COMMONWEALTH

Hawke's Bay Tribune, Volume XVII, 29 September 1927, Page 8

COMMONWEALTH

DR. PAGE’S BUDGET SPEECH REDUCTIONS IN TAXATION. ACCUMULATED SURPLUS. Canberra, Sept. 28. In the House of Representatives, Dr. Earl Page delivered the Budget. He said that at the end of July last

a n approximate statement of the consolidated revenue fund for the year 1926-27 disclosed a surplus of £2,623,688 on the year's tr a u suctions. The actual surplus proved to be £2,635,597. The estimated surplus tor the year was £149,381, and the

actual surplus thus was £2,48(5,210 in excess of the estimate. The accumulated surplus at the end of June, 1927, amounted to £2,921,494, which was allocated as follows: Naval construction and reserve for defenice, £2,000,000. Science and industry investigations, £250,000. Civil aviation, £200,000. National insurance fund, £200,000. The amount set aside tor national insurance is to form the nucleus of a fund in connection with a scheme of national insurance, legislation to cover which would be introduced in the present session. The public debt at the end of June last totalled £461,067,742. In view of the increased surplus, the Government had decided to reduce taxation on incomes by ten per cent. Land tax would also be reduced to a similar extent. The Government would also legislate during the coming session to give effect to its policy to assist citizens to own their own homes, and for this purpose £20,000,000 would be provided. Mr Pratten announced that he would introduce a bill increasing the import duties on all American motor ears, with further preference for the products of Greats, Britain. SHIPPING LINE.

In the Senate, the Public Accounts Committee’s report on the Commonwealth Shipping Line was read. It states that ,having regard to all circumstances, the copimittee is of opinion that the Commonwealth Line should not be retained as a direct Government activity, but recommends the establishment in Australia by Australians of a company to take over from the present holders the ships comprising the present fleet, and run the line under the control of a company tree from outside interests with the utmost possible guaranteed support of the Government- A minority report by the Labour members recommends the retention of the line by the Government.