FINANCE PILL.
POWER T.O BORROW 16 MILLIONS
The Finance Bill, which was introduced in the House of Representatives, continues the war expenses account, and provides for the establishment of a war loans sinking‘fund, into which the Alinister of Finance will pay from the consolidated fund an amount equal to one per cent of the war loans outstanding on March 31st of the preceding year.. There is to he a free issue of official postage stamps to members of Parliament, the maximum amount being £2 a month to a member, and £1 a month to a Councillor. This provision is retrospective to April, 1917. The stamp, may he used to pay postal and telegraph charges, hut for no other purpose. 'Hie Government Life Insurance Department stamps to members of Parlia-part-ment and all foreign insurance companies are to he exempt from the payment- of the special war tax imposed by Sec-lion 7 of the Finance Act, 1918. The Arinistor takes power to borrow £10, 000, '000. War loan certificates are to he issued and be ncqui; ;d on time payment, extending over a period not exceeding sixteen months.
Inscribed stock provisions and tbo compulsory clauses arc continued. The Afinister takes power also to borrow £2,500,00 for public works, the money bring .allocated as follows : £
Buildings for public education 300,009 Hydro-electric undertakings in Auckland and Wellington districts 150,00 ) Telegraph extension 280,004 Public works 1,770,000
The Afinister may also borrow £270,000 for the purpose of providing cold storage. This money will he used to make advances on terms approved by tbe Afinister of Agriculture. A loan of £1,000,000 is authorised under the Discharged Soldiers’ Settlement Act and £IOO,OOO may he raised for the purpose of afforestation. The Bill provides for the issue o! five shilling bank notes and for the creation of a post, office savings hank reserve account into which profit mat bo paid to a maximum aggregate of £350,000. , x . The Bill makes some amendments m connexion with stamp duties.
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Bibliographic details
Hokitika Guardian, 3 December 1918, Page 1
Word Count
328FINANCE PILL. Hokitika Guardian, 3 December 1918, Page 1
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