MORE TAXATION

Southland Times, Issue 21198, 26 September 1930, Page 7

MORE TAXATION

VICTORIAN FINANCES PREMIER ANTICIPATES ■ SURPLUS LOAN COUNCIL UPHELD (United Press Assn.— By Telegraph—Copyright.) Melbourne, September 25. The Premier, Mr E. J. Hogan, in the course of his Budget speech, announced the following new taxation to enable the Government to Balance the ledger: Increased entertainment taxation to realize £90,000. An additional Id in the £ on incomes from personal exertion. Twopence in the £1 on property and income from companies, which is expected to yield £326,000. Additional stamp duty of Id on cheques. Sixpence stamp duty per 100 on the transfer of shares. . 100 per cent, increase on betting tickets. Increased motor registration fees and tobacco licenses. 10 per cent, increase on probate duties. A further 25 per cent, on the registration of factories. Mr Hogan anticipates that the additional revenue thus brought in will amount, to, £552,000, leaving a surplus of £143,000. The Premier made a pungent reply to the contentions of Mr J. T. Lang, Leader of the, New South Wales Labour Party, that New South Wales fvould be better off if separated from the Loan Council. Mr Hogan said the abolition of the council would only result in increasing the interest rales and would thereby prove beneficial to investors, and correspondingly injurious to the people of Australia. From this aspect alone the Loan Council had completely justified its existence. THE SALES TAX EXPECTATIONS REALIZED. Melbourne, September 25. The acting-Prime Minister, Mr J. E. Fenton, announced that the sales tax, which was expected to yield £5,000,000 during the current financial year, had proved' to be a satisfactory source of revenue to the Federal Government, and the return was as great as had been anticipated. He admitted. however, that the Customs and Excise duties up to to-day disclosed a leeway of approximately £3,000,000. RAILWAY ECONOMIES 500 MEN BEING PUT, OFF. Sydney, September 25. The secretary of the Australian Railways Union stated that another 500 railway employees would be retrenched to-morrow. SOUTH AUSTRALIA GRAVITY OF FINANCIAL OUTLOOK. (Rec. 9.5 p.m.) Adelaide, September 25. The Labour Premier, Mr Hill, in introducing the Budget, emphasized that the financial outlook was most serious in South Australia, and unless dealt , with effectively it would lead to a disruption of national life. The Government would take all the necessary steps to protect the solvency and credit of the State. He budgetted for a surplus of £16,147. New taxation would be imposed on incomes from personal exertion and insurance companies, while cuts would be made in public servants’ salaries and grants to universities and other institutions. PLIGHT OE INDUSTRIES SERIOUS POSITION STRESSED. (Rec. 9.5 p.m.) Sydney, September 25. Addressing the annual meeting of the Employers’ Federation, Mr C. M. McDonald declared that Australia could overcome her difficulties if shackles, in the shape of comof compulsory arbitration, heavy taxation and Parliamentary enactments, were removed or modified. So serious was the position in some industries that unless a definite move was made by industrial courts to reduce costs, a number must close down. Figures were quoted showing that there were 254 strikes in Australia last year involving 92,527 work people, with an estimated loss in wages of £4,869,303. At least 81 per cent, of the strikes occurred in New South Wales, accompanied by a wage loss of £3,721,412.