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NEW SOUTH WALES FINANCE

Press Association—By Telegraph—Copyright. SVBNEY. October 21. The Premier (Mr Holman), lit the course of hie Budget Speech, said the revenue and expenditure figures were not vet _ available. Ho proposed to increase tho income tax by a super-tax of 3d in the '£, and impose a tax on motor vehicles. , He also intimated that a special tax might bo necessary, but added that the ending of the war might falsify all calculations, which were based on the assumption, of the conditions that to-day exist. He mentioned that Mr Fisher (Federal Prime Minister) had a scheme under way which he was confident would permit him to meet the additional financial obligations east upon his Government without imposing additional taxation—at all events this year. The Government intended to encourage extra production by the co-opera-tion of the banks making advances to settlers and giving special inducements to the production of wheat from virgin sod, REV ENUK AND EXPEN DIT U RE. THE PRIZE DELUSION OF THE AGE. A note!ISSUE. SYDNEY. October 22. 'Die Budget shows that the net revenue was £7.348,000 and tho expenditure £7.106.000. The statutory deductions left a deficit on the Government transactions of £IOO.OOO. The estimated revenue for the present vea-r is £7,025,000 and tile expenditure £7,685,000. Referring to the loan poliev, Mr Holman stated that the increase in the Public Debt timing the year was £10,625,000. and the total indebtedness of the State £116,695.000. Whilst a legitimate note issue was right and proper, borrowing large amounts of paper money From the Federal Govern - inent would only result in financial dtsaster. An indiscriminate note issue was one of the prize delusions of the age. Regarding the absorption of tho unemployed in tho new wheat areas, tho Premier stated that he had decided to guarantee a definite minimum price for all wheat raised in additional areas. It was not, however, compulsory to sell the wheat to the bnvernment. It would simply he marketed in the usual way. THE ESTIMATES. SYDNEY. October 22. i Receiver! Ocioher 22. at 12.00 p.m.)

The previous Budget figures were. Governmental only. Ihe total revenue bathe vtsir was £18,420.552. and tin,: exjteuditufe £18,047,315. The estimated revenue for the present year is £19.140.000. and the expenditure £19.108,057. The Government. anticipate that they will derive £520.000 from the additional Income Tax mid £50,000 from the tax on motor vehicles.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19141022.2.46

Bibliographic details

NEW SOUTH WALES FINANCE, Issue 15630, 22 October 1914

Word Count
392

NEW SOUTH WALES FINANCE Issue 15630, 22 October 1914

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