COMMONWEALTH BUDGET.

Press, Volume LVI, Issue 16942, 17 September 1920, Page 7

COMMONWEALTH BUDGET.

® HUGE WAR DEBT. (By Cable—Press Association—Copyright.) 1, (Australian and N.Z. Cablo Association.) (Received September 16th, 11.5 p.m.) MELBOURNE, September 10. Beforo a crowded House, Sir Joseph Cook, Federal Treasurer, delivered liis Budget speech. He said tho year'a revenue for " 1919-20 amounted to - £52,782,748, an excess of £6,430,113 - over the anticipated revenue. Tho e.stimated expenditure out of revenue for • 1919-20 was £49,570,203. and tho actual expenditure was £50,558,383. • The total war expenditure to June, - 1920, including indebtedness ix> tho s British Government,, was £381,14?,019. 1 Of this amount 18.6 per cent, nad been paid out of revenue, namely, £70,716,1 184, leaving as expenditure out of War - Loans £310,432,335. Tho gross public - debt was estimated at £381,415,317, of > which £335,486,489 was war debt. 3 Sir Joseph Cook said the outstanding features of the financial situation wero T heavy war debts, inflated credit, oxces- ■ | sive paper currency, and soaring prices > all over the world. He was of opinion • that an adequate sinking fund capable > of extinguishing the war debt was an ■ imperative necessity, and Government > borrowing must bo reduced by * every ; possible means. In conclusion, referring to repatria- > tion, he said the total amount to Juno 1920, expended for thiß purpose, was : £19,060,775. He announced that the Government • had decided to proceed with the erec- ' 1 tion of the Federal Capital at Canberra-