FIVE MILLION LOAN.

Auckland Star, Volume LIX, Issue 239, 9 October 1928, Page 15

FIVE MILLION LOAN.

PUBLIC WORKS £3,000,000. BJJLWAY IMPROVEMENTS £2,000,000. IMPORTANT SUPERANNUATION CLAUSES. (By Telegraph.—Parliamentary Beporter.) WELLINGTON, Monday. Additional borrowing authority for public works to the extent of £3,000,000 is provided in the Finance Bill, introduced in the House of Representatives to-night. There is also authority to borrow an additional £2,000,000 on railway improvement authorisation account, making a total of £4,000,000. The maintenance pay, and all expenses of the police force, will be provided by the New Zealand Consolidated Fund. Another Samoan clause authorises appropriation of profits from New Zealand reparation estates as follows!—£12,000 to the Samoan Treasury, not more than 50 per cent of the .residue to the development of estates, and the balance to a reserve fun I. A small extension of travelling facilities for members-of the General Assembly is proyided in another clause, which authorise? them to travel by public expense by sea between ports most convenient for access to their homes, or to use service cars over any portion of the journey to or from Wellington if there is no reasonably convenient rail or sea service. Travel between Wellington and Lyttelton or Picton is limited to the steamers of the Union Steamship Company. A sinking fund is to be. established 1 for State "coal mines by .getting aside 2 per cent of the net profits; or, if there are none,, the amount be either paid from the reserve fund or bo-a first charge on future net profits.

Authority is given to apply the sinking funds of the .State supply of elec- | trical energy towards the redemption of securities before maturity. Mortgagees in Possession. The Land and Income ?ax Assessment Act is amended to provide that in cases where a mortgage* baa entered into possession, the Commissioner shall in each of the three years following the year in which possession was taken assess him separately in respect of that estate if satisfied that he was in possession solely for the purpose of realising hig security. A small modification of the conditions governing the payment of subsidies to local authorities in respect of unemployment relief will enable them to apply the subsidy to moneys spent in anticipation thereof. This section is retrospective from the passing of the Relief of Unemployment Act, 1928. The refund of totaligator duty- to racing Clubs which the Minister of Finance is authorised to make is equal to 1J per cent, but not exceeding £250 to any club, and is to be made if the Minister is satisfied it is required for permanent improvement to, or erection of, stables on land not forming part of the racecourse in addition to the racecourse improvements specified in .the principal provision. ■ Superannuation Limit Removed. The limit of t £300 on superannuation allowances, which has been the law for several years, is to be removed -from., the public service and railway funds, and there is another innovation which' enables persons employed temporarily in the public service to become, with the permission of the Commissioner or Ministerial head of the Department where not under Commissioner' control, a contributor to the superannuation fund. The percentage of the contribution shall be fixed by reference to age at date on which the election to bccome a contributor takes effect. Such contributors are i;o. be entitled to the same b'enefit as-if their temporary employment were permanent - employment in the public service. Local authorities' expenditure in connection with the welcome to the Southi era Cross aviators is validated.