FEDERAL BUDGET.

Poverty Bay Herald, Volume XLVII, Issue 15321, 17 September 1920, Page 3

FEDERAL BUDGET.

■• - 1 — — *-- r SINKING FUND ADVISED FOR WAR DEBT. ERECTION OIPOAPITAL AT / . cat^bbrra; y . OVimBOURNE, Sept; 16. j • - Before a crowded house, Sir J > Cook b delivered his Budget speech. -He said r the year's revenue! for 1919-20 -amount--1 ed^to £52,782,748, ah excess of £6,436,---f 113 Over the anticipated revenue * The < 5 ' ?«VJK? ted expenditure of revenue for t 1919-20 wag. £49,570,203, and the actual . expenditure £50,558,383. The total .war ; expenditure to June, 1920, including m - i debtedess to the British Government, 3/ wa* £381,149,019, and of this amount t 10.6 per cent, has beeii paid out of t revenue, namely £70,716,184, leaving as 1 |*]W' tm ' 6 out of -war loan £310,&2;- '. ! * xSxIhZ-.FSS I>ubli<i debt is estimated t at £381.415,317,. of .which £335,486,489 r 'a war debt.) Sir J. Cook said the dut^ standing features of the financial situa- ' 1 tion are the heavy xrav debt?, inflated : s credit, excessive paper currency, and i .soaring- pnces all over the world He : was of opinion that an adequate sinking " a£ da P abI ® -<*' extinguishing* the war debt an imperative necessity, and thatYGovernment borrowing must be, re. duced by every possible means. In con- ' Sfwu- y e f c, , TTign g <*> , Tepatriation, ' he said the total amount to June, ,1920 exS," de a ior this purpose was '£19,060,- - m?nt -ft ' a m n -°, UI, , <!ed thafc tho 'Govern- . ment had decided to proceed with the I berS^UP^A 6 —^ X CapUal aVCant (Received Sept, 17.' 10.40; am. '■ T„ ,i, tt^^BOURSE, Sept. 17. t ' .^e Houps of Representatives Sir Joseph Cook, i, v the Budget, , estimates, the revenue for 1920-21 at£6&msoo T? * he r e ?Penditui*e^t £638,720,000, a deh fQ ,t,of fy millions. The 1920 sWus, ■'fISSoSSi T? d llee^ c a ""Pi*? o SnXf*?' ft #"?? J 0 " ew Venue , wuld.be derived from the following; y SfraSln 8^?" cc fier gallon increase, , -bl^ba.OOO : spirits 3s per gallon iri- , 'crease,^ £300,000; tobacco. £375,000; s postal letters, twopence; telegrams m.- . crease of threepence' all round; telephones* 25, per cent, increase; total. £1,333,000; income tax, additional five per cent., yielding. £600,000; grand .■ total £3,766,000. The amusement tax has been amended to operate on three shilling tiokets and 1 over. The war-time ■ profits tax lapses. (Received Sept. 17, 11.50 a.m.) i MELBOURNE, Sept. 17. h. The increase of 3d m telegrams iircludes a proportionate increase m press rates.' Tlie letter rate to Britain and the British Empire has been increased to 2d. It is estimated that £62,241,000 was spent during the year on war services, , including £22.470.000 uiY soldiers* land settlement, £4.500,000 m repatria- " tion, aiW £7,250.000 m pensions. Th order to pay off the, war debt more rapidly an' additional one-half per cent, is proposed as sinking fund on war loans, making one per cent., yielding £3.200,---000, thus redeeming the loans in' 37 m- „ stead of 50 years. -.■•'•-./■' The estimates provide £600,000 for " aviation, £900,000 for telegraph and telephone construction, and a quarter ofa million for memorials and other ."wprk connected with those killed m the war.: . There will be no more borrowing for the remainder of tho year, except small sums for public works" — U.P; A.