N.S.W. BUDGET.

Sun (Christchurch), Volume I, Issue 31, 13 March 1914, Page 7

N.S.W. BUDGET.

SURPLUS ANTICIPATED. TAXATION AND HIGHER FARES. /&y Cable:—Press Association.—-Copyright. '' SYDNEY,. March 13: In the Assembly, Mr Hoi man, in delivering the Budget, estimated the revenue for the current year' at £18,380,000, an increase pf £2,120,000, including £643,000 of new taxation already foreshadowed, in addition io higher freights and fares on the railways and tramways. The estimated expenditure was £18,342,000, leaving a sur-■ plus of £39,000. This surplus wouhrbo obtained by abolishing the'sinkingfund , for the year, and not making anv grants to the Public ; Works Fund. There would be an increase of expenditure of £853,000 as compared with tha previous year.

In submitting the Estimates, Mr Holman said he hoped'"to" he"able to reintroduce the sinking fund next year, with a view to wiping off the deficit remaining over from 3912-13. .„-.'.;...

He forecasted that the revenue next year would be £20,039,000.

MAEJN& UP THE REVENUE.

A SEVERE CRITICISM. (Received March 13, 10.10 aju.) ';■' SYDNEY, March .12.

In stating that the last financial year had closed with' a debit- bal*nco, of £1,167,000, Mr Holman admitted that a serious blunder had been made in dropping the Income Tax .and Stamp Duties Bill. New South Wales was the most lightly-taxed State of the. Commonwealth at 17/3 per head,, undue.'proposed to raise £3o r OOO by imposing charges on outgoing vessels "on the same basis as the - charges on fhward vessels. The companies would be taxed upon their own profits at the flat rate of a shilling in the pound.

Mr Holman estimated that • the income tax amendments will , hring iu £495,570, and probate and stamp duties £ll3,ooo—atotal of £643,570. This would give a surplus of £38,853 on the year's transactions.'

Owing to last year's, deficit, there will still remain a debit balance of £1,128,16.4 on June 30 next.

As an alternative means.of revenue the Government contemplated the control of .the -sale of - petrol For taximotor cars and lorries. Despite the deficit, abounding prosperity had* been experienced, as indicated- in the expansion of the business of the Savings Bank. . The balance to - the_ credit, of depositors' savings had increased, by two millions. The loan expenditure in the current year, would be at the same rate as last—£S,7oo,ooo. Of this, £6,700,000 was spent in railways and waterworks. The: most important work now in progress, was the duplication of the main trunk railway.-

' Mr C. G. Wade, criticising the Budget,' said the Premier's whole speech had been devoted, to a fession. Year after year; he had .been compelled to acknowledge a deficiency, and the Government, after its. financial debauchery, hac[ not had the moral e'ourage to put, its hands to the plough of reform er adjustment, for fear'of losing a few votes. The debate was adjourned until next Thursday. J- ] ';;.