FINANCE BILL

Hokitika Guardian, 6 May 1932, Page 8

FINANCE BILL

SOME IMPORTANT PROPOSALS. WELLINGTON, May 6. Th e Finance Bill shows that t-ln, measure contains mr-reaching piopor als. Gudov the heading of State, Advances it is intended to afford relief to mortgagors hv temporarily capitalising outstanding' arrears of interest and. providing for a rebate of interest on instalments.

The scope of the Unclaimed Moneys Act is enlarged to meet funds at present not touched by the term, companies as applied to banks and in sin - aiicc companies. It- is extended t-> in elude Post- Office Sovings Banks,, private savings hanks and the Govern nient Life Insurance Office. The duration of the life of the present Parliament is extended until l)e cernher 23, 1935.

j Payments of subsidies to local bodes I on rates is to continue to be a charge !on the Main Highways Account. F<» j the present financial year only £SOO 000 Unit of the petrol tax. which would : havo been applied to capital highways works, is to be appropriated hv the Consolidated Fund. Three months exi tension o ' time for making rebates ol /Customs duty is provided.

Totalisator Tax Reduced. To assist racing clubs to carry on. thu tolalisator 'tax will he. reduced from 5 to 4 per cent, 'for the current financial year only. Authority for local bodies to remit the 10 per cent penalty on unpaid rates is extended for twelve- months. Overdrafts by hospital hoards are validated a.ncl subsidies on voluntary bequests to hospital boards are to he discontinued. Grants to university colleges tor workers educational lectures are to bo abolished. The maximum deposit that may be tak°n by building societies is fixed at £IOO. Payments of income tax call he made by instalments after the receipt of the assessment demand and a rebate will be allowed on payments in advance. Power is given to Magistrates to suspend or cancel apprenticeship orders. Provision is made lor' the instant dismissal of Civil Servants guilty of subversive conduct. ,