N.S.W. BUDGET

Grey River Argus, 22 September 1932, Page 5

N.S.W. BUDGET

PREMIER’S LAMENT Mr Lang’s Legacy , Au- X N.Z. Cable Assn). (Received September 21 at 9.55 p.m.) SYDNEY, September 21. The New * uth Wales Premier and Treasurer, Mr Stevens, delivering the State Budget emphasised the extraordinary difficu ’y of the budgetary task, owing to the chaotic condition of the finances, when he took office. Ha said his predecessor, Mr Lang, spent 25s for every 20 s collected. He lived from week to w ek, meeting only such cash payments as could not be evaded, and d iving compulsory loans by not meeting interest and other debts. Tho outcome was that, during eighteen months, debts amounting to twenty millions had accumulated either by way of treasury bills or unpaid accounts. Mr Lang’s year ended with a deficiency of £14,227,844. He added that the position in tho current year is as follows: —Estimated expenditure, £49,535,082; receipt® from all sources, £45.185,082; leaving a defie’ency of £4 350,000. Mr Stevens said his budget represented an honest effort to confirm to manageable proportions, the appalling drift and to ensure that there would be no default in either the public or social services. He anticipated the receipts, after allowing for a reduction in rail freights, taxat o n and rates of interest, would show an increase of £2,768,292, while the expenditure was estimated to show a decrease of £7,109 552.