IRON AND STEEL INDUSTRY.

Colonist, Volume LVI, Issue 13598, 7 October 1914, Page 6

IRON AND STEEL INDUSTRY.

PROPOSED SYSTEM OF BOUNTIES

(Special to "Tho Colonist.")

Wellington, Oct. 6. In regard to tho Iron and Steel Bill, th*vMinister"!or Public Works explained that it follows the'lines ci tne i\ew South--Wales n.easuie, providing bounties for' tlio manufacture oi' pig iron and steeL Tho bounty rates proposea ..are ■ 12s a con for pig iron, puddled bar iron and steel produced from pig pon, au<l 5Ms a ton for steel produced from molten metal direct from the blast furnace. Bounties arc to be paid at these rates for "the first throe years from the date of first, production, with a reduction ot 2s rjer ton amiually afterwards on the three first-named products,, and 4s a tin on the last. The limit of bountifij ■i"f^ed at £150,000, of which not more tv ' £75,000 is to be paid on pig iron. Tho maximum amount paid in any one year is'to be £30,000, although a deficit in any year may be addadto the maximum in a subsequent yeai. A limit of time for the operation of the bunties is fixed a tMarch 31st 1923. Provision is made regarding the good aualitv of products on which bounty ia to be paid; with penal clauses for breShel O Pf bond conditions and offence, against the intention of tho Act.