NEW SOUTH WALES BUDGET.

Press, Volume LVII, Issue 17316, 30 November 1921, Page 8

NEW SOUTH WALES BUDGET.

♦ SERIOUS FINANCIAL POSITION OF RAILWAYS. (By Cable—Press Association—Copyri&M.) (Australian and N.Z. Cable Association.) (Received November p.m.) SYDNEY, November 29. In the Legislative Assembly, the Treasurer, the Hon. J. T. Lang, delivered the Budget. He said that from carefully revised estimates he anticipated that the year's revenue would be £34,8?4,000, and the expenditure £36,803,000. In order to meet the deficit of £1,979,000, he proposed to increase the income tax so as to bring the total revenue to i • J 000, leaving an estimated surplus of £17,000. The chief causes of the deficit, and the need of extra taxation, were increased salaries of public servants under the Board of Trade award, totalling £469,000, increased interest charges on public works, amounting to £172,000, a fall in the revenue derived from existing sources amounting to £482,000, and the deficiency on the working of the railway of £1,100,000. The income tax receipts showed an estimated decrease as compared with the previous year of £641,000. With regard to the railways, the Treasurer declared that the position was so serious that he had delayed placing the . financial position before the House until he had exhausted all means of ascertaining whether any possible improvements could be effected. In the five years since 108 the aggregate deficits of the railways were £1,411,000, and the present year's estimated deficit would make the total £2,511,000. He had been forced into the most unenviable position of using general revenue to meet the railways deficit. A GLOOMY OTTTLOOg. (Received November SOth, 12.50 xmj SYDNEY, November 29. The Treasurer's statement caused a gloomy feeling in the Legislative Assembly. Sir George Fuller, Leader of the Opposition, in a short speech, expressed this feeling, declaring that the Budget was a most.serious one. He moved the adoption of the Treasurer's suggestion that the debate be adjourned for a week to enable members to consider the position disclosed. The Hduse adjourned. Mr Lang did not disclose his proposals regarding the incidence of the. increased income-tax, but there are good reasons for helftSvinjz; it will be a graduated tax. on-incomes of £IOOO and o/er.v .'." . ■ ' . '