FINANCE BILL

Nelson Evening Mail, Volume LXI, 1 December 1927, Page 7

FINANCE BILL

LOANS TOTALLING SEVEN MILLIONS ALLOCATION QF THE MONEY SCHEMES FOR NATIONAL PROVIDENT FUND (By Telegraph) (From "The Mail’s” Parliamentary Reporter). ' , WELLINGTON, 30th November. Tim Finance Bill introduced into the House of Representatives to-night gives authority tor Iho raising of loans totalling £7,000,000. The provision for a £4,000,000 public works loan allocates the money to railway construction and additions to open lines, additional rolling stock, telegraph extension, and construction arid improvement, development of goldfields,-construction of irrigation works, and other, public works including administrative charges of the above items.

Authority is also given to borrow £2,000,000T0r tho purposes of the Railways Authorisation Act, 1914, and £1,000,000 for education purposes. The Minister of Finance may make refunds of tptalisator duty if a racing club has to' pay interest on moneys borrowed for tho carrying out of permanent improvements, or to- allow a hunt club to purchase a site for kennels. The Bill authorises the Minister of Finance to deduct from fines resulting from prosecutions initiated by local bodies an amount equal to 5 per cent, for payment into the Consolidated Fund. The balance goes to the local bodies. Special provisions are contained in tho Bill to facilitate schemes of contribution to the National Provident Fund by employers on behalf of employees. Employees to become eligible under,the section may he over 50 years of age and in receipt of over £3OO per annum. The pension payable to the employee at the a,go of 60 may run up to £4 per week. The State’s contributions are limited to persons under 50 years of age, and to cases where the pension will not'exceed £2 per week. '