THE FINANCE BILL.

Hauraki Plains Gazette, Volume XXXIV, Issue 4591, 22 August 1923, Page 2

THE FINANCE BILL.

— ■ £4,000,000 FOR PUBLIC WORKS. . . 1 " , ■ HAURAKI PLAINS DRAINAGE. ?• PROVISION FOR MAIN HIGHWAYS. The Finance Bill contains several important extensions of the Government's borrowing powers. They are :— For public works,, £4,000,000. State advances to settler,? branch, a sum not exceeding £3,000,000 in any year. State advances to workers branch, a sum not exceeding £1,500,000 in any year. Former limits on annual loans by the State Advances Department were £1,500,000 in respect of settlers and £750,000 for the workers’ branch. Additional power is also given to borrow £50,000 for Hauraki Plains drainage and £50,000 for Rangitaiki land drainage. A promise made by the Prime Minister that existing local body a'nd company debentures shall not the higher rate of taxation provided in the annual Taxing Bill is redeemed by the inclusion of a suitable clause. < Other financial provisions include}* the authorisation of a sum not exceeding £375,000 in payment for 375,000 preference B shares in the Bank of New Zealand. Another clause states that gifts made for charitable trust purposes shall not be included in the final balance of the donor’s estate, notwithstanding that he may. die within .three years after- having made the gift. This section is to be retrospective. A grant of £5OO is to be made to Miss Ida Fraser, daughter of the late Sir William Fraser, in recognition of his public services, and an annuity of £lso' per annum is also to be paid to her. The Minister of Finance is author- \ ised to pay from the Consolidated Fund for the year commencing April 1, 1924, into the Main Highways Account such sums as may be required, but not less than £35,000. He is simi- ~ larly to pay out of the Public Works Fund in the same year a sum of not less than £200,000, and the of Works may, in addition, transfer _ to the Construction Fund of the Main Highways Accounts in any year after March 31, 1924, any amounts appropriated for the preceding financial year for roads which before the date of such transfer had been declared to be main highways, if such moneys had not been expended at March 31, 1924. Provisions in the Rural Credit Associations Act of. 1922, which constituted all liabilities of these associations a joint and several liability of members, are to be repealed. Amendment is being made in the rent restriction law tp protect a tenant in a case where a landlord has agreed to a reduction of rent though without sufficient legal formalities. - This clause will apply retrospectively. The- Financial Bill also authorises the trustees of the Auckland Savings Bank to contribute £lO,OOO to the Auckland University College. Expenditure by the Auckland City Council on a municipal handbook «s validated. Kawhia Harbour Board may levy a, rate to secure a plan for antecedents liabilities over an area comprised ’"n Kawhia County.