FINANCES OF THE DOMINION
EFFORTS TO BALANCE BUDGET. ECONOMIES AND TAXATION. A financial statement which was presented in the House of Representatives on Thursday by the Minister of Finance makes it clear that the whole community will have to submit to further sacrifices before Budgetary equilibrium can be reached. This the Minister hopes to achieve in 1934. It is considered that the past year’s operations will show a deficit of £2,500,000 and that next year in the absence of adjustments the excess of expenditure over revenue would be £8,300,000; but it is hoped by administrative economies and increases of direct and indirect taxation to reduce this figure to £2,000,000. It is officially announced that wages and salaries in the public service are to be reduced on a graduated basis, and equivalent reductions are to be made in interest and rents.
A voluntary conversion loan is not favoured at the present time, but it is proposed to impose a stamp duty on interest coupons.
The announcement is made that legislation is to be introduced to provide for extending the life of this and future Parliaments to four years.
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Bibliographic details
Otago Witness, Issue 4074, 12 April 1932, Page 20
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187FINANCES OF THE DOMINION Otago Witness, Issue 4074, 12 April 1932, Page 20
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