N.S.W. STATE FINANCES.

New Zealand Herald, Volume LI, Issue 15557, 14 March 1914, Page 7

N.S.W. STATE FINANCES.

MR. HOLMAN'S ADMISSION.

SERIOUS BLUNDER MADE.

Bj Telegraph—Fress Association—Copyright.

(Rehired March 13, 9.5 p.m.)

Stdnet, March 13. In introducing the Budget Estimates yetsterday, Mr. Hobnan (State Treasurer) 6aid the last financial year closed with a debit balance of £1.167,000.

Mr. Holman admitted that he had made a serious blunder in dropping the Income Tax a.nd Stamp Duties Bills. New South Wiles was the most lightly taxed State in th«> Commonwealth, the amount being 17s 3d per head. He proposed to raise £35.000 by imposing charges on outgoing vessels on the same basis as the charges on inward vessels. Companies will be taxed upon their own profits at a flat rate of a shilling in the £.

The Budget estimates that the income tax amendment will bring in £495,570, the probate stamp duties £113,000. This gives a surplus of £38,853 on the year's transactions.. As an alternative means of revenue the Government contemplated the control of the sale of petrol or a tax on motorcars and lorries. Despite the deficit, Mr. Holnian remarked that abounding prosperity had been experienced, as indicated by the expansion of the business of the Savings Bank, where the balance to the, credit of depositors had increased by £2,000,000. The loan money had been spent on railways and waterworks, whilo a most important work was now in progress in the duplication of the Main Trunk line

Mr. Holman's income tax proposals reduce the exemption from £300 to £250 and the graduation will alter eo as to commence at 8d rising so as to reach 14d in the £1 on incomes in excess of £9,700. The previous graduation was 6d to Is.

The revenue for 191415 is estimated at £20,059.000 and the expenditure at : £19.506,000. leaving a surplus of £533.000. Mr. Wade (Leader of the 'Opposition).

criticising the Budget, said the Premier's ji whole speech had been devoted to a miserable confession that year after year the Government had been compelled to ac-

:. knowledge a deficiency. The Government :■'/ after Us financial debauchery had not the ij| moral courage to put its hands to the plough of reform and adjustment, fearing the losing of a few votes. ; The debate was adjourned to next Thurs-