WIPED OUT.

Auckland Star, Volume LIX, Issue 78, 2 April 1928, Page 7

WIPED OUT.

BUDGET DEFICIT. Churchill Figures Show Surplus. NO TAX REDUCTION. (By Cable.—Press Association.—Copyright.)

LONDON, April 1. ■■ rChancellor of the Exchequer, * Winston Churchill, is no doubt gratified with his surplus. It is recalled that his first Budget showed a deficit of £14,038,000, and his second a deficit of £36,694,000

It is known that the Chancellor was very anxious to avoid even the smallest deficit this year. The revenue has never been more promptly collected and the surplus totals £4,250,000.

In ordinary circumstances this would afford a prospect of substantial relief in taxation, but it must be remembered that the revenue includes the earlier collection of the landlords' property tax, the raid on the road fund, the curtailment of brewers' credits and windfalls, which will not be repeated.

Mr. Churchill has already announced that there will be no reductions in income tax or the taxes on sugar, tea, spirits and entertainments, or in postage.

A feature of the Budget will be the laying of the foundations of a scheme for the relief of the burden of rates on industry and agriculture.

The principal Budget figures are:—

Revenue. Expenditure. Surplus. 1027-28 842,824,000 838,585,000 4,239,000 1926-27 805,701,233 842,395,027 36^794

The estimated surplus for the year just ended was £1,440,000.

The principal Increases are:— Revenue: Property and income taxes, £15,866,000; death duties, £10,000,000; excise_ duties, £6,220,000; Customs, £4,105,000; motor duties, £3,125,000; Post Office, £2,650,000. Death duties realised £77,000,000. The corporation tax decreased by £2,190,000. Excess profits duties were extinguished. The floating debt outstanding is £688,790,000, compared with £715,776,000 last year. —(A. and N.Z. and Sydney "Sun.") LESS WHISKY DRUNK. EXCISE FIGURES SHRINK. (British Official Wireless.) (Received 12 noon.) RUGBY, April 1. In the nation's finances, the excise figures are £6,500,000 below the estimate, which may be attributable to a reduction in the consumption of whisky, or in the failure of the betting tax to produce the £6,000,000 anticipated.

The "Sunday Observer" describes the accounts as "a satisfactory indication of the healthy elasticity of revenue and some prop-ess in the attainment of economies in the public service."