FEDERAL BUDGET

Gisborne Times, Volume LIX, Issue 9573, 26 July 1923, Page 5

FEDERAL BUDGET

f SURPLUS OF £7,700,000. BIG INCREASE IN CUSTOMS AND EXCISE. 1 (United Press Association—Copyright.) (Received July 25, 8 p.m.; MELBOURNE, only 25. Dr. Earle Rugc delivers Ins first Budget on Thursday. He will an- | liounce a surplus of approximately ; 1 £7,700,000, of which £0,400.000 is j carried over from last year. The J past year’s revenue exceeded*the expenditure by a little more than £1.250,000, white: is mainly due bo tlio big increase in Customs and c.v~cise revenue, amounting to five millions more than the estimate. Referring to the current year, the Budget will state tliat'owing to the huge commitments for war service that have still to be met. amounting to more than thirty millions last year, there will be no redaction in the in-, come tax. it will announce a reduction in the letter rates to throe halfpence, which is made possible by the postal revenue exceeding the expenditure. by nearly two millions. A marktime defence policy, involving no new features, will be put forward on the 1 ground that nothing should be done 1 until after the Imperial Conference. : There will be no alteration of the tar- : iff duties pending recommendations by 1 the Tariff Board and the need for a larger appropriation from present amt -‘ future surpluses for the sinking ITinct * to pay off tlie Commonwealth indebt- ! edness will be emphasised. —U.JP.A. (