question of the increased cost of living. Wages, he said, had been increased 5 per cent, ior the sheltered section of t'he community,‘ and the Dominion was endeavouring to balance its economy by controlling prices. In fairness to every section of the public affected by the increased costs the same conditions should be created. The soldier and his dependants should come first, followed by pensioners and superannuitants. Those receiving social benefits should also be considered. Mr Poison also drew attention to several miscellaneous clauses in the Bill which, he said, should have been introduced as Private Bills. DISPUTED CLAUSES.

The Speaker (Hon. W. E. Barnard) agreed wit'll Mr Poison regarding those clauses which he had said should be introduced as private Bills, and said that by the method adopted lees amounting to £25 lor each Bill were being lost to the House. However, with the consent of the House he would suggest that in this instance the Minister might move that the Standing Orders be suspended to allow the procedure relating to Public Bills to apply to the clauses concerned. This suggestion was adopted and the House agreed that the disputed clauses should remain in the Bill. Mr F. TV. Doidge said he hoped the Minister of Finance would inform the House of his plans in respect to national savings as soon as possible. He considered it should be on a compulsory basis. Rev. A. 11. Nordmeyer: Do you believe in the capital levy? , Mr Doidge: The national savings scheme is not a capital levy. If people were saving there would be money to tide the country over the difficult days of reconstruction after the war. After the Minister of Finance (Hon. TV. Nash) had briefly replied to the debate the Bill was read the second time. LINEN FLAX INDUSTRY. When the Bill was in the Committee stages Mr Barnard speaking as a private member on the establishment of the linen flax industry in the Dominion, said he welcomed the prospect ot a new industry for the product of which we would have a market both in peace and war. Whether the suggestions liad come from Great Britain or from other sources, or whether we originated them ourselves, this was the time when we should seek to build up new industries, both primary and secondary, to meet the very difficult situation which would undoubtedly confront this country when the war ended. The Minister of Industries and Commerce (Hon. D. G. Sullivan) said the Scientific and Industrial Research Department and the Industries and Commerce Department had been working on the question for over three years. Mr Barnard: lam very glad to hear that. He added that it showed that the Minister and his staff were active on these matters. SECURITIES AND DEPOSITS. The question of securities and deposits overseas owned by New Zealand residents and their conversion into New Zealand, currency was mentioned by Mr Nash. In reply to a question by Rt. Hon. J. G. Coates the Minister said that overseas deposits could be converted at any time. There had never been the slightest objection to that. If there were cash deposits in Australia and we needed them to buy munitions, then at that point we would buy those cash deposits and nay the ordinary current rate of exchange. Within a short time he hoped to be able to make a complete statement regarding the arrangement with Australia. In the meantime if anv New Zealand resident who owned cash reserves overseas and wished to get New Zealand money he could get the cash for them to-morrow. Securities in other countries could also be sold, provided the currency obtained from their sale was made available to New Zealand. - . An amendment to the Bill restoring the exemption of charitable gifts from death and gift duty was introduced and approved by the House. The Bill passed, the. Committee stages, was given its third reading, and passed. PENDING LEGISLATION. The Prime Minister (Rt. Hon. P. Fraser) moved that the House should adjourn until 2.30 on Tuesday, October 1, provided that in the meantime should the occasion arise the Speaker be empowered to call the House together. Replying to a question by the Leader of the Opposition (Hon. A. Hamilton) as to what legislation the Government intended to introduce when the House resumed the Prime Minister intimated that there would be the Excess Profits Bill as indicated during the debate on the Finance Bill by the Minister of Finance, also the Shops and Offices Bill. The Insurance Bill, also, said Mr Fraser, was at present before the Statutes Revision Committee and would probably be introduced.