VICTORIAN POLITICS.

Press, Volume LIV, Issue 9815, 26 August 1897, Page 5

VICTORIAN POLITICS.

THE FINANCIAL STATEMENT

Press Association—By Telegraph—Copyright.

Melbourne, August 25.

Sir George Turner delivered the Financial Statement before a crowded House. This being his first appearance since his return, he was loudly cheered, and was congratulated by the leader of the Opposition. He stated that the revenue had fallen short of the estimate by £49,000, the year closing with a debit balance of £196,000. The deficiency, however, was only apparent, as a quarter of a million had been expended in the redemption of Treasury bonds. Taking these into consideration, the year closed with an actual uett surplus of £53,700. The Customs had exceeded the estimate by £26,000. The Railway revenue showed an increase of £204,000, and had given a profit of nearly 3 per cent. on the working expenses. The income tax revenue had increased by £39,000 compared with the previous year, and £21,000 of arrears still remained to be collected. Sir George Turner estimated that the coming year, if a quarter of a million of Treasury bonds, which it was intended to pay off, were included, would end with a deficit of £83,600. If the bonds were not included there would be a surplus of £106,000. He did not think it would be necessary to float a loan during the year. In reference to the Credit Foncier system, he stated that since its augmentation, eight months ago, £310,000 had been advanced to farmers.