THE FINANCE BILL.

Waikato Times, Volume 98, Issue 15319, 21 August 1923, Page 5

THE FINANCE BILL.

LOAN PROPOSALS,

£4,000,000 FOR PUBLIC WORKS.

£4,500,000 FOR ADVANCES OFFICE

By Telegraph.—Special to Times, WELLINGTON, Tuesday.

The Finance Bill was circulated this morning. Authority is' sought for borrowing not exceeding £-1,000,000 for public works, railways, telegraphs, bridges, irrigation, and sums not exceeding £3,000,000 a year for the settlers branch, £1,500,000 for the workers' branch of advances department, £50,000 for the Hauraki Plains, and £50,000 for Rangitaiki land draining. When the Rural Credits' Association Act was passed last year, a good deal of objection was subsequently taken to sub-sections, of what became known as the "joint and several" clause (namely, clause 6). It was recognised that comparatively few members would be owners of unencumbered land, and it was, therefore, provided that the liabilities constituted an equitable charge on the assets of members, subject, however, \o encumbrances' existing at the times of the incorporation of the society. These provisions, which are included in subsections 2,3, 4, and 5, are now repealed by the Finance Bill. A sum not exceeding £35,000 is to be paid by the consolidated fund to the Main Highways Fund. Authority is also given to pay sums required from the Public Works Fund lo the Construction Fund of the Highways Account. The appointment of 'Mr J. H. Richardson, the recently retired Government Insurance Commissioner, as a member of the Public Trust Office Investment Board, the Teachers' Superannuation Board, and the State Fire Insurance Board, and Native Trust Board, was proposed. Miss Fraser is to receive an annuity "of £l5O in recognition of the public services of the late Sir Wm. Fraser. Local authorities may spend from the general fund on the Empire Exhibition, and harbour boards may remit charges on exhibits both going and coming to the Exhibition.