PARLIAMENT.

Taranaki Daily News, Volume LII, Issue 253, 1 December 1909, Page 3

PARLIAMENT.

, TUESDAY, NOVEMBER 30. LEGISLATIVE COUNCIL I By Telegraph.—Press Association. , Wellington, Last Night. In the Legislative Council in the afternoon a further discussion took place on the following motion by Hon. Stevens: "That in the opinion of the Council it is expedient that facilities be given for registration in the name of the holder of anj bonds of the New Zealand liuirerament wheh are payable to bearer, end if local bodies in New Zealand are Hot empowered to establish a similar System of registration of any of bonds payable to bearer necessary power should be given them." Dr. Findlay replied at considerable length. He said no general desire aad toeen expressed to alter the present system, which had been in force for for:y years. Any alteration would destroy a feature of the present system, viz., the negotiability of such documents. On division the motion was lost by E5 to 7. ; The Council then adjourned. ; HOUSE OF REPRESENTATIVES l' DEATH DUTIES BILL. In the House in the afternoon the J)eath Duties Bill was committeu. Mr. Baume criticised the imposition of 0 duty on small estates, and said the increased taxation should come mm luge estates. Mr. McLaren endorsed Mr. Bauma's triewa.

Mr. Fearce said the House was trying ito drive capital away instead ol encouraging it to stay. Mr. Stallwortliy deprecated the raising of the question of the poor wan versus the rich. Mr. Herdman asked bow the trustees pi large estates paying duty, say of |£4O,OUU, were to raise money. He suggested that a scheme be devised enabling a man to pay sums of money to the Public Trustee duflng his lifetime uy (way of death duty on his estate. Mr. Baume said the bulk of the reivenue would be rawed out of estates ol between £IOOO and £IO,OOO, which was not just. Sir Joseph Ward, In reply, said that oat of 1568 estates paying duty last year 651 paid on estates under £IOOO. The relief given to such estates under [lie «ew proposals would be considerable. JTlle duties were designed to produce >£loo,ooo a year, and if larger estates jwere taxed more heavily it might resalt in capital being withdrawn from industries.

Mr. Allen, referring to the estate duties, said the Premier was light in ■aying that if the rate oi taxation were itoo high on large states it might ha/e the result of disturbing capital, but Mr. JJaume wae correct in saying that the smaller estates were unfairly taxed on succession duty. On the motion of Sir Joseph Ward the following new sub-clause was added to clause 12: (2) The estate duty payable on any estate shall not exceed the amount by which £Ee final balance of that estate exceeds tile sum of live hundred pounds, and the estate duty on ny estate the whole of which has been by the will of the deceased' left absolutely and beneficially to his widow, shall not exceed the amount by which the final balance of that estate exceeds five thousand pounds. On clause 41, which exempts antenuptial marriage settlements, Mr. .*!• len moved to extend the same to include gifts made by parents of parties to a marriage. The amendment was negatived by 37 to 22, On clause 23, Mr. Allen moved to delete £SOO from the clause which exempts gilts of lees value than the sutn named from duty. On division the amendment was lost by 38 votes to 19. - On clause 87, which, grants power io the Commissioner to assess duty under the Act on property other than land in such manner as he thinks fit, Mr. Allen objected to the enormous powers given the Commissioner, which might be us.-d arbitrarily. He moved that the clause be amended so as to render the Commissioner's assessment subject to the right of appeal to the Supreme Court. The House rose at 5.30. . EVENING SESSION.

11l the House in the evening in com.mitte'e the debate on the Death Dut.es Bill was continued. At clause 79, section 5, providing for exemption from succession duty on native property n (, t exceeding £2OO in value, Mr. Herries moved to increase the amount to £4OO, •but the amendment was negatived tv 43 to 19.

Mr. Wright moved a new clause to the effect that 110 dutv shall be chargeable oil monies payable under life insurance left by husband to widow net over £IOOO.

The Premier pointed out that already a widow was exempted up to £SOOO from the estate duty. Mr. Jlassey said clause 12, dealing with estate left to a widow, had apparently been misunderstood by" the committee, who were of opinion that a widow was exempt up to £SOOO, whei eae the clause provided that the exemption only applied to the balance of an estate over £SOOO when the whole estate was left absolutely to a widow. The Premier agreed to re-commit tlic Bill later on with a view to remedying clause.l2, and ilr. Wright withdrew the amendment. Mr. Baume moved that the first schedule be amended eo that all estates "between £SOO and £IOOO be exempt from estate duty, bringing the law into line with that of New South Wales. The Premier said if the amendment were carried, lie would have to ask Ino committee to increase the rates on the larger estates, so as to provide the revenue to be raised by means of the Bill.

Mr, Baume's amendment was lost by 44 to 26. The Bill was reported with amendments. SHIPPING AND SEAMEN'S HILL. The House considered the Shipping And Seamen's Amendment Act. _ Replying to questions Mr. Millar 6aid an oil launch plying for hire or engaged in competitive pursuits would be required to carry an engineer, but would be exempt if used for private purposes, if pot over 50 tons. IWhen dulse 28 was reached the Minister nu sub-clause: "If a ship doe- • eed six tons register and carries x ..lgers or freight for hire she shall carry one duly certificated man." That, the .Minister explained, left it quite open as to whether the man with a certificate should be the jnaster or engineer carried. (Left Sitting).