FINANCE BILL

Nelson Evening Mail, Volume LXXI, 17 November 1937, Page 2

FINANCE BILL

. VARIETY OF PROVISIONS i VALIDATING AN!) OPERATIVE CLAUSES r ll'mm Our Own Parliamentary Reporter) WELLINGTON. This Day. C nlaiiiing the usual miscellany of vulklatiiif; machinery an' 1 operative clauses, (lie first Finance Bill of the session was introduced in the House of Representatives last night by Governor-General's message. The Bill, which contains (il clauses, is divided into live parts covering : provisions consequential on the estabI lishment of the State Advances Corpori ation, public revenues and loans, the i Da : ry Industry Account, local author- | ities and public bodies, and misccllan- | eons items. ! The first part of the measure, con- ! taming ten clauses, abolishes the office .of State Advances superintendent, (lie! State Advances Account, and the DisI charged Soldiers Settlement Account. All land and property vested in the i 1 Superintendent of State Advances is 'declared to be Crown land or property,, land all bonds, stock or other sceur- \ i ities previously issued by the Superin- ; lendent under the authority of the 1 Rural Advances Act are to become I chargeable upon the public revenue, j Provision is also made for the Minister iof Finance to sell the whole or part j of the stock issued to him by the State j | Advances Corporation and apply the [proceeds in the purchase and re-: | demption of debentures or other sceur- ' ities charged on the public revenues of, i New Zealand in respect of the public ' debt. Part, two of the measure empowers' > the Minister of Finance to borrow on I the security of the? public revenues of j | New Zealand such sums ns he may | j think tit not exceeding in the aggregate j I £6.000.000, and the sums borrowed are' j to hear interest at the rate of interest ;pi escribed by him. The sums borrow-; led arc to he paid into the Public I 1 j Account to the credit of the Public , j Works Fund, to be apph'ed for the construction of railways and additions to open lines, additional rolling stock for open lines, telegraph extensions, the construction and improvement of roads, bridges, etc., irrigation works, the ! I erection of public buildings, and other : public works. The Minister is also empowered to borrow £2,000,000 for the construction | o' main highways. The measure provides that in future j no person may hold the position of I Controller and Auditor General after the age of 65 years, and if a vacancy occurs in the office the GovernorGeneral may, by Order-in-Couneil appoint the deputy to act during the vacancy, or if no person is appointed to act the deputy shall have authority to act as Controller and Auditor General | for a period not exceeding 12 months. Authority is given to the Minister of Finance to delegate 'o the Secretary to I the Treasury ali or any of the powers exercisable by him under the Public Revenues Act, 1926, or under any other j Act. ( Other clauses increase the limits of - the amounts chargeable against General | Imprest and General Services from f £150,000 to £OOO,OOO and from £500,000 ; to £ 750,000 respectively and increase i the limit of unauthorised expenditure ! < under the Public Revenues Act from j t £250,000 to £500,000. I Provision is given for exemption i s from entertainment tax where enter- i ( tainments are promoted by societies not ■ 1 established for profit. j 1 Where a local authority has erected I * any dwelling house under the scheme j f for the provision of workers’ dwellings! a and later sells it, the Minister of Finance may exempt the transaction from : stamp duty. I The Bill provides that racing clubs i n may retain one-fifth of the totalisator! p duty payable between Ist August, 1937, • j and 31st July, 1938. t, The measure also makes provision for j 7 a £ for £ subsidy on contributions to ! c hospitals for capital expenditure, and ! c for subsidies on contributions for main-' tenance. . v The Bill contains amending pro-; A visions to the Invalidity Pensions Act 1 1; mabling applicants to break their con- j tl ;inuous residence in New Zealand for; 12 months or for an additional month '■’ i or every year of residence in New J S Zealand in excess of ten years, and j a > n the case of totally blind persons, for! D my period for vocational training or ! ;i1 reatment in respect of the eyes. Spec- ' al provisions arc also made in respect; 0 the rate of invalidity pension that j nay be granted to a person in receipt. . cc if an overseas pension. Part Three deals with the Dairy In-! lustry Account, which was explained I P< >y the Minister in the House. Part Four gives authority to county ouncils to consolidate special rates and hen raise loans for (he benefit of dcned areas without a poll of ratepayers, nd the Local Government Loans toard may authorise an electric power; oard to dispense with or modify the i uaiantees given in respect of loans, aised by it. Under Part Five of the Bill provision ; made for the summer recess of Parament so that members shall not be cnnliscd for absence in excess of the atutory M sitting clays. Expenditure, 1 connection with the passages of. ives anc! families of the personnel of M.S. Diomede, by local authorities in ■ | as mncction with the visit of the Aits- j p n alian Naval Squadron, and on account, [j u the (light of Miss Jean Batten is At (Related. The appointment of the staff ! k e; the new Wairarapa College is also; | ac: ilidated. : me Another clause brings any person ■ yc| . igotiating a contract of insurance, n aether directly or indirectly, under! e provisions of the Insurance Comnies’ Deposits Act. „j