NEW SOUTH WALES BUDGET

New Zealand Herald, Volume LI, Issue 15747, 23 October 1914, Page 4

NEW SOUTH WALES BUDGET

MEETING THE WAR COST. SUPERTAX ON INCOMES. ADVANCES TO SETTLERS. By Tclosraph—Press Association—Copyright Stdntt, October 21. Me. W. A. Holman, Premier of New South Wales, in delivering his Budget, said ho proposed to increase the incoms tax by a supertax of 3d in the pound and impose a tax on motor vehicles. He also intimated that a special tax might bo necessary. He added that the ending of the war might falsify all their calculations, which were based on the assumption that the conditions of to-day would exist at the end of a year. Ho mentioned that Mr. A. Fisher, Federal Prime Minister, had a scheme under way which he was confident would permit him to meet the additional financial obligations cast. upon hi.3 Government without imposing additional taxation, at all events during this present year. The Government intended to encourage extra production by co-operation with the banks in making advances to 6ettlers and giving special in-, ducements for the production of wheat from virgin soil. Mr. Holman subsequently announced that the net revenue was £7,348,000, and the expenditure £7,106,000. Statutory deductions left a deficit on the Government transactions of £100,000. The estimated revenue for the present year is £7,325,000, and the expenditure £7,683,000. Referring to his loan policy, Mr. Hoi- [ man stated that the increase of the publia debt during the , year wa6 £10,525,000, the total indebtedness being £116,695,000. . Whilst a legitimate note issue was right and proper, borrowing large amounts of psper money from the Federal Government' would only result in financial disasj ter. ,An indiscriminate note issue was one of the prize delusions of the age. ; ap Regarding' the absorption of the unemployed in cultivating new wheat areas,' the Premier stated ' that it had been decided to guarantee a definite miniraom ■ price for all wheat raised on additional areas. It would not be compulsory to sell to the Government. The wheat S would i simply be marketed in the usual way, g The figures quoted by Mr. Holman refer ,'; to the Government revenue only. The 1 total revenue of the State £.*»! ) £18,420,552, and! the : expenditure , £18,047,513. It is estimated 1 that th« > revenue for the present year -. will be - £19,140,000, and the expenditure £19,108,057. It is " anticipated to, derive £320,000 from the additional income tax, i and £50,000 from ths tax on motor vehicles. /« ■$'$$