SURPLUS £424,366.

New Zealand Times, Volume XXXVI, Issue 8189, 2 August 1912, Page 8

SURPLUS £424,366.

\ THE FEDERAL BUDGET. 0 DECREASE IN RECEIPTS FROM ■ LAND TAX. J 3 INCREASED NAVAL AND MILI- - TARY EXPENDITURE. e By Telegraph—Frees Association—Copyright i (Received August 1, 9.50 p.m.) i MELBOURNE, August 1. In the House of Representatives this 0 afternoon Air Fisher. Commonwealth Treasurer, delivered his Budget state- ' ment for the year ended J une 50til, as follows: s REVENUE, 1911-12. e £ Customs and Excise 14,710,199 * Posts and Telegraphs 3,916,599 B Tax 1,366,454 Fronts from Coinage 156,489 t Miscellaneous 396,620 1 r Total 20,546,361 ; EXPENDITURE, 1911-12. ■ Total 20,121,995 • Leaving a surplus of £424,360 i Customs and Excise receipts showed : an increase of £1,729,765, and post > office £46,599, while tho land tax paid decreased by £3891 and profits from | coinage by £42,404. | The surplus is to be credited to the ' fleet and old age pension funds, mat . ing the total paid to those accounts (and representing surpluses from previous years) £2,261,541. The amounts repaid to the States for the past year .totalled £5,944,425. ESTIMATES FOR 1912-13. Revenue for the current year is estimated at £20,422,900, and expenditure £22,683,541. Tho latter includes £5,983,750 returnable to tiie States, £l/5,000 payable under the naval agreement, and £3,985,021 to bo expended on new works and buildings. Mr Fisher indicated that a large increase would be made in the start' and facilities of the Postal Department, including ten wireless stations. The Defence Estimates wouTd provide for the establishment of an aviation school to train officers. Pour flying machines were already purchased. The naval expenditure would bo increased by £370,407, covering provision for one year for the sea-going crews of the smaller war vessels and gunboats and four months for the new cruisers when commissioned. Military expenditure would be increased by £369,01a, the universal training system necessitating large additional instructional staffs, arms, general equipment, and .the reorganisation of certain departments. The naval subsidy to Britain was_to be reduced from £200,000 to £175,000 owing to the Commonwealth taking over the warship Encounter. The estimated expenditure includes £104,401 for the Port Augusta railway. DETAILS OF ESTIMATES. (Received August 2, O.IS a.m.) MELBOURNE, August I. Mr Fisher estimated-that Customs and Excise duties in the current year would vield .£14,511,000, the post office J64,202,000. and land tax £1,300,000. He expected to return £5,983,750 to tho States, old age pensions would absorb £2,405,000, tho maternity grant of £5 per head £400,000, and outlay on preliminary work at the Federal capital £IIO,OOO. Tho number of persons qualified to receive old age pensions was 245,000. The loss last year through the introduction of penny postage was £245,000. RECIPROCITY WITH NEW ZEALAND. Mr Fisher also touched on the question of reciprocity with New Zealand. He had heard the views of a large number of representative New Zealanders, and as a result he was hopeful that Australia would reciprocate, at all events so far as old agen pensions were concerned. Though this would be settled at an early date, ho hoped, the basis of reciprocity would be much broader. Ho was sure it would be broader on trade lines. There was no limit to the reciprocity ho believed in.