THE PITH OF THE BUDGET.

Dunstan Times, Issue 2678, 11 August 1913, Page 5

THE PITH OF THE BUDGET.

The Financial Statement was delivered in ' the House on Wednesday evening last. The revenue for the year was Li 1,734,022 Lybs.fiiS above the estimate. The expenditure was Li 1,082,038 — Li4fi,966 below the estimate. This year’s revenue is estimated at Li 1,789,602. The surplus was Lyog.sog after L 750,000 was transferred to the Public Works Fund. The liabilities amounted to L 1901161. A comparison between June 30th 1912 and March 31st, 1913, shows a remarkable financial improvement. In 1912 there was a deficit of L 879, Bg6, but nine months later the corresponding figures show a balance of Li,799, 51 1. The gross public debt is L90,060,7fi3 The net debt is L 87,457,121. The year’s Increase of debt was L 5, 706.850. It is proposed to permit Treasury bills to be issued in London.

Loans totalling L 21,800,258 fall due in the next seven years. Nearly Lio, 000,000 of this is due in 1915. An Electoral Bill will be introduced during tiie present session. Proposals dealing with local government reform will, if possible, be circulated this session.

The Railways earned L 4 os gd per cent interest, which is the second highest on record. Land and income tax exceeded the estimate by Lyi.fijo, and last year’s receipts by L 81,620, The process of sub-division of large estates bad been considerably accelerated during the year. The estimated land and income tax this vear is Li,220,000. There will be a new scale of income taxation this year. The increase in the rate will he uniform with the increase in value. Smaller incomes will pay slightly less but larger incomes more.

The Consolidating Arbitration Act will enable all disputes to be settled without the present necessity of dis putanls being registered unions before Court can act.

Local bodies are to be enabled to acquire land and erect homes lor workers,

Reciprocal trade with Australia is dependent upon the attitude of the new Commonwealth administration. The new Customs tariff is therefore deferred The irrigation works in Central Otago shou'd be available in 1914. During the year 337,500 acres of Crown land in 2236 allotments were made available, and 141,500 acres in 540 sections have been opened up since. Last year’s freehold legislation produced hundreds of applicants for the tenure. There will be a further extension this year. L 87,535 was paid in cash sales and the purchase of freeholds.

The gross land revenue was Lqi2, 029. Under the Land for Settlements Act 30,819 acres had been bought for 1428,045. . The Land Settlement Finance Act is to be amended materially this session. Cost of he New Zealand amounted to ,£1,701,000. The sinking fund will repay the loan in 17 years. Though comprehensive educational legislation is deferred till next year the teachers’ yearly increment will be raised from £-5 to £lO. This will cost £ 12,000. The Otekaike School is to be extended to provide for feebleminded girls as well as boys.

The system of securing immigrants has been modified and improved. There were 3928 assisted immigrants as against 3*300 for the previous year. The Higli Commissioner’s Office in London is to be shifted to a site in the Strand. Special buildings will be erected by the owners and leased for a number of years.

A public works loan of £t : 750,000 is to be raised in London.