FINANCE BILL.

Hokitika Guardian, 14 February 1922, Page 4

FINANCE BILL.

THE MAIN PROVISIONS

WELLINGTON, Feb. 9

The Finance Bill was introduced by Governor-General’s message to-night, ft contains a large number of clauses, •many being purely machinery. 1 One clause proposes to empower the . Commissioner of Stamps to remit gift duty in cases of reduction of mortgaged, if he is satisfied . that beneficiary an<d donor are not related in blood, and j that the discharge of debt is a boiia ( ficle reduction of mortgage, made tvifn the object of enabling the beneficiary to continue in possession of the property mortgaged. , . Customs duty on motor tyres levied uijder tfie .new tariff is to be set, apart in a special to he used shlely as appropriated \>y Faflianient for maintenance and construction of roads. The Customs Act 1921, where it relate to special duty levied on goocL from countries where the currency is depreciated is amended to provide that thi special duty shall be charged only on such goods of a class of which the importation into' New Zealand is deemed by the Minister of Customs to prejudice or injuriously affect an industry established in New' Zealand of some other part of the British dominions. There is provision for appeal h.V persons likely to be prejudiced. Tim Minister of Finance is given authority to increase the total amount of Treasury bills from throe millions to four % mil lions, and a clause in a formei Act limiting interest to five par cent is deleted.

T,he Minister of Finance is empowered out of moneys appropriated by Parliament to redeem any debentures or other securities charged to the p’nbhe revenue, arid when cancelled they are to ceuSe to form part of the public debt. To' carry out the arrangement with the Imperial Government in respect to war loan owing to it of £26,340,2-15 the Minister of Finance is authorised to ia. to the Imperial Government a sinking fund of one per cent per annum, which may be used tor redemption of securities in lieu of being accumulated as sinking fund. For the purpose of making advances to the Safnoan Treasury the Minister of Finance may borrow up to £IOO.OOO. RETRENCHED OFFICERS’ SUPERANNUATION.

To carry out the promise of the Government that officers retrenched from the Public Service within a short time of their being entitled to retire on superannuation a clause in the Bill provides in respect to retirements between July 1, 1021, and December 31, 1922, that in case of any male person retired from the Public Service through no fault of his own lie shall he entitled to receive a retiring allowance comparable to his service, in the following cases (1) If his age is less than 57 years; (2) whose age is not less than 52 years if his length of service is not less than 27 years; (3) whoso length of service is not less than 32 years. No retiring allowance will lx- granted under this section exceeding £3OO.

The Teachers’ Superannuation Board is empowered to extend the time during which members of the expeditionary forces may remain unemployed in the education service without ceasing to be contributors to the superannuation fund. The board is also empowered to arrange for payment of contributions by teachers to cover periods of broken service.

Provision is made for town hoards to increase, their general rate on capital value from 1)d to 2d in the £ and from 2s to 2s (id where the rate is levied on the annual value. Savings Bank trustees are empowered to pay interests on deposits up to £290 instead of £l9O, and they may also establish superannuation funds for their employees in the same way and under the same statutes as local bodies.