FEDERAL FINANCES

Southland Times, Issue 20614, 12 October 1928, Page 7

FEDERAL FINANCES

STATEMENT BY TREASURER. POLICY OF ECONOMY. Sydney, October 11. Dr Earle Page, Federal Treasurer, in the course-of a speech declared that the recent financial adjustment between the Commonwealth and States by which the States lost the per capita payment would eave £5,000,000 of public money. Further efforts would be made towards co-ordinating Federal and the States’ functions with the object of effecting still greater, economies and efficiency. Dr Page claimed a six years’ record of achievement, for the Bruce-Page composite Government had substantially improved the position of the country man and had altered the whole outlook of the country’s development. In addition to the estimated ordinary revenue railways are expected to yield £21,350,000, and tramways £4,683,000, making a total of £47,791,000. Railways and tramways are anticipated to show surpluses. The Treasurer has introduced a new system of public accounts to clarify the position, which hitherto has been obscure. The actual deficiency for the year ended June 30 was £1,095,000, or £502,000 less than anticipated. The current year is expected to show a surplus of £194,000.- —Australian Press Association.