N.S. WALES POLITICS.

Otago Witness, Issue 3803, 1 February 1927, Page 35

N.S. WALES POLITICS.

ADULT MUNICIPAL FRANCHISE. SYDNEY, January 25. The Cabinet has decided to reintroduce a Bill during the present session to provide for adult municipal franchise. This will be the third attempt to pass the Bill. ERRING LzVBOURITE'S RETURN. SYDNEY, Januay 28. Mr Gillies, who supported Mr Loughlin in the latter’s attempt to wreck the Government, has been readmitted to the Labour caucus. , • ■ - LOAN RAISED IN NEW YORK. SYDNEY, January 26. Mr Lang has announced that the State Government has sold an issue of 25,000,000d0l worth of State bonds in New York. The money will be ut’ ised to meet commitments in London. Mr Lang says the funds were raised at a considerably better price than any that could be obtained in London. NEW YORK, January 25. ' Air Lang's announcement of the flotation of a 25,000,000-dollar loan here was received with considerable interest in financial circles, where it was earlier stated that the negotiations had ended in favour of London. It reflects the low rates and the broad investment demand in the American money markets, where new bond offerings have ’ een consistently over-subscribed. Further Australian loans are expected, and with keen competition among bankers with abundant capital a reduction of both the interest rate and the underwriting costs to a minimum are expected. CHILD ENDOWAIENT BILL. SYDNEY, January 26. In order to finance the State’s proportion of the family endowment scheme it is proposed to tax the non-employing class who receive an income in the form of dividends, interest, and commission. The annual amount estimated to be so raised js £1,500,000, and the total estimated cost of the scheme in its present form is £7,000.000, £5,500,000 of which will have to be provided by a 6 per cent, tax on wages sheets. January 28. The committee that was set up to devise means of financing the proposed family endowment definitely adopted a State-wide scheme providing for the payment of 5s a week in respect to children up to the age of 14. At least £8,000,000 will bu necessary to finance the scheme, of which sum £6,000,000 will have to be borne by the industries of the State, and the balance by the Treasury. The wage and endowment limit was fixed at £4OO. The proposal to raise revenue by the establishment of a State lottery and the licensing of starting-price betting shops was rejected as unworkable. Instead, it was agreed to impose a graduated land tax. with an exemption of £5OOO, to increase the stamp and probate duties, and to increase taxation npon higher incomes. The land taxation will bring in an extra £1,000,000, the stamp and probate duties £375,000, higher salaries £400,000, and taxation from other sources £225,000, making the 2,000,000 required from the Government. The suggestion that industries working under State awards should provide 6 per cent, of their ; wages bill, and the industries under the Federal awards 5j per cent, of their wages sheets, will be placed before the caucus meeting.