FINANCE BILL.

Hokitika Guardian, 6 November 1924, Page 4

FINANCE BILL.

SOME OF ITS CONTENTS.

AVELLINGTON, November 1

Additional borrowing authority to the extent of two millions for public works and five millions for the State Advances Office is provided in the Finance Dili, introduced to-night.

The Finance Minister is authorised to pay increased interest of oj per cent in respect of loans under the Railways Improvement Authorisation Act, the former maximum having been 4J i>er cent. The Hill adds to the list of works authorised under the Improvement Act:—Faeroa railway station rearrangement, Palmerston North deviation, Tawa Flat deviation, Peliehet Hay deviation, llutt A’allov railway, New Plymouth railway works and elimination of railway level crossings. Power is taken to appoint a commissioner for New Zealand in Canada and the United States, who will carry out the flovcrnment’s instructions regarding improvement of commercial relations. He will not he accredited to the respective governments, nor he an officer of the public service.

The Finance Minister is empowered to' pay from the Consolidated Fund L\‘l7o,ooo for the purchase of Pew shitrcs in the llank of New Zealand. A fiovernmeiit marine insurance fund is to he created for insurance ol any goods imported or exported by the Government. AA'hon insurance premiums aggregate Cio,ooo any excess of premiums will he repaid to the Consolidated revenue. An annuity of L'2oo to Lady Kalli'.ond widow of the late Sir John Salniond, is authorised.

Members of the New Zealand Parliamentary delegation visiting South Africa arc to he paid CloO allowance each.

Hcgulations recently gazetted provide for the Hoard of Trade exercising control over the quality of gas. The Hill provides that the cost of administration of regulations is to he paid proportionately hy gas companies, the levy not to exceed los per million feet of gas sold hv the company in the year preceding that in which ilie levy is made.

The Rill contains a scheme for superauuua'tiou of stipendiary magistrates who are to retire at (IS, or having heroine unfit hy infirmity having reached the age of fiO and having at least fifteen years’ service, tire to ho entitled to a pension. This is to lie computed at one-fortieth part of the annual salary. Magistrates who were contributors lo the Public Service Fund shall continue to pay equal contributions anti those appointed after the passing of the Act will coiltribute at the same rate as public service contributors. Those who aie already members of the Public Service Fund may elect to remain in that fund. Any Magistrate who has retired under the sixty-five years of age limit and lias not attained the age of sixty-eight may he re-appointed to office.

Another superannuation clause restores the rights of election to a contributor to enter the teacher’s superannuation fund, and to moot the special case of teachers who served with the expeditionary force.

The limit of borrowing powers in respect of lire hoards has been removed. Hospital hoard chairmen may be paid an annual honorarium of C"2.AO or l-o per cent of the hoard s maintenance exncuditure, which ever is the

Pavnient of a pension of M weekly from the hoard’s funds is authorised to .Miss Alary Fwart, former matron ol Christchurch Hospital, and Miss Isahclla Fraser, late matron ol Dunedin I Icspital. Local authorities are authorised to permit disabled soldiers and naval ratings to travel lice on their public eon-

vcyances. A not her clause of the treasury seeks to protect tin- Public Trustee from being adversely affected by clauses in mortgages executed alter the passing of the Act providing that tile mortgage shall become due in the event of ail estate coining into the hands of the I’nhlie Trustee. Such covenants are

declared to he void. 4he FuMic Trustee is empowered to spend linttiv from investment lluctuation account lor stocking and cultivating mortgageed lands, or in other ways protecting securities in his hands.

It is provided that out ol moneys received into the State Forests Account since March ill last from royalties on. or net proceeds ol sales id native limber growing on Crown lands set apart hv proclamation as State lorests, or rs provisional State lorests (land otherwise asipiired for Stale Forest servi being excepted), one-(illli purl shall he distributed to local authorites.