THE BUDGET STATEMENT.

Star (Christchurch), Issue 6326, 3 November 1898, Page 2

THE BUDGET STATEMENT.

PROPOSED INCREASE OF TAXATION. United Press Association— By Electrio Telegraph— Copyright. SYDNEY, Nov. 2. In the Legislative Assembly to-night, Mr Reid delivered liis Budget speech. He stated that the revenue for the year amounted to £9,482,000, being £245,000 above the estimate. The principal increases were in lands £93,000, railways £61,000, post-office £15,000 and Customs £57,000. The actual expenditure was £9,475,000, £83,000 above the estimate. It would be necessary to increase the expenditure this year under various heads. He estimated thp.t £9,681,000 would be required, while the revenue could only be estimated at £9,433,000, therefore he was regretfully compelled to increase taxation. It was intended to re-introduce the measure doubling probate duty, which the Legislative Council rejected last- session. The balance would be obtained by the imposition of a dluty of threepence per pound on tea, the retention of the duty on chicory, coffee and cocoa, and the imposition of £3 per ton on rice. The duty on sugar would be retained, while articles in the manufacture of which sugar was used, such as biscuits, jams, bottled fruits, confectionery and preserves would pay the duties enforced prior to June 30. The Premier declared that but for bad seasons it would, have been absolutely unnecessary to impose increased taxation. He had selected duties which would not confuse the federal question. It was his deliberate belief that federation would be accomplished within twelve months. SYDNEY, Nov. 3. The new duties came as a surprise to commercial circles, but are generally well received. In tlie Assembly, Mr Lyne said that he would qppose the tea duty, but he could say nothing against the others, which were an unauthorised appropriation of Ins own policy. If Mr Reid chose to be a protectionist, so much the better for the Opposition, and so much the worse for the Premier's previous professions. A considerable section of the free trade party is dissatisfied.