SECOND FINANCE BILL

Evening Star, Issue 22464, 8 October 1936, Page 3

SECOND FINANCE BILL

BORROWING AUTHORITY FOR £13,000,000 PENSIONS FOR DESERTED WIVES PROVIDED [From Our Parliamentary Reporter.] WELLINGTON, October 7. In the second Finance Bill of this session, introduced in the House to-day, authority is given to borrow £6,000,000 for public works, £2,000,000 for the construction or reconstruction of main highways, and £5,000,000 for housing. These loans are to bear interest “ at the rate which the Minister of Finance prescribes.” Racing clubs, which have been entitled to deduct from the totalisator duty 12J per cent, of the total payment as commission, are for the period from August 1, 1936, till July 31, 1937, to be entitled to deduct one-fifth of the total duty as commission. Several important amendments to the Pensions Act, forecasted by the Minister of Pensions, are included in this measure, under which, a widow’s pension is payable in respect to the mother of anv child under 15 years if the husband 'is the subject of a reception order under the Mental Defectives Act or is a voluntary boarder in a mental hospital. . ... Another pensions modification relates to the computation of miners’ and invalidity pensions to married men, who will, states the new clause, not be entitled to an allowance in respect of wife if the latter is in receipt of the old age pension. Deserted wives are also to become entitled to the same pension as widows with children under'the age of 15. Another clause defines the method of computing the invalidity pension of a married woman. It will be diminished by £1 for every complete £1 of total income of the applicant and her husband in excess of £lO4, and by £1 for every complete £lO of the net capital value of the accumulated property of the applicant and her husband. 'Possibly because there is prospect of a long recess after the session ,ends, the Finance Bill extends from three months to six months the time during which the Minister of Finance may authorise the expenditure of public revenue, though no Act may be passed appropriating the amounts. lim power will from March 31 till September 30, 1937. it is necessary to validate payment from the Post Office of the sum in excess of their postal value received tor Anzac stamps and paid to the Keturned Soldiers’ Association. Of clauses affecting local authoiities the most important is that giving power to borrow without taking a ratepayers poll where the money is required tor relief of unemployment and is subsidised from the Employment Promotion Fund. This is safeguarded by a provision that the intention to raise tlie loan be advertised, and if 5 per cent, of the ratepayers demand a poll it snail be taken. Electric power boards are similarly authorised to raise Joans to extend reticulation, with the same safeguard as in the previous case. The extent of hospital boards authority to borrow on overdraft is enlarged so that it may equal one-fourth ot its contributions from local authorities and the subsidy payable thereon. Local bodies’ expenditure in connection with the public observances ot the death of the late King George and the accession of King Edward is validated. Public trustees’ powers of investment are extended to include the stock or bonds of the State Advances t <n-pora-tion and to make advances up to JU per cent, of the nominal value or the securities of Government or local authorities, while the amount ot advances against real estate is from the original limit ot threo-nttns to two-thirds the value of the security. Any business in trustees’ hands which is part of unclaimed property may be administered for two years. , A similar variation in the margin recruired in mortgages is applied to the Government Insurance Department, which may lend up to two-thirds the value of the security, instead of threefifths. The appointment of Mr Mark Silverstone (Dunedin) as a director of the Reserve Bank is validated, notwithstanding the provision in.the original Act that only persons British born may hold office. , . t The Reserve Bank is the subject of several other clauses, which empower it to underwrite the securities of the State Advances Corporation and make advances not only to the Treasury, hut to any department of State, local authority,' or public body. . The conditions under which compensation for land taken for public works is assessed have been reiiscd m lengtbv clause which requires the .arbitrators to take into account and deduct from the compensation The increased value likely from the proposed work. The Minister of Works is also given authority to utilise lands for the department’s operations without being required to purchase them, subject to the usual procedure regarding compensation claims.