N.S. WALES DEFICIT.

Auckland Star, Volume LIII, Issue 99, 28 April 1922, Page 5

N.S. WALES DEFICIT.

FIVE MILLIONS IN ARREAR. SUPER-TAX ON INCOMES. LOSSES ON WHEAT FOOLS. (Bj- Cable.—Press Association. —Copyright.) SYDNEY, April 27. In the Legislative Assembly, Mr. A. A. C. Cocks (State Treasurer), in moving the reimposition of the super-tax of 6d in the £ on incomes, said the deficit of between £5,000,000 and £6,000,000 with which the Government was faced included £1,600,000 on wheat pools, with a further contingency of £500,000. This loss was the result of the promise of payment of 7/6 a bushel, also over-payments. Replying to the contention that the tax would cast an undue burden upon primary producers, he declared that if the House refused to endorse the measure the £l,ooojooo involved would so hamper the Government that it would be impossible to carry on. Mr. Cocks announced that £6,900,000 of loan money was falling due in London by October. The Dooley Government had been negotiating for floating a conversion loan of £5,000,000. The Government had been advised that the money could be secured at 96, but decided that the terms nve-e not sufficiently favourable. Further negotiations were proceeding to secure the same terms as those recently secured by New Zealand. The Premier (Sir George Fuller) declared that the tax was essential, but he hoped this would be the last year it would be. necessary. A futile attempt was made to reduce the tax from 6d to 3d. After a protracted debate the "gap" was applied several times, and the bill passed all stages. —(A. and N.Z. Cable)