FINANCE BILL

New Zealand Times, Volume XLIII, Issue 10139, 29 November 1918, Page 6

FINANCE BILL

LOANS TO BE RAISED GOVERNMENT PROPOSALS BEFORE PARLIAMENT. FIVE SHILLING BANK NOTES FREE STAMPS FOE POLITICIANS. The Finance Bill was introduced to tho House of Representatives yesterday and put through all stages. Tho Bill provides lor a continuance of a separate account forming part of the public account for war expenses; also for ins ostaOUoliment of a war loans sinking fund. The war expenses account shall be credited with—(a) All moneys standing to the credit of that account at the commencement of the Act; (b) all luoneys Hereafter payable to the credit of that account under tho authority of any other Act, whether now in force or hereafter passed; (c) all moneys received by the Crown from the sale of any property purchased at the cost of that account; (d) all gifts or voluntary contributions made to His Majesty for the purposes of the present war or for any other purpose for which moneys in tho said account may lawfully bo expended: Moneys in the war expenses account may he expended for the purpose of carrying on the wax; maintenance of hospital* and kindred institutions; maintenance’of tho expeditionary forces; for the return of the forces to New Zealand; for the administration of Samoa; for tho maintenance and repatriation of prisoners of war; for tho restoration in all other respects, after tho termination of the war of conditions appropriate to a state of peace; for the redemption of reserve fund securities. ’ The Minister for Finance shall each year pay out of the consolidated fund into the war loans sinking fund an amount equal to 1 per cent, of the total capital moneys borrowed and paid into the war expenses account, and outstanding on March 31st in the preceding 'Ymcmber of Parliament may acquire in any month postage stamps of,ft total value' not exceeding £2. Provision is mado for Legislative Councillors to receive stamps to the value of LT. There stamps are to be used for the payment of postage and telegraphic chargee onlyThe provision is made retroactive from April Ist, 1917. ~ Various amendments are made to tne Finance Act of 1915 lela-tiHR to stamp Provision is maHo for tlio exemption from special war tax of Government Lire Insurance Department and all torelgn insurance companies.

LOAN PROPOSALS. Power is given the Minister to borrow £10.000.000, aa he thinks fit. The Postmaster-General may issue war loan certificates which, may be acquired on the time payment principle. Every such certificate shall authorise the payment to the bearer , on the expiration of five years from the date thereof or of such longer period as tho Minister may determine, of the nominal value of such certificate. , All moneys deducted from tho salary or wages of any person in respect of the purchase by him of war loan certificates shall be forthwith paid into tho Post Office account. , , For the purpose of raising any portion of the moneys authorised to be raised the Minister for Finance may issue stock or other securities for amounts not less than £IOO and no more than £ SOO. Interest at the rate of five per centum per annum shall be payable half-yearly on all Post Office War Loan Inscribed Stock issued under this section, and shall bo computed from such date or dates as the Minister for Finance may prescribe. m Interest on Post Office War Loan Inscribed Stock shall bo assessable for Income tax. PUBLIC WORKS PROPOSALS. The Minister may borrow £2,500,000 for public works, tho money to be allocated as follows: £ Other public works 1,770,000 Telegraphic extension 280,000 Erection of buildings for public education 800,000 Hydro-electric undertakings in Auckland and Wellington districts 150,000 Tho Minister mav also borrow £270,000 for the purpose of providing cold storage. The Minister .for Agriculture wall supervise the allocation of tho money. , One million sterling is provided under the Discharged Soldiers’ Settlement Act and a further sum of £200,000 may bo raised for afforestation purposes. Eivo shilling bank notes may be issued and a Post Office Savings Bank reserve account, into which profits may be paid te the maximum aggregate of £350,000, is provided for.