NEW SOUTH WALES BUDGET.

Press, Volume L, Issue 14916, 14 March 1914, Page 11

NEW SOUTH WALES BUDGET.

"FINANCIAL DEBAUCHERY."

(By Cable.—Preis Association.—Copyright.) SYDNEY, March 13.

The Budget showed that th© last financial year closed with a debit baianco of £1,167,000.

Mr Holman admitted that a serious blunder had been made in dropping the Income Tax and Stamp Duties Bill, but said that New South Wales was the most lightly-taxed State of the Commonwealth, paying only 17s 3d per head of population.

He proposed to raise £3-5,000 by imposing charges on outgoing vessels on the same basis as the charges on inward vessels. Companies would be taxed upon their profits at a flat rare of one shilling in tho £. Mr Holman estimated that income tax amendments would bring in £495,570, and probate and stamp duties £113,000, a total of £643,570. This would give a surplus of £38,553 on the year's transactions. Owing to last year's deficit Etill remaining, there would be a debit baianco of £1,128,164 on June 30th next. As an alternative means of revenue the Government contemplated controlling the salo of petrol or a tax on motor-cars arid lorries. Despite the deficit, Mr Holman said, abounding prosperity was experienced, as indicated by tho expansion of the business of tho Savings Bank. Tho balance to tho credit of depositors in the Savings Bank had increased by £2,000,000. Tho loan expenditure in tho curront year would be at tho samo rato as last, £8,700,000. Of this £6,700.000 would bo spent on railways and waterworks. Tho most important work now in progress, Mr Holman said, was tho duplication of the main trunk railways. Mr Wade, Leader of the Opposition, criticising th© Budget, said the Premier's whole speech was devoted to a miserable confession. Year after year he had been compelled to acknowledge a deficit. The Labour Government, after its financial debauchery, had not the moral courage to put its hands to the plough of reform or adjustment for fear of losing a few votes.

The debate was adjourned till next Thursday.