FEDERAL FINANCES

Taranaki Daily News, Volume LII, Issue 172, 13 August 1909, Page 2

FEDERAL FINANCES

A SUBSTANTIAL UECBJIASB. By Cubic—Press Association.—Copyrigat Keceivcd 12, 0.18 p.m. Melbourne, August 12. Sir John Forrest (Federal ±.u: .ircr) delivered, the Federal Budget toitty. The total revenue lor the year *.is £14,340,835, a decrease of £671,81)0. The Customs and excise yielded i'iO,H 3,085 (decrease A' 801,307); the l'«»t n\\ke £3,100,000 (increase £108,911). The expenditure amounted to £V,4JO, m: The balance handed back to fit States was £7,030,471. For the current year Hie revenue is estimated lit £14,555,000. Customs »"d fxcise ar« sot down at £lo|»<W»9>»id' the Post Office £,3,550,000.» The eatiiuutid expenditure is £7,867,021, the amount to be handed to the States Mug £7,801,480. " ' , These figures show an estimated rhoii- , cgc for the current year of £-1,200,000. The Government propose to ask for Parliamentary authority to raise lhi« amount by the issue of short-dated Treasury bonds, spread over four year*, commencing in 1012. It is* considered the estimated deficit wae merely a temporary shortage of funds. THE DEFENCE ESTIMATES.'

COMPULSORY MILITARY THAINIXO.

COST OP OLD AGE PENSION'S,

Received 12, 10.20 p.m. Melbourne, August 12. The defence estimates for the current year total £1,585,000, an increase of £024,000. The principal increases are: £12,000 for a cordite factory; £42,090 for a small arms factory; £54,586 for gun mountings' and ammunition. Sir John Forrest states the Defence Bill would provWc'for physical training of all school boys from the age of 12 to-14 and from 14 to manhood elementary- training. 'in connection with wireless telegraphy, the Government proposed to make £IO,OOO available for connecting up the Pacific islands. Over half a million is provided for new telegraphs and telephones, and a similar sum for the two following years, at the end of which it is expected the service will be in thorough order. The sum of £1,500,000 will be available for old age 9 pensions for the current year. It is expected that this will be sufficient, but in future a quarter of a million more will be required. The anomalies of the tariff arc to bo considered. Kir John Forrest declares that but for the near approach of the end of the I Ilrnddon clause a decade of new taxation would be imperative. !

A HIST TO THE STATES. DREADNOUGHT OFFER COMMENDED. Received 13, 1 a.m. .Melbourne, August 13. Sir .lolm Forrest threw out n sug([estion that the States 'should refunil C(1.0j!),(IOII they received during the seven years over the statutory threefourths they were entitled to. Ho strongly commended the offer of the Dreadnought or its equivalent. Dealing with the question as to where the money was coming from, he declared the revsnue of Australia was all available for such demands and sufficient for this and all other claims arising in the future. Members would be fully informed as to the means to be adopted to provide additional funds for any purpose.

STATES AND COMMONWEALTH. Received 12, 10.20 p.m. Melbourne, August 12. ' The Premiers' Conference meets at ,Mplboiirnn to-morrow. The chief subject of discussion will be the financial relations of the States with the Commonwealth. '.