N.S.W. BUDGET

New Zealand Times, Volume XXXVIII, Issue 8681, 14 March 1914, Page 5

N.S.W. BUDGET

A SERIOUS BLUNDER DROPPING INCOME AND STAMP . DUTIES BILL. Br Telegraph—Press Association—Copyright SYDNEY, March 13. Tile. Premier, in his Budget Speech, said that the last financial year closed with a debit balance of £1,167,000. Mr Holman admitted that a. serious blunder had been made in dropping the Income Tax and Stamp Duties Bill. New South Wales was the most lightlytaxed State lu the Commonwealth, the rate being 17s 3d per bead. The Government propose to raise £35,000 by imposing charges on outgoing vessels, on tho same bases ns the charges on i nward-bound vessels. would he taxed "upon their own profits at a flat rate of Is in the £l.

, ASTOUNDING PROSPERITY. “ A MISERABLE CONFESSION.” X SYDNEY, March 13. The Budget estimates "that' the JEn- ' come Tax Amendment will" Bring' In * £495,570, and probate and stamp duties £113,000. This gives a surplus of £38,853 on tho year’s transactions. Owing to last year’s deficit there will still remain a debit balance of £1,128,164 on June 30th next. As an alternative means of revenue the Government contemplated taking over tho control and sale of petrol, or a tax on motor-cars and lorries. Despite tho deficit, abounding property has been experienced, and the Budget indicates an expansion of busi-*, ness. Tho Savings Bank balance, to the credit of depositors’ savings increased- 1 by two millions. Loan expenditure during the current year will bo at the,same rate as last—> viz., £8,700,000. Of this £6,700,000 was spent on railways and waterworks. The most important work now in pro-*, gross is tho duplication of tho Maia’j Trunk railway. I Mr Wade (leader of the Opposition),-1 in criticising the Budget, said the Ptemieris whole speech, had been devoted to a miserable confession j • year after year ho was compelled to acknowledge a deficiency. The Government, after its financial debauchery, had not the moral courage to put Re hands to. tho plough of., reform and adjustment for fear of losing a few votes. > ■ The debate was adjourned till nest ■ Thursday, INCOME TAX PROPOSALS. | By Telegraph—Tress Association.—Copyright - (Received March 13, 10.10 p.m.) 1 SYDNEY," March. 13. Mr Holman’s income tax proposals reduce tho exemption from £3OO to £250, and the graduation is altered so as to commence at eightpence, arid rising so as to reach fourteen pence in the £1 on incomes in excess of £9700. The previous graduation was sixpence to a shilling. . The revenue for 1914-15 is estimated at £20,039,000, and tho expenditure at £19,506,000. The estimated surplus is £533,000.