FINANCE BILL

Hawke's Bay Tribune, Volume XVII, 1 December 1927, Page 5

FINANCE BILL

AUTHORITY FOR RAISING LOANS VOTI FOR PUBLIC WORKS. £1,000,000 FOR EDUCATION. (Special to “Tribune.”) Wellington, Dec. 1. The Finance Bill introduced into the Huq»e of Representatives last night gives authority for the raising of loans totalling £7,000.000. The provisions for a £4,000.000 Public Works loan allocates the money to i railway construction and additions to open lines, additional rolling stock, telegraph extensions, road construction. and improvement and development of goldfields, construction of irrigation works and other p»blic works, including administrative charges of the above items. Authority is also given to borrow £2.000,000 for the purposes of the Railways Authorisation Act, 1914, an I £1.000,000 for education purposes. The Minute - of Finance may make refunds of totalizator duty if a racing club has to pay interest on money borrowed for the carrying out of permanent improvements or to allow a hunt club to purchase a site for kennels. The Bill authorised the Minister of Finance to deduct from fines result-1 ing from prosecutions initiated by - local bodies an amount equal to 5 i per cent for payment into the consolidated fund. The balance goes to the local bodies.

Special provisions are contained in the Bill to facilitate schemes of contribution to the National Provident Fund by employers on behalf of employees. Employees, to become eligible under the section, may be over 50 vears of age and in receipt of over £3OO per annum. The pension payable to the employee at the age of 60 may run up to £4 per week The State's contributions are limited to persons under 50 years of aye and to cases where the pension will not exceed £2 per week.