EXEMPTION FROM REDUCTION

Taranaki Daily News, 10 June 1932, Page 7

EXEMPTION FROM REDUCTION

NATIONAL EXPENDITURE ACT.

ORDER-IN-COUNCIL GAZETTED.

By Telegraph.—Press Association.

Wellington, Last Night.

Additional classes of contracts are excluded from the operation of the National Expenditure Adjustment Act by an Order-in-Council gazetted to-night. They consist mainly of leases of land administered by various authorities for the purposes of public education. There is a proviso that exemption shall not apply to any lease from which no revenue is applied directly or indirectly to the Consolidated Fund. It is also provided that the Order-in-Council will have no application to any lease in respect of which the lessor has no power to reduce the rent.

Exemption from the operation of the Act in respect to stamp duty on interest from Government and local body securities is granted in the case of securities issued by a local authority and held by another such local' authority if it is proved that the moneys secured by such securities are represented by moneys owing by the latter local authority upon securities issued by it, and that the interest on such lastmentioned securities' is not for the time being chargeable with stamp duty under Part 4 of the Act.

Securities in which are invested money belonging to a number of specified benevolent organisations, war fund institutions and Superannuation funds are also exempted. The President of the Arbitration Court (chairman), the Public Service Commissioner and the president of the New Zealand Public Service Association are appointed members of the adjustment committee set up for the purpose of dealing with anomalies and cases of hardship under.part one (reducing civil servants’ salaries) of tlm National Expenditure Adjustment Act.