HUGE DEFICIT.

Press, Volume LXVII, Issue 20328, 29 August 1931, Page 13

HUGE DEFICIT.

NEW SOUTH WALES BUDGET. REDUCING EXPENDITURE. MR LANG COMPLIMENTED. (uirrrzD p&ess association —bt el*ct»io TILZGBAPH —COPYRIGHT.) (Received August 28th, 9.55 p.m.) SYDNEY, August 28. The Premier and Treasurer, Mr J. T. Lang, delivering the State Budget, estimated the deficit on the current year's financial operations to be £8,305,596. This included the sum of £1,672,722, representing unpaid overseas interest "which the Government temporarily suspended." Mr Lang announced that deductions in the adjustable expenditure in 193132 would yield £8,285,000, comprising the 20 per cent, economies in conformity with the Premiers' Conference this month. The only new taxation mentioned by Mr Lang was an increase in the family endowment tax by one per cent, making it. two per cent., as.there is an overdraft in this fund of £1,443,741. Collections for unemployment relief for the twelve months totalled £4,377,835.

Mr T. R. Bavin, Leader of the Opposition, complimented the Premier on facing the realities of the situation and in abandoning his attitude of isolation. The only thing that remained for Mr Lang to do was to tell the country whether he had abandoned the "Lang plan." Otherwise all his good intentions so far as the future was concerned would be mere humbug. The Budget, continued Mr Bavin, did not include the Government's obligations to depositors in the unfortunate Savings Bank. The debate was adjourned.

STATE SAVINGS BANK.

LEGISLATION PASSED. SYDNEY, August 28. All stag-es of the Government Savings -Bank Bill havo now been completed, the Assembly, and Legislative Council reaching a compromise on the amendments.

STATE COAL MINE CLOSED.

700 MEN IDLE. SYDNEY, August 28. • The State coal mine at Lithgow has been closed following a dispute regarding the truckers, who, it is alleged, left work before the proper time. Seven hundred men are idle. LABOUR DEFEATED. / VICTORIAN MUNICIPAL ELECTIONS. MELBOURNE, August 28. The municipal elections 'held through out the State were remarkable for the defeat of many Labour candidates. In Port Melbourne, which is considered a Labour stronghold, only one of tlje four Labour candidates was returned. v POISONED BY GAS. SYDNEY, August 28. The Government Analyst reported that the two Geary sisters (elderly spinsters who wero found dead in bed) died from gas poisoning. The report substantiates the police theory that the victims were overcome while asleep bjgas escaping from a leaking pipe.