WASHING-UP BILL

New Zealand Herald, Volume LXXV, Issue 23139, 10 September 1938, Page 15

WASHING-UP BILL

LOCAL BODY AFFAIRS LOANS AND CONTRIBUTIONS EXPENDITURE AUTHORISED AUCKLAND DISTRICT ITEMS [liV * TELEGRAPH—SPECIAL REPORTER] WELLINGTON. Friday Various matters allecting local bodies in the Auckland district are contained in the Local Legislation Bill which was introduced in the House of Representatives to-day by GovernorGeneral's Message. The bill is tho usual "washing-up" measure which makes its appearance at the end of every session. One clause gives the Auckland City Council authority to raise a special loan of £1(3,000 for unemployment relief works, and the council is also given power to mako concessions to the owners of workers' dwellings of i\hich it is mortgagee. There is authority for tho Newmaikct Borough Council to enter into a contract with the City Council lor the supply of water. Tho expenditure of £2OO by the Auckland Harbour Board in the reception and entertainment of the crew of the Imperial Airways flying-boat Centaurus is validated. Authority is also given for the contribution or £~oo to the memorial fund to tho bite Captain Edwin C. Musick and the crew of the Samoan Clipper and the expenditure of £SOO on the erection of a Musick Memorial beacon. The board, is ■also empowered to contribute £SOO to the City Council toward the cost of tho rcgrading of Nelson Street. The Hobson County Council is authorised to raise a loan of £3250 foi drainage works. Provision is also made regarding the repayment of advances mado by the Auckland City Council to its abattoir accountAuthority is given to the Manurewa Borough Council to sell land set apart for use as a cemetery. Professional services rendered to tho Pukekohe Borough Council by the Mayor, Mr. John Routly, aro held not to'disqualify him for office. Excess overdrafts incurred by the Takapuua Borough Council are validated and arrangements are mado for their repayment. The Auckland and Suburban Drainage Board is authorised to raise a special loan of £SOOO for the purpose of completing works under its £.30,000 loan scheme of 1935.

INCOME TAX LAW

MINOR AMENDMENTS MADE TWO CLASSES OF COMPANIES [nv TELKGK Al'H —SIMXI AT, REPORTER.] "WELLINGTON. Friday Various minor amendments to the existing income tax, law, particularly as it applies to petroleum mining companies and dairy companies, are contained in the Finance Hill which "as introduced in the House of Rupiesetitatives to-day. The special provisions made last \eai for the assessment of income tax on petroleum mining companies are extended so that tliev will apply to companies engaged in New Zealand in dovelopment work in relation to prospectins or mining for petroleum. If any dispute arises between the Commissioner of Taxes and a company as to whether money expended by the company was for development purposes the difference will be determined by the commissioner, subject to the company s right of objection. A new definition of the taxable income of petroleum mining companies is also included and special provision is made lor dealing with returns of share capital. With regard to income tax payable bv dairy companies, it is stated that the commissioner, in computing the taxable income of a dairy company covered by the legislation, will allow as expenses any sums set aside to provido for losses si rising troni np~ proved rationalisation plan. The provision will not apply with respect to any losses incurred by the company in respect of the elimination of any dairv factory belonging to the company or in respect of the limitation of ureas of supply. Legislation in this respect is to be made retrospective to April 1. 1936. Various technical amendments are included covering the special provisions made last year with regard to changes in the date of annual returns of income. Provision is also made lor the granting of relief to taxpayers who have observed return dates for income between March !il and October 1 in each year, up to and including I!W6. POWER DEVELOPMENT fBY TELEGRAPH —SPECIAL REPORTER] WELLINGTON', Friday

The importance of the development of electric power in New Zealand to as great an extent as possible was emphasised by Mr. W. J. Broadfoot (Opposition—Waitomo) during th» Public Works discussion in the House of Representatives to-day. Mr. Broadfoot congratulated the Minister of Public Works, the Hon. P. Soniple, and his department on the work it had done in connection with hydro-electricitv during the year and said that in his opinion this was an absolutely ideal form of State undertaking.