STAMP DUTIES BILL.

New Zealand Herald, Volume LX, Issue 18459, 24 July 1923, Page 8

STAMP DUTIES BILL.

CONSOLIDATING MEASURE. /REPEALS LAST YEAR'S ACT. .SOME ; MINOR AMENDMENTS. [by telegraph.—special reporter.] ( WELLINGTON.- Monday. < Tile Stamp Duties Bill, a consolidating measure of 204 clauses, was read a second time in the House •of Representatives this evening, \ and was referred to the Statutes Revision Committee. A Bill consolidating some 17 Acts dealing with stamp duties was . passed - last year to be operative on and after April 1 last. In the short session of February, the operation of the Act was postponed to January 1, 1924. Tho present Bill is ! designed to repeal the former Act, and reenact its provisions with some minor amendments. The Prime Minister, in moving tho second reading, said the original Bill had been introduced a few clays before the prorogation of Parliament, and there had not been time to refer it to the Statutes Revision Committee. The . present Bill embodied the "recommendations. of two gentlemen who wero Judges of the Supremo Court, and it had been revised by the Crown Law draughtsmen. ' The amendments, with one 'exception, were merely departmental. Mr. Massey explained the proposed amendments and mentioned that, whereas in the former Act all mortgages were made liable to stamp duty, the Bill -restricted, tho duty to mortgages on land. The Leader of the Opposition, Mr. Wil- - ford, suggested that the Billshould be referred to tho Statutes , Revision Committee. Last year the Opposition had protested because no »■description of . the Bill had been supplied,-.; The new Clause relating to mortgages showed that there was need for amendment, .Mid he wished to take exception to some of the clauses. Mr. Wilford mentioned clauses imposing stamp • duty lon leases with right of purchase, though he conceded that agreement to purchase should be stamped. Ho did not think, it fair that a man who paid a deposit and gave a mortgage for the balance of the purchase money should have to pay stamp duty on the whole amount and mortgage duty as well. There should be one duty on the whole transaction. '

; The Hon. D- Buddo (Kaiapoi) suggested that the duty on receipts should be reduced from 2d to Id on receipts for sums up to £20, and that the duty on cheques be reduced from 2d to Id. This, he said-, would encourage the m of cheques and swell the revenue. The Minister for Justice, the Hen. C. J. Parr, said that stamp duty on options was established. by custom, and there was full provision for a refund when an option was not exercised. The mortcrago duty was also of several years' standing. Mr. J. A. Young (Hamilton) suggested the Government should make a State monopoly of mortgage indemnity insurance and allow the Stamp Department to administer it. The Bill was read a second time and referred to the Satutes Revision Committee. COOK ISLAND MATTERS. TRANSFER OF PRISONERS. DISPUTES OVER ARIKIS. [BY " telegraph.—SPEClAL REPORTER.] • v.- ' WELLINGTON. Monday. The Cook Islands Amendment Bill came up for itn second reading in the House of Representatives this evening. The measure provides for the transfer of Cook Island prisoners from New Zealand to Western Samoa and also direct from the Cook Islands to Western Samoa. At the end of their term« they are to be sent back to the Cook Islands. . The Bill . also gives the Native Land Court power to determine any question as to the right of any person to hold office as an Ariki or other native chief. Hitherto the resident commissioner has had to decide any disputes of this nature. The ; Bill was read a second time pro forma and referred to the Native Affairs Committee. LICENSING REFORM. PRELIMINARY STEP. COMMITTEE TO REPORT. [by TELEGRAPH.SPECItr. REPORTER.] ; WELLINGTON. Monday. ! A preliminary step toward, legislation for licensing reform was taken ,by the Prime Minister in the House of Representatives' this evening, when he gave notice to move that a Select Committee be set up to report upon what amendments to the licensing Act are required in the public interests and generally for its more satisfactory working. , The proposed personnel of the committee is as follows:—Messrs. J. Bitchensr (Waitaki), W. S. Glenn (Rangitikei), A. Harris ' (Waitemata), F. F. 1 Hockly (Rotorua), J. Horns (Wakatipu), W. D. Lysnar ■ (Gisborhe), L. M. Isitt (Christchurch North), M. J. Savage (Auckland West), G. Witty (Riccarton), R. A. Weight (Wellington Suburbs), Sir John Luke (Wellington North), and the mover.

INSURANCE COMPANIES. .T f . .. ' INCOME ; TAX ON DEPOSITS. __ SEPARATE ASSESSMENT. [BY TELEGRAPH. —SPECIAL REPORTER.] . J - WELLINGTON. Monday. • An explanation of the Insurance Companies Deposits Amendment Bill waa given by the Hon. W. Downie Stewart when the measure came up t for its second reading, in the House of , Representatives to-night." Under the Act of last year very substantial deposits had to be made by British or foreign companies which had not hitherto transacted business in New Zealand, the amounts being £50,000 and £100,000 respectively, i to provide security for .■ policy-holders. British companies already doing business in the Dominion had to deposit £15,000 in cash in respect of fire: insurance, £15,000 in respect of employers' liability insurance, and £.5000 for all other classes of insurance. ? In. the case of foreign companies already in New Zealand the deposit was £35,000. The Minister said that hitherto the comEanies had merely to deposit securities, onds, or debentures. Now the r actual cash had 1 to be deposited and all the companies got was the rate of interest allowed bv the common fund of the Public Trust office. • The income tax on the deposits added to the British income tax reduced the interest-bearing value of the : deposits to about 2 per cent., which was considered unfair. What the companies asked was that the income from the deposits 'should not be treated as part of the trading profits and ; should be separately assessed for income tax. The ' matter was gone into very closely and the request for separate assessment, appearing just and reasonable, was provided for in the present Bill. The Bill was read a second time. CHAIRMAN OF COMMITTEE [BY telegraph.—special reporter.] ' ' '' WELLINGTON.. Monday. The appointment of the; Chairman of Committee, for which office Mr. J. A. Young (Hamilton) will be. nominated by the Government Party, did not come on to-night. The reason probably was that many the-House have not yet returned after the week-end. The matter is certain to bo dealt with at an early date,.