FINANCE BILL.

Wairarapa Age, 29 July 1936, Page 5

FINANCE BILL.

MEASURE PASSES SECOND READING. MINISTER ON INDICATIONS OF CONFIDENCE. (By Telegraph—“ The Age” Special.) WELLINGTON, July 28. Replying' in the House of Representatives on the second reading of the Finance Bill, which was not challenged, the Hon. W. Nash (Minister of Finance) referred to the improving Customs and sales tax receipts and Post Office Savings Bank deposits as indications that there was no lack of confidence in the community. A New Zealand six million loan, formerly at 6 per cent., had been renewed in London, he added, at £3 2s per cent. PROPOSED AMENDMENTS. APPOINTMENT OF BANK OF N.Z. DIRECTORS. The most interesting of a series of amendments to the Finance Bill, which now awaits consideration in Committee of the House, is a new clause relating to the appointment of Government directors of the Bank of New Zealand. The amendments were introduced by Governor-General's message in the House to-night. The Finance Minister (the Hon. W. Nash) explained that the present law stipulated that Bank of New Zealand directors should be appointed for a definite term of three years. The new clause would enable them to be appointed at any time for a period up to three years. Any directors appointed in future would be deemed to have been appointed for a term ending on March 31, 1937.

Subsidies to rabbit boards, abolished in 1933, are to be reinstated, commencing this year. Another amendment makes it clear that the provision for the recission or variation of a contract for execution of work, where the cost is increased by alterations in the law, will not apply to contracts for the sale of goods.