FINANCE IN NEW SOUTH WALES.

Evening Post, Volume L, Issue 51, 28 August 1895, Page 2

FINANCE IN NEW SOUTH WALES.

GOVERNMENT FBOPOS&LS BEOUGHT UP TO DATE. [fbibs association*.] Stdnit, 27th August. In the Legislative Assembly Mr. Eeid, Premier and Colonial Treasurer, delivered his Finanoial Statement, whioh praotioally dealt with the financial proposals as indicated in the Statement of 9th May. The postponement of the removal of duties through the dissolution, he an-, nounood, gave the Government .£IOI,OOO more than was anticipated. Of this sum £66,000 is proposed to be appropriated in Bpeoial grants to municipalities. The Dibbs duties, he said, will be removed on 13th September. These dnties Bhould have terminated on the 30th June last. The Income and Land Tax, if the Government proposals are carried, will apply as from the Ist July in the present year. The Treasurer estimates that there will be a surplus on the 30th June, 1896, of .£IBI,OOO, and estimates a deorease in expen, diture by £23,000. The general eleotion cost the oonntry £26,000. He proposes to in. orease the legacy duties and stop the leak, age in stamp dnties. This will realise about £120,000. The retrenchment through the reorganisation of the Civil Service will amount to £200,000; therefore the year 1896-7 should see the Government with close upon £400,000 at their disposal. A LOAN OF £3,727,000 TO BE RAISED. (Reoeived August 28, 1.10 p.m.) Stdnbt, This Dat. The Premier announced that the Government proposed to raise a loan of £3,727,000 in London shortly, to be devoted solely' to the renewal of debentures amounting to £977,000 falling due in 1896, and Treasury Bills amounting to £2,750,000. Ho thought tbey were bound to get the money under 3J per cent.. He denied that Ministers was pandering to the working olaeaeb in raising a loan. They could put useful reprodnotive works in hand, and thus relieve the distress. It was their duty, and they meant to do it. (Heooived August 28, 2.20 p m.) Stdnbt, This Day. Mr. Eeid stated that tbe present Bank Notes Aot would.be allowed to expire. In a few months the two Savings Banks wonld amalgamated. The sqheme wonld be drafted dnring the reoess, and' provision would be made next session for a State note issue in connection with the new institution. Conjointly with the other colonies, it' waß then intended to deal comprehensively witb banking legislation on the lines approved by the late Banking Conference. With a view to improve the position of the oolony with borrowers, he hoped to obtain the sanction of the British Government to placing colonial securities on the list available to trustees. It was not judioious to fnrther inorease the foreign indebtedness, and any subsequent loans he intended to raise by tender in the looal market. He djd not think muoh advantage would be gained by the conversion of the }aans.