FINANCE BILL.

Taranaki Daily News, 9 November 1920, Page 5

FINANCE BILL.

LOAN OF SIX MILLIONS. HYDRO-ELECTRIC SCHEMES. (By Wire.—Parliamentary Reporter.)'

Wellington, Last Night. The Finance Bill was introduced in the House this evening. Explaining the proposals of the measure, the Prime Minister said that the iirst part dealt with pensions for 111'aged, for miners suffering from miners' phthisis, and for widows. The second part of the measure dealt with borrowing for the future. It was proposed to take authority to raise £6,000,000 for hydro-electric works and other public purposes. This appeared a formidable sum, but he did not think it would be necessary to raise any of it this financial year. The £0,000,000 would be spread over five years. He did not know that it would lie necessary to go on the open market at all, but authority was being taken. Provision was being made to meet difficulties experienced by local bodies, and a provision was contained for the disposal of canteen funds. The Government had nothing to do with these, and they would be handed over to a board. There was provision for the distribution of the profits on wool, and authority was being given to permit the Minister for Finance, if necessary, to guarantee the advances made by the banks to the producers. He did not think it would be necessary, but the Government felt that it was necessary to take the authority ' Additional protection for the wheat growers was provided. One of the objections raised by the wheat growers against their position was that in the event of a fall in the market wheat might be dumped into New Zealand without there being any protection, and the Government was taking authority to protect them if necessary. These were the principal points of the Bill, only half a dozen of the clauses bei«tf of great importance. The Premier said he -proposed -to -take the discussion on the Bijl to-morrow.