N.S. WALES FINANCE.

New Zealand Herald, Volume LIX, Issue 18076, 28 April 1922, Page 7

N.S. WALES FINANCE.

DEFICIT OVER £500,000,000. LOSS ON THE WHEAT POOL. SUPER-TAX ON INCOMES. Br Telegraph—Pretis Awoci&tioD—Copyriffbt. 'Received 7.30 p.m.! A. and N'.Z. SYDNEY. April 57 In the Legislative Assembly Mr. A. A. C. Cocks, State Treasurer, in moving the reimposition of the super-tax of 6d in the £ on incomes, said the deficit of between £5,000,000 and £6,C00,C00 with which the Government was faced. included £1,600,000 on wheat pools, with a further contingency of £500,000. This loss was the result of the promise of pavment of 7s 6d a bushel, also over payments. Re plying to the contention that the tax would cast an undue burden upon primarv producers. he declared that if the House refi'sed to endorse the measure the £1,000,000 involved would so hamper the Government that it- would be impos sible to carry on. Mr. Cocks announced that £6.900.000 of loan money was falling due in London by October. The Dooley Government had been negotiating for floating a conversion ! loan of £5,000,000. Tho Government had l been advised that the money could be secured at 96. but derided that the term? I were not sufficiently favourable. Further I negotiations were proceeding to securf | the same terms as those recentlv secured j bv New Zealand. The Premier, Sir Gecrgc Fuller, de- ; eland that the tax was essential, but lie : hoped this would be tie last year it ! would be necessarv. I A futile attempt was made to reduc the tax from 6d to 3d. After a protracted j debate the "gag" was applied several j times, and tho Bill passed all stages.