N.Z. PARLIAMENT

Hokitika Guardian, 7 March 1933, Page 5

N.Z. PARLIAMENT

FINANCE BILL NUMBER THREE TWO RATES OF INTEREST. WELLINGTON, March 7. In the Legislative Council yesterday the Land and Income Tax Amendment Bill, the Local Authorities Interest Reduction and the Loans Conversion Bill were put through all stages and passed. In the House of Representatives the Finance Bill (number three) was introduced by Governor-General’s message. Moving the second reading, the Hon. J. G. Coates said that it was the desire of the Government that, so far cs Government stock was concerned, there should be two rates of interest, namely 3i for those who held non-tax-able stock, and 4' per cent, for those who held taxable stock. It must Do agreed that it was possible, judging by the news of the last few days, that some countries had left their steps'.for_ recovery too late. New Zealand, during the last eighteen months or two years, had, at least taken steps to give investors some security. Lower, rates of interest would play an important part in rehabilitating business. The Leader of the Opposition said that the Minister could not have been serious when he had said that the conversion scheme was not compulsory. It was difficult to imagine anyone failing to convert in face of the penalty proposed. The Bill was put through all stages and passed. The House rose at 11.55 o’clock.