GIST OF THE BUDGET.

Otago Witness, Issue 3100, 13 August 1913, Page 34

GIST OF THE BUDGET.

POLICY POINTS

(From Our Own Correspondent.) WELLINGTON, August 6. The revenue for the year was £11,734,022—£785,618 above the estimate. The expenditure was £146,966 below the estimate. This year’s revenue is estimated at £11.789,602. „ _ The surplus was £709,508 after £750,000 was transferred to the Public Works Fund.

The liabilities amount to £1,901,611. A comparison between June 30, 1912, and March 31, 1913, shows a remarkable financial improvement. In 1912 there was a deficit of £879,896, but nine months later the corresponding figures show a balance of £1,799,511. The gross public debt is £90,060,763. The net debt is £87,457,121.

The year’s increase of debt was £5,706,850. / It is proposed to permit Treasury bills to be issued in London.

Loans totalling £21,800,258 fall due in the next seven years. Nearly £10,000,000 of this is due in 1915.

An Electoral Bill will be introduced during the present session. Proposals dealing with local government reform will, if possible, be circulated this session.

The railways earned £4 0s 9d per cent, interest, which is the second highest on record. Land and income tax exceeded the estimate by £91,630, and last year’s receipts by £8L620. The process of subdivision of large estates had been considerably accelerated during the year.

The estimated land and income tax this year is £1.220,000. There will be a new scale of income taxation this year. The increase in the rate will be uniform with the increase in value. Smaller incomes will pay slightly less but larger incomes more. The Consolidating Arbitration Act will enable all disputes to be settled without the present necessity of disputants being registered unions before the court can act. I,ocal bodies are to be enabled to acquire land and erect homes for workers. Reciprocal trade with Australia is dependent upon the attitude of the new Commonwealth administration. The new Customs tariff is therefore deferred.

A consolidating Customs law to make the law more modern, more equitable, and its administration more elastic is to be introduced this session.

New proposals from the Ethelbruga syndicate in regard to the iron and steel industry are to be referred to a committee of exports. During the year 337,500 acres of Crown land in 2236 allotments were made available, and 141,500 acres in 540 sections have been opened up since. Last year’s freehold legislation produced hundreds of applicants for the tenure. There will be a further extension this year. £87.235 was paid in cash sales and the purchase of freeholds.' The gross land revenue was £912,029. Under the Land for Settlements Act 50.819 acres had been bought for £428,045.

The Land Settlement Finance Act is to be amended materially this session.

Native land is to be dealt with by

amending the 1909 Act in the direction of giving increased facilities for settlement. Private enterprise is to be permitted to engage in branch railway construction, subject to conditions. The irrigation works in Central Otago should be available in 1914.

Correspondence is still proceeding with the Admiralty upon important details of the naval policy. The Government’s policy, however, will recognise the necessitv for one control, but will give the New Zealand Parliament a more direct ie sponsibility and the people a better opportunitv for service. The cost of the New Zealand amounted to £1,701.000. The sinking fund will repay the loan in 17 years. Though comprehensive educational legislation is deferred till next year the teachers’ yearly increment will be raised from £5 to £lO. This will cost £12.000. The Otekaike School is to be extended lo provide for feeble-minded girls as well as bovs.

Town-planning will receive attention this year or next.

The system of securing immigrants has been modified and improved. There were 3928 assisted immigrants as against 3300 for tHe previous year. The High Commissioner’s Office in Lon don is to be shifted to a site in the Strand. Special buildings will bo erected by the owners and leased for a number of years.

A public works loan of £1,750.000 is to be raised in London.