The Clutha Leader. BALCLUTHA: FRIDAY, SEPT. 15. THE ELECTION BUDGET.

Clutha Leader, Volume XXXVIII, Issue 21, 15 September 1911, Page 5

The Clutha Leader. BALCLUTHA: FRIDAY, SEPT. 15. THE ELECTION BUDGET.

.The Finahceial StaiemenV delivered by Sir Joseph Ward, Bart.| Prime Minister and Minister of Finance, on Friday night constitutes a record in length. His recapitulation pi the operations bl the past year had for the most part been previously disclosed.' The surplus for the year was £583,483. and he was able to announce a record; , revenue under nearly every head, an increase from railways of £'225,492, from v Customs £356,705, and. from stamps £289,328. The total increase of rev-, enue for the year was . £1,296,383 (totals previous year £9,001,825, past year £10,297,023). The gross public debt is £80,078,122 or deducting accumulated sinking fund of £1 '240,734, £70,«37,388. Of this debt he quoted figures to show that £33,178 761 was self supporting, that £l4, 74U85 was profit earning, and that only. £25,452,758 Was non-inter-est bearing. Apparently every shilling Ave borrow and every penny we send out in interest to the foreign money-lender increases our national wealth. Every million we borrow makes us ten millions richer. In short Everything in the garden is lovely," and to are not yet taxed so much as the Germans, though only one of the Australian States can hold a candle t o v us. We are told the public and private wealth of the Dominion is over but the private debt and debt of local bodies is not stated. It 16 when the proposals for the future are dealt with that the statement becomes more interesting in point of view of the elections. A Royal Commission is to enquire into the increased cost of living and into the matter Of insurance against unemployment.. Old age pensioners who have young children depending upon them arc to receive an additional help, at a cost of £IO,OOO a year. Relief is also to be given to widows left with children and. in poor circumstances, and this will cost about £55,000. Farmers are to be allowed to help themselves in the shape of co-operative banks. It appears that a certain number" of farmers arc to be encouraged to combine their persona) and other resources, form a sort of "joint and several' and the Government will find the money. Workers arc also to be given more favourable terms for borrowing and railwaymea are promised a rise, and a bonus of £60,000. A State note issue is suggested. That ia to say the issue of notes by banks is to be replaced by the issue of all notes by the Government, the gold being deposited in the Treasury by the banks and the State notes given out in exchange. The proposal is only tentative, and it is worthy of Dote that it was for some such proposal that the resignation of Mr Hogg was insisted upon two years ago. Reductions are promised in telephone charges, and in passenger rates on the railways for distances over 200 miles, which will riot make much difference to the ordinary traveller. There is to be another turn of the graduated screw in the taxation of large estate*, an increase of 25 per cent on all estates of unimproved value over £IOO.000, but to give time for the voluntary cutting, up of estates the Sentence is not to come into operation for three years. Last but not least in importance there is to be another loan of a million and a half. The inidget has I every appearance' "of attractiveness but in a careful reading there is a iness that detracts from its perspective.