FINANCE BILL

Rotorua Morning Post, Volume 1, Issue 67, 10 November 1931, Page 7

FINANCE BILL

("Post" Special Commissioner.) •

borrowing powers REBATES OF TA2£ATION TO RACING CLUBS. CONTROL OF SHAREBROKFRS.

WELLINGTON, Monday. Authority for the borrowing of a sum not exceeding £3,000,000 for public works purposes is contained in the Finance Bill (No. 4). The f ormer limitation of temporary borrowing on Treasury Bills, which was £6,000,000 per annum, is changed to a total not exceeding one-third of the estimated expenditure for the current financial year. Under the Hawke's Bay Earthquake Act, the Minister of Finance was empowered to sell securities for the purpose of providing funds not exceeding £1,500,00 for the purposes of that special legislation. It is now desired to authorise the sale of the balance of these securities and pay the proceeds into the Consolidated Fund, and the Minister is therefore empowered to transfer from the Reserve Fund Account to the Consolidated • Fund, a sum not exceeding £550,000. . He -is also empowered to hypotheeate securities in which public moneys are invested and held by the Treasury or the Post Office. In accordance with the rec'ent announcement in the Supplementary Budgdt; the depreciation fund in connection -with the Diseharged Soldiers Settlement Account is to be trans-ferred-to the Consolidated Fund. The power contained in the Finance Act of the session last April for the retirement of public servants on superannuation after 30 years' service expired on September 30 and the new bill renews it for an indefinite peripd. Special provision is made affecting the General Manager -of Railways (Mr. H. H. Sterling) , who is to be deemed to have been entitled as of right to retire from the service on September 4, 1036, or at any date thereafter. Contributors to local body superannuation funds are given the right, if their salaries have been reduced, to contribute on the basis of their former salaries. A reduction from £15,000 to £12,625 in the grant to the Massey Agricultural College is to be made this year and in every subsequent year the amount is to be reduced to £10,000. • Sound pictures made in New Zealand are to be exempt from taxation. Another clause provides that no firm shall act as a sharebroker unless every partner is the hplder of a license. No company will be permitted to act as a sharebroker unless every person acting for it in that behalf is the holder of a license. The fee for registration of a stpck exchange is increased. from .£1 to £10, and the fee for registering the rules of exchanges is fixed at £5.-. Complete or partial exemption from obligations in respect of . the payment of interest on investments by friendly societies may be made if the Governor-General is of the opinion that compliance with the re: quirements during the two financial years ended on March 31 last is impossible or would impose undue hardship. . An adjustment ef the estimates of licensing eommittee elections is effected. The next election will be held on the second Tuesday in the month of March following the taking of the next licensing poll. Subsequently, elections will be held on the same day in every third year. Power is given to the Minister of Finance to make a rebate to. racing : cluhs as from the commencement of I the 1931 financial year of 1| per ; cent. of the gross totalisator takings, | but not exceeding £250 in any one ; year. If the Minister considers that • the , financial position of the club makes it expedient to do so, he may increase the rebate to 2| per cent., but so that the total refund does not exceed £500. . He may also specify ; the purposes to which refunds are to ! be applied.