NEW LOANS AUTHORISED

Taranaki Daily News, 9 October 1928, Page 9

NEW LOANS AUTHORISED

MONEY FOR PUBLIC WORKS • MONEY FOR PUBLIC WORKS. IMPORTANT AMENDMENTS MADE. (By Wire —Parliamentary Reporter.) Wellington, Last Night. Authority is contained in the Finance Bill introduced into Parliament to-day for a £2,000,000 loan. The money is to be allocated for the following poses:(a) Railway Construction and additions to open lines. (b) Additional rolling stock for open lines. (c) Telegraph extensions. (d) Road construction and improvement, including main highways, tracks and bridges, and goldfields development. (e) The construction of irrigation works. (f) Other public works. The Minister of Finance, however, is empowered to borrow an additional £2,000,000, making £4,000,000 in all. for the purposes of the Railwaw.Jmprovement Authorisation Act, The purposes for which the totalisator duty may be refunded to: racing clubs are extended by the Bill to include the erection of, or permanent improvements to, stables on land ndt forming part of a racecourse. An important amendment of the law with respect to the retiring allowances of civil servants is contained in the Bill. The clause removes the limitation of £3OO under which members of the Civil Service or Railway Department have to retire on superannuation at present. A further clause allows temporary employees to contribute to the superannuation fund. The percentage of the salary to be contributed by any person who thus becomes a contributor is to be fixed by reference to his age at the time he elects to become a contributor.