THE FINANCE BILL
TOWER FOR FURTHER BOREOWBTG
v Per Press Association. Wellington, Last Night. The Finance Bill was introduced this afternoon. It continues the war expenses account, and provides for the establishment of a war loans sinking fund, into which the Minister of Finance will pay annually from the Consolidated Fund an amount equal to one per cent, of the war loans outstanding on March 31 of the preceding year.
There is to he a free issue of official postage stamps to members of Parliament, the maximum amnunt being £2 per month to a member and £ 1 per month to a Councillor. This provision 13 retrospective to April, 1017. The stamps may be used to pay postal and telegraphic charges, hut for no other purpose.
The Government Life Insurance Department and all foreign insurance companies are to be exempt from the payment of the special war tax imposed Ly section 7 of the Finance Act, 1918. The Minister takes pow:r to borrow £10,000,000. War loan certificates are to be issued, and may be aeqired on time payments extending over a period not exceeding sixteen months. The inscribed stock provisions and the compulsory clauses are continued.
The Minister takes power also to borrow £2,500,000 for public works, money being allocated a3 follows: Buildings for public education, £300,000; hydro-elec-tric undertakings in Auckland and Wellington districts, £150,000; telegraph extension, £280,000; other public works, £1,770,000.
The Minister may also borrow £270,000 for the purpose of providing cold Btorage. This money will be used to make advances on terms approved by the Minister of Agriculture. A loan of £1,000,000 is authorised under the Discharged Soldiers' Settlement Act, ard £200,000 may be raised for the purpose of afforestation. The Bill provides for the issue of fiveshilling bank notes, and for the creatine of a Post Olfu:e Savings Bank reserve account into which profits may be paid to a maximum aggregate amount of £350,000.
The Bill makc3 some amendments in connection with stamp duties.
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Taranaki Daily News, 29 November 1918, Page 7
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327THE FINANCE BILL Taranaki Daily News, 29 November 1918, Page 7
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