AUSTRALIAN FINANCE.

Sun (Christchurch), Volume III, Issue 882, 7 December 1916, Page 11

AUSTRALIAN FINANCE.

ECONOMY URGED.

EXTINGUISHING THE WAR DEBT.

By Cable. — Press .1 mioeiai ion. — Copyright. (Received December 7, 12.40 p.m.) MELBOURNE, December 7.

The revised estimates submitted by the Federal Treasurer show a decrease of revenue of £1,750,000, and a decrease in expenditure of l."2,411,000, or a net saving of £003,000 as compared with the estimates of the previous year. The treasurer said the war loans were exempted from the Wealth Tax, and suggested a sinking fund of 1 per cent., which, accumulated at li per cent, interest, he estimated would extinguish the war debt in 3!) years.

He strongly urged the necessity for economy. Australia bad passed through a phenomenal decade of prosperity. From £38,280,000 in liKKi, the Savings Hank deposits had increased to £06,284,000 in 191 G.