N.S.W. STATE BUDGET.

Taranaki Daily News, 27 September 1924, Page 5

N.S.W. STATE BUDGET.

REDUCTION IN TAXATION, OUTLOOK FOR FARMERS. DEBT BURDEN HEAVY. By Telegraph.—Press Assn.—Copyright Sydney, Sept. 25. In the State Assembly, the Colonial Treasurer, Sir Arthur Cocks, delivered the Budget. The estimated revenue for the past financial year was £36,825,000; the actual receipts amounted to £37,460,000. The chief increases were in income tax, £240,000 and unclassified receipts, £122,000. The estimated expenditure was £36,914,000, and the actual expenditure £37,360,000. The surplus was £>lol,000. GOOD SEASON EXPECTED. The estimates for the current year forecasted a surplus of £BOOO. The estimated revenue was £36,014,000, and the expenditure £38,006,000. The accumulated deficit now stands at £2,674,000. The Treasurer referred to the improve - ed condition and bright seasonal outlook for the agricultural and pastoral industries, the good prices ruling in the world’s markets for staple .products, and the improved trade conditions. He estimated the wheat harvest would yield 50 million bushels. The autumn and winter lambing season had been the best since 1911, and the spring and summer lambing promised to be a record. COMPANIES TAX TO STAY. The most interesting point of the speech from the taxpayers’ standpoint, however, was the announcement that the tax on inoomes derived from personal exertion would be reduced by 3d, without any alteration in the present basis of exemptions. Another easement of the taxpayers’ burden would be a reduction of the stamp duties. The companies tax is to remain unaltered. The reduction in stamp duties includes the removal of the twopenny duty on wages receipts. The ir taxes represent relief to taxpayers totalling between £300,000 and £850,000. ’ The Treasurer sounded a warning note regarding the heavy charges against mvenue to meet the growing interest bill and the large public debt. The reductions in stamp duty total .£lOO,OOO. The Departmental tfages bill in the past year was £5,042,000, compared with £2,951,000 in 1914. The public debt is £210,494,000 representing an increase during the year of £26,922,000.