FINANCE AND WORKS

Wairarapa Times-Age, 7 August 1941, Page 4

FINANCE AND WORKS

LEGISLATION BEFORE PARLIAMENT NEW NATIONAL DEVELOPMENT ACCOUNT. > DISCUSSION ON ESTIMATES OPENED. (By Telegraph—Press Association.) WELLINGTON, This Day. The first major legislation of the session made its appearance in the House of Representatives last night. This took the form of two Bills introduced by Governor-General’s message and explained by the Acting-Prime Minister, Mr Nash. One was the National Development Loans Bill, which groups State enterprises, finances them cut of a new account and abolishes the, old public works fund. Into the new account will go all money borrowed for State undertakings, and out of _it will flow funds to be apportioned io various development schemes. It is a Bill of far-reaching consequences and one to which Mr Nash made reference in his Budget speech. The other Bill was a Finance Bill of 43 clauses. It provides for the borrowing of £80,000,000 for war purposes, doubling the sum authorised under a similar Bill last year, and also sanctions other borrowings. It amends and repairs earlier legislation and increases certain Slate benefits. During the afternoon the Public Works Statement was tabled, and Ministerial replies to questions were presented. In the evening a start was made with what is likely to be a long discussion on the general estimates. The House adjourned at 10.30 till 2.30 p.m. today. _____