BORROWING POWERS

Wairarapa Times-Age, 19 August 1939, Page 7

BORROWING POWERS

PROVISIONS OF FINANCE BILL TOTAL SUM OF £22,760,000 AUTHORISED. PUBLIC WORKS AND DEFENCE. (By Telegraph—Press Association.) WELLINGTON. This' Day. Authority for the Government to borrow a total of £22,700,000 for public works and housing is contained in the Finance Bill, which was introduced by Governor-General’s message in the House of Representatives yesterday. This money is required chiefly to carry out the public works programme outlined in the Budget. One clause empowers the Minister of Finance to borrow £15.000.000 for.public .works,, This is to be borrowed against the security of the public revenues of Now Zealand, and is to bear interest at a rate prescribed by the Minister. It is to be used for the construction of railways and additions to open lines, additional rolling-stock, telegraph extension, the construction and improvement of roads, tracks and bridges, the construction of irrigation works, the erection of public buildings, including schools, and other public works. including administrative charges. The clause also authorises expenditure for defence purposes, including the acquisition and improvement of land, aircraft, armaments, vessels, equipment, stores and other requirements. The Bill empowers the Minister to borrow £3,200.000 for the construction of main highways. £3,500.000 for housing purposes, and £1.000.000 for electric power works.