WIDE COVERAGE OF FINANCE BILL

Chronicle (Levin), 14 September 1946, Page 8

WIDE COVERAGE OF FINANCE BILL

-Press Association

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WELLINGTON, Sept. 13. Aulhoritv for the Eeserve Bank to grant overclrafts to the Govemment and any Department of State or statutorv authority having power to earry 011 business or to borrow money on overdraft, is eontained in the Finance Bill of 42 clauses, whicli was introdueod and read a first time in the House of Ropresentatives today. The limit placed on the sum the State can borrow is the value of investments the Government has in the Treasury for the time being. The Bill provides for a second contribution of £2,600,000 by New Zealand to the funds of Unrra. This malces the maximum contribution so far £5,200,000. The Minister of Finance is given power to raake arrangements with representatives of other Governments, with a view to the establishment and operation of air transport services between New Zealand and Xorth Anieriea, and Australia and North America. There is power to subseribe funds for shares in tliese enterprises and to talce money ont of the Natioual Development Loans Aecount for that purpose. The Bill validates letters containing an agreement made between the Minister of Stabilisation and Federated Farmers of New Zealand in 1943, in connection with the local marketing of butter and clieese. The Bill removes one or two minor anomalies in the mileage tax on certain classes of non-petrol niotor vehieles. Provision is made for the transfer of Bank of New Zealand sharos on tlie London, Melbourne and Sydney registers, to the Wellington register. The Government Stores Insurance Fund is extended to cover the transport of goods by air as well as by sea. Exeniption from taxation is provided for wives of diplomats and their dependent children. Foreign Governments purchasing land for the erection of legations or chancelleries are exempt from paying stanip duty on the transaction. Provision is made for increased allowances for the Governor-General to meet the costs of his office. Provision is made for an increase in the salaries of Judges and the AuditorGeneral. An important clause in the Bill is one authorising the Government to pay to publie servants any sums necessary to clear off all accrued leave due to theni up to Deeember 1, 1945. Power is given tlie Publie Works to do work outside New Zealand. Tliis is to meet eonstruetion and repair work on Nandi and Nausori aerodromes in Fiji. Hospital bogtrds are authorised to pay retrospeotive increases in.4remuneration to fQrmer employees. The powd!- of local autliorities in respect of Ihe borrowing of their trad: ing under^liings, is extended. Local autliorities are empowered to ineur expenditure in connection with centennial celebrations in Otago. Surplus money in the tills of Post and Telegraph employees, which used to be paid into the suspense account, is now to be paid into welfare funds for the benefit of employees with the authority of the Postmaster-General. It is provided that the boundaries of the Invercargill Licensing Trust district shall not be changed by virtue of Ihe chahge in the electoral boundaries: There is power in the Bill to change the weekly balance date of the Reserve Bank and the date of the monthly returns of trading banks. The allowances to the GovernorGeneral are increased from the present .statutory ligure of £2000 to £4500. It is also provided that all expenses in and about Government House for fuel, liglit, power, telephones, water, clean ing and cost of laundering, shall bc provided at the publie cost. The salary of Judges has been increased by £250 a year. This makes the salary of the Cliief Justice £2500 aud that of the other Judges £2250. Thesc increases are retrospective to April 1.