Points from the Budget.

Lake Wakatip Mail, Issue 4011, 4 August 1931, Page 5

Points from the Budget.

EMERGENCY PROPOSALS. The Budget which was presented lo Inc House of Representatives by the ITime Minister on Thursday contained some startling proposal.*. Tuc new taxation is expected to yield a surplus ol £182,21u at tno end of the year to provide fur supplementary estimates and contingencies. £5,050,000 is to be provided by reductions in salaries and wages, by economies in expenditure, and use of reserves, etc., leaving £1,800,000 to be raised by additional taxation. Income surtax is to be increased from ten per cent to thirty per cent., also the present general .exemption of £3OO is to be reduced .to £2(10. Estimated to provide additional £730,000. ■Stamp duty of five per cent on overseas steamer tickets! Duty of ten per cent, on art union tickets lor mineral specimens of value in excess of £IOO. Estimated to produce £50,000. The balance of the amount is required to be obtained from additional custom and excise duties. The official summary of the alterations made m’the Customs tariff is as follows:

Cut and plug pipe tobacco, ICd per lb. Tea, 3d a lb. Sugar, a lb. Imported beer, Is a gallon. hive per cent, ad valorum is added to the preferential and general rates on the following; —Confectionery, apparel, hosiery, carpets, fancy goods, jewellery, plate, tobacco, and pipes. Linoleums, gramophone records, and cameras (formerly free British and 25 per cent, foreign) are now 20 per cent. British and 45 per cent, foreign.

Ten per cent, is added to the preferential aiid general tariff rates on silk piece goods. Toilet preparations are increase! to 35 per cent. British and 55 per cent, foreign. The foregoing are subject to the existing surtax of 9-4Qths of the duty, except that on sugar, which is reduced to l-2.0.th.

A primage duty of 3 per cent, is imposed on all goods otherwise free of duty, except on manures, films, pollard, and goods formerly exempted. The excise duties on cut and plug tobacco are increased by IGd a lb. Beer is increased by 0d a gallon. The foregoing increases cease at the end of next year.

Flour will be induced by 48s per ton, and wheat by 13d per bushel, after the end of February next.