previous
next

Financial Reform.

Public Borrowing.

  • (1) Cessation of borrowing except for
    • (a) Redemption.
    • (b) Completing works already authorised by Parliament.



    •   ― 602 ―
    • (c) Undertakings which will pay interest from the beginning, and provide 1 per cent. sinking fund.
  • (2) Provision to be made for a sinking fund in connection with renewed loans.
  • (3) Loans to be converted locally as far as practicable

State Bank.

  • (1) Amalgamation of existing Savings Banks into a State Bank; a portion of the funds to be available for—
    • (a) Repurchase of private estates for Closer Settlement.
    • (b) Advances to settlers on the land held by them or the improvements thereon.
    • (c) Conditional advances to be granted for the purpose of effecting permanent improvements; such advances to be made in instalments as required during the progress of the work at the rate of £75 for each £100 worth of permanent improvements effected.
    • (d) Advances to workmen and others to build homes themselves.
  • (2) All charges in connection with loans made by the Advance Department of the Savings Bank to be added to the amount advanced and be paid off with the loan.

Fresh Taxation.

  • (1) Graduated Land Tax on all estates over £5000 in value on an unimproved basis, increasing ½d. for each £5000 in value over that exemption.
  • (2) Graduated Income Tax.
  • (3) Special taxation of land owned and incomes derived by absentees.
  • (4) Increased Probate Duties on estates of over £20,000 in value.
  • (5) Probate duty on the estates of absentees to be double the ordinary rates and without exemption.

State Socialistic Services.

  • (1) Receipts and Expenditure to be kept separate from the Consolidated Revenue Account.
  • (2) Any surplus accruing after paying working expenses and charges for upkeep and depresiation to be used—
    • (a) For the reduction of charges to users;
    • (b) For paying off capital cost.



  •   ― 603 ―
  • (3) Estimates of receipts and expenditure in connection with all Socialistic services to be submitted an-annually to Parliament.

  • 3. Free Education.
    • (a) Secondary.
    • (b) Technical.
    • (c) University.
    • To be available on the Bursary System to all children passing a qualifying test.
  • 4. Re-enactment of Industrial Arbitration Act.
  • 5. The Zone System of Railway Fares and Freights.
  • 6. An Eight Hour Bill on similar lines to that introduced by the Parliamentary Labor Party.
  • 7. Workers' Compensation Act, to embrace all classes of labor, including Seamen and Waterside Workers.

previous
next