The Financial Arrangements Act Amendment Bill was read a first time in the House of Representatives on Saturday. Clause 4 is of great import, for in it is contained the proposal to make the Band Fund colonial property. It is as follows “ Notwithstanding anything contained in the Public Revenues Act, 1862, or any Act amending the same, from and after tho coming into operation of this Act all the land revenue accruing within each district shall be and be deemed to be part of the Consolidated Revenue of the colony.” County councils, municipal councils, road boards, and river boards are to receive £1 subsidy for every £1 raised ns general rates, but no sum shall be paid in excess of the sum receivable on a rate of one shilling in the pound. The Bill also provides that a sum equal to 20 per cent, of the Land Fund shall be paid to the local bodies of the district id which it accrues.
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New Zealand Times, Volume XXXII, Issue 5210, 3 December 1877, Page 2
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162Untitled New Zealand Times, Volume XXXII, Issue 5210, 3 December 1877, Page 2
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