FINANCE BILL.

Poverty Bay Herald, Volume XLVIII, Issue 15746, 10 February 1922, Page 7

FINANCE BILL.

MANY IMPORTANT CLAUSES

SUPERANNUATION AND RE

TRENCH M ENT.

'tnin Our Parliamentary Reporter.) WELLINGTON, lids day. The Finance Bill was introduced by Governor’s Message last night. It contains a large number of clauses, many being ipurely machinery. One clause proposes to empower the Commissioner of Stamps to remit gift duty in cases of a. reduction of mortgages, if he is satisfied that the beneficiary and donor are not related in blood, and that the dischargee of debt is a. bona fide reduction of a mortgage made with the object of enabling llie beneficiary to continue in possession of- the property mortgaged. Customs duty on motor tyres, levied under the new tariff, ia to be set apart in a special account to lie. used solely as appropriated by Parliament for the maintenance and construction of roads.

The Customs Act, 1921, where it- rela tes_ Jo special duty levied on goods, from countriesi where currency is depreciated, is amended to provide that the special duty shall be charged! only on such goods of a class of which the importation into New Zealand is deemed by the Minister of Customs to prejudice and injuriously affect an industry established in New Zealand’, or some other part of the British Dominions. There is provision for appeal to the Minister, by persons likely to be prejudiced, for the purpose of bringing the section into operation. The Minister of Finance is given authority to increase the total amount of Treasury bills from three millions to four millions, and a clause in tbe former Act, limiting interest to live per cent., is deleted. Tbe Minister of Finance is empowered, out of moneys appropriated by Parliament, to redeem any debentures of other securities charged to the public revenue, and when cancelled they are to'cense to form part of the public debt. To carry out an arrangement with the Imperial Government, in respect to a war loan owing to it of £26,340,245, the Minister of Finance is authorised to pay to the Imperial Government a sinking fundi of one per cent, per annum, which may be used for I lie redemption of securities in lieu of being accumulated as n. sinking fund. For (be purpose of nankin e advances to Ibe Samoan Treasury UlyMiiiMer of Finance may borrow up to £ICO,CCO. RETRENCHED OFFICERS’ SUPERANNUATION,

To carry out the promise of the Governrfient. Hint officers retrenched from the public service within a .short time oi their being entitled to retire on superannuation, a clause in the Bill provides, in respect to retirements between July Ist, 1921, and December 31st, 1922, that in the* case of any male person retired from, the public service through no fault of bis own, lie shall be entitled 1 to receive a. retiring allowance; comparable to bis service in the following eases : (1) If his 1 age is less than 57 years ; (2) whose age is not less than 52 years, if his length of service is not less than 37 years; (3) whose length of service is not less than 32 years. No retiring allowance to be granted under this section exceeding £3Q»

TEACHERS’ SUPERANNUATION. The Board is empowered to extend the time during which members of the Expeditionary Forces may remain unemployed in the Education service, without ceasing to be contributors to the superannuation fund. The Board is also empowered to arrange for payment of contributions by teachers to cover periods of broken service.

Provision is madte for Town Boards to increase their general fate on capital value from 1-jd to 2d in the £, and l from 2« to 2s 6d where the rate is Ipvied on the annual value, Savings Bank trustees are empowered to pnv interest on deposits up to £2OO, I 'ustend. of £IOO, and they may also estabub 1 ’ enjwfmmiation funds for their employees’ in w «- v ‘ «nd under the same statutes, As toCfil bodies,