COMMONWEALTH FINANCE

Southland Times, Issue 17968, 8 March 1917, Page 5

COMMONWEALTH FINANCE

AN' UNSATISFACTORY POSITION. SELF DENIAL NECESSARY. (By Telegraph—Press Assn. —Copyright) (Australian & N.Z. Cable Association.) • MELBOURNE, March 7. In the House of Representatives the Treasurer unexpectedly delivered the financial statement. He said the outstanding features of the 1916-17 estimates were the great increases in revenue and the greater Increase in expenditure. The estimated revenue for that period was £33,909,290, less a million estimated revenue from detained enemy vessels. The actual revenue for 191516 was £30,116,007. The expenditure out of revenue not included in the war for 1915- was £33,984,368, and .the estimate for 1916-17 £28,639,455, a startling increase. Leaving the war out of consideration the 1916-17 estimates showed revenue £32,909,290, expenditure £28,639,455, leaving a balance not sufficient to meet the war expenditure payable from revenue which amounted to £903,551, apparently leaving a surplus of £366,284. Although we could pay our way out of revenue during this year owing to three millions being brought forward from last year, really there would be a deficit of £2,633,716. The position was very unsatisfactory, and a policy of self-denial was required. Immediate action was necessary to curtail expenditure. The war expenditure from loan amounted to eighty, millions yearly. Notes in circulation amounted to £46,568,069, against which £16,139,482 was held in gold. The war expenditure for 1916- not including interest; sinking fund, and war pensions, was estimated at £78,782,364. The public debt of the Commonwealth was now £159,068,758.