FINANCE BILL

Hokitika Guardian, 25 August 1927, Page 4

FINANCE BILL

SAVINGS BANK INVESTMENTS.

WELLINGTON, Aug. 23

The Finance Bill, the appearance of which was forecast hy the Prime Minister last week, made its appearance in the House to-day.

Tlio Bifl proposes authorising an advance of £50,C00 from the Consolidted Fund to the Electrical Supply Account.

Another clause authorises an advance of £45,000 from the same fund to the State Forest Account. The Minister explained that this would he of assistance in providing work for the unemployed. There is a clause excluding from the operation of the Repayment of the Public Debt Act certain moneys borrowed hy the Government and advanced to the Samoan Treasury. Debentures or securities charged upon 'the public revenues may. in accordance with the determination of the Minister, lie redeemed, without further appropriation, out of moneys in any sinking fund or other fund available hy law for the redemption of such securities, or out of any other fund or account, which the Minister deems appropriate. The clause relating to the Post Office is an amendment in regard to the authority to issue investment certificates as dealt with in Sub-Section three of Section 17 of the Finance Act of 1920. It is proposed to alter the sub-sretion to make it read as follows: —“Every such certificate shall he for such a. term issued as the Ministei may determine and shall authorise the payment to the hearer at maturity o! the nominal value of such certificate. As the law stands it provides that cverv such certificate shall authorise the payment to the hearer on the expiration of five years from the date, or of such longer period as the Munster may determine, of the nominal value of Much certificate. The Bill contains a clause authorlsiujr the. payment of a sessional allowance to the Speaker of the House of Representatives of £IOO. There is a clause authorising the investment of the Common Fund of the Public Trust Office in debentures issued by Electric Power Boards. A further clause authorises the. Public Trustee to invest capital moneys in leases of West Const settlement reserves. A clause makes provision for validating local authorities payments in respect of the visit of the Duke and Duchess of York.

Another clause validates payments that have been made to chairmen of Rabbit' Boards.

The final clause provides for the remission of certain interest on unpaid contributions payable to the Teachers’ Superannuation Fund.

The Minister explained in reference to the Post Office clause that it was proposed to take power to issue tin* certificates for shorter periods than live years, the interest to he at 11. 5. and 51 per cent.