FEDERAL FINANCE

New Zealand Times, Volume XLIX, Issue 11292, 18 August 1922, Page 6

FEDERAL FINANCE

BUDGET PRESENTED TREASURER VISUALISES A BRIGHT FUTURE. NEED FOR SOLTND POLICY. By Telegraph—Press Assn. —Copyright. (Received August 17, 11.10 p.m.) MELBOURNE, August 17. In the House of Representatives the Treasurer delivered his Budget speech. Ho said that tho expenditure amounted to £65,106,9-19 while the revenue amounted to £64,895,046, leaving a deficit of £211,903. * The surplus brought forward from 1921-22 amounted to £6,618,327, and the surplus cartied forward to 1922-23 amounted to £6,408,422. The total expenditure out of revenue, war loan and works and lands during the year was against the estimated £80,897,682, a reduction on tihe estimates of £2,967,203. The estimated expenditure for the current year was £62,023,693, a decrease on last year’s expenditure of £3,083,256. The gross public debt at the end of the year was £416,070,509, an increase during the year of £14,300,484. After allowing for repayments the public debt would be £311,120,778, which would be fur--bher reduced by £32,000,000, representing valuable assets and transferred properties. The combined Commonwealth and State debts totalled £842,866,331, or with reductions the net debt for the Commonwealth and the States amounted to £784,166,000. Mr Brace emphasised the necessity for a stable Government and sound finance, thus inducing capital expenditure and development and primary industries, as through this means particularly a reduction of taxation might he hoped for. He added that tho Government was considering proposals for handing over the Federal capital to a board of commissioners similar to that operating in Ottawa. Mr Brace concluded that there was not a country in the world whoso present circumstances were equal to Australia’s and whoso future was comparable with ours.