NEW SOUTH WALES BUDGET.

Otago Witness, Issue 2389, 14 December 1899, Page 15

NEW SOUTH WALES BUDGET.

SYDNEY, December 6. ■ The Budget is chiefly a criticism on the financial misdoings of the previous Government and their method of utilising trust funds. The Treasurer declared that the socalled cash balances of Mr Reid were merely ledger balances, and had ifo metallic basis. In estimating the expenditure he increased the amount estimated by the last statement of the Treasurer in the Reid Government by £115,000, inclusive of £30,000 for the Transvaal contingent. He estimated that the revenue would show a ledger surplus of slightly over £7000 above the estimated expenditure. But for the near approach of federation, the Treasurer said he would have deaic with the fiscal question. Ifc would not clo to interfere with trade twice within the year. •Sir Lyne proposes to seek authority to issue four million Treasury bills to meet contracts to the extent of two millions entered into by the late Government, "and meet the redemption of a loan. The raising of money by means of bills instead of a loan was due, to Mx Reid failing to raise a loan in June, when the market was favourable. Owing possibly to the Transvaal war the present was an inopportune time to approach the London market.