FINANCE BILL.

Press, Volume LVI, Issue 16988, 10 November 1920, Page 8

FINANCE BILL.

! ADDITIONAL provisions,

j to "the PRESS. ') j "WELLINGTON, November 9. | Following are further provisions of j the Finance Bill in addition to those [ telegraphed last night: | Existing loan authorisations are. in- ■ creased as follows :—Ccal Mines Act | IPOS, section 114, from £25,000 to '■ £2--.COO; Hauraki Plains Amendment | Act. 1913. .section 26. from £'300,000 to i Rangitaiki Land Drainage ' \ct. 10i;3. section 2, from £250,000 to £350.000: Afforestation from £200,000 to £500,000. ! The .Minister of Finance is empowered to invest temporarily cash balances in the Public Account and for this purpose i the credits in any two or more accounts i mav be jointly invested. The net proI coeds are to go to the several accounts. ! There is power for any bank carrying ! on business in New Zealand to be registered as the holder of inscribed stock for which is has advanced purchase money. l *Any death duty stock so ic- | gistered may'at any time be transferr- : p c { i,y tlie bank to "the person on whose behalf the advance was made, and be . available for payment of death duties on • a count of su^h'person." j An" inscription of stock in tne name ' of a bank made prior to the passing of I the Bill is validated. The provisions relating to the stamp ! duty on agreements for the sale of land i are' amended as follows: Ad valorem ' dntv on any agreement of sale of land under section 76 of the Finance Act 1015. and ad valorem duty paid in respect of any n£rreement to mortgage to secure any balance of the purchase money payable by any purchaser to the i vendor that mav be* contained in the ' agreement of sale mav be refunded_ if the Commissioner of Stamps is satisfied 1 that the agreement has been rescinded ' or annulled, and has not been substantially performed or carried out. The application for t.be refund must be made within six months.

The Minister of Finance is endowed with power to consent to local bodies borrowing at a higher rate of interest than that specified under previous legislation in respect of certain loans. Trustees of high schools have power with the consent of tho Minister to pay a higher rate of interest on bank overdraft than that allowed by the Education Reserves Act and its amendments. Local authorities, subject to certain conditions, arc authorised to use credits in loan accounts in lieu of a bank overdraft. Among the "general" provisions of the Bill arc the following:— Every person is guilty of an offence who "melts down, breaks up, or usos otherwise than as currency any gold or silver coin which is for tiie time being current in New Zealand" without the consent of the Minister. By Orders in Council, regulations may' be made at any time to enable the holders of inscribed stock debentures or Treasury Bills of the New Zealand Government, which are redeemable in London, to have them transferred to the Treasury at Wellington. *

The Public Service Commissioners aro given authority to include for superannuation assessment purposes any period by which the service of a contributor may have been interrupted. Restoration of superannuation rights is extended to certain contributors who resigned from the Service for the purpose of enlisting.