THE FINANCE BILL.
SOME IMPORTANT CLAUSES. REDUCTION OF MORTGAGES. (From Our Parliamentary Reporter) The Finance Bill introduced by ViceRegal message on Thursday was described by the Prime Minister as a sort of, “Washing-Up” Bill. It contains a large number of clauses, some dealing with matter of considerable importance, others ipaking small local adjustments. A clause contains provision for exemption from stamp duty in the case of the voluntary discharge of a mortgage debt, this being in accord with the promise in that direction recently made by the Prime Minister. The clause recites that if it is proved to the satisfaction of the Commissioner of Stamps that, the donor and the beneficiary afre not connected by ties of blood, and that the discharge of the debt is a bona fide reduction of a mortgage debt with the object of enabling the beneficiary to continue in possession of the property mortgaged and not for the purpose of evading gift duty the exemption may be allowed. By cause 12 it is provided that customs duties received on motor tires after January 1, 1922, shall be paid into a special account to be known as the Main Highways account. The money is to be used as appropriated by Parliament solely for the construction and maintenance of roads. Section 13 of the Customs Amendment Act 1921 relating to special duties on goods from countries having depreciated currencies, is amended to provide that the special duties are to be charged only on goods of a class of which the importation into New Zealand is deemed by the Minister to affect prejudicially or injuriously an industry established in New Zealand, or some other part of the British Empire. Provision is made for appeal against the importation of any such goods free of the special duty by any person prejudiced by it. The authority of the Minister for Finance to. borrow on treasury bills is to be increased from three million to five million pounds. The limitation on the interest payable, which was five per cent, has been deleted. The issue of debentures for £40,000 the money paid for the purchase of land in connection with Trounson Park is authorised. The term is to be ten years and the rate of interest four and a-half per cent. The Minister for Finance is empowered to utilise money to be appropriated for that purpose, by Parliament, to redeem any debentures or other securities issued by him and charged against the public revenues. They are to be cancelled when they shall cease to be part of the public debt. The Finance Act of 1918 made provision for setting up a sinking fund of one per cent, per annum in respect to the war debt. Power is to be taken to pay that annual sum accruing in respect of £26,340,245 owed to the Imperial Government direct to the Imper ial Government towards the extinction of that liability instead of allowing it to accumulate like the other sinking funds. The Minister for Finance is empowered to borrow up to £lOO,OOO to make advances to the Samoan treasury. Members of the public service being compulsorily retired before reaching the superannuation qualification are to be enabled to draw pensions under certain conditions. It is provided that every male person retired from the service through no fault of his own, between July 1, 1921, and December 31, 1922, is to be entitlefl to receive an annual allowance in proportion to his services, the conditions being that the officer’s age shall be not less than 57 years, or if he has been 27 years in the service not less than 52 years, or that he shall have 32 years service irrespective of his age. No retiring allowance given in this way is to exceed £3OO per annum. The maximum general rate which a town ooard may levy in any year on the capital value is increased from three halfpence to twopence and oh the annual value from two shillings to two shillings and sixpence. The maximum deposit on which savings banks may allow interest is increased from one hundred pounds to two hundred. Provision is made for savings bank trustees to establish superannuation funds for their staffs.
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Taranaki Daily News, 13 February 1922, Page 2
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700THE FINANCE BILL. Taranaki Daily News, 13 February 1922, Page 2
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