HOLMAN'S BUDGET.

Star (Christchurch), Issue 11025, 13 March 1914, Page 1

HOLMAN'S BUDGET.

MORE REVENUE, HE SAYS, i ALSO NEW TAXATION. Illy Telegwph—Press Association-Copyright SYPXEY, March 12. ] In the Legislative Assembly Mr Holman, in delivering tho Budget estimated tlie revenue for the current year at £18,380,000, an increase of £2,120,000, includin-r £643.000 new taxation already foreshadowed, in addition to higher freights and fares on railways and tramways. He estimates the expenditure at '£18,342,000, ' leaving a. surplus of £39,000. This surplus is obtained by abolishing sinking funds for tho year and not making any grants to public works fund*.. The increase of expenditure is £853.000 compared with tho previous TQar. and as a result tho deficit of £1.228,000, shown in 1912-13 was not repeated in submitting tho Estimates. Mr Holman hopes to be able to reintroduce the sinking fund next year with a view to wiping off the deficit remaining over from 1912-13. He forecasts the revenue for next year at £20.039.000. The Estimates include income- tax amendments to bring £495,570; probate stamp duties £113,000; a total of £643,370. This will 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 £1,128,1(34 on June 30 next. As an alternative means of revenue tho Government contemplates taking over the control of tlie sale of petrol or a, tax on motor-cars and lorries. Despite the deficit abounding,prosperity wan experienced, as indicated by the expansion in the business 1 of the Savings Bank. The' balance to the credit of depositors had increased by £2,000.000. The loan expenditure in tho current year would be at the same rate as last. Of £8,70"0,000, £6,f00,000 was spent on railways and waterworks. Tho nvx?t ' important work now in progress was the duplication of tho main trunk.

FINANCIAL DEBAUCHERY, Mr Wade, >leader of the Opposition, criticising the-Budget, said that the Premier's whole speech was -"devoted to A.-miserable confession. Year after year he had been compelled to acknowledge, a deficiency. The Government, after its financial debauchery, had not the moral courage to put its hands on the plough of, reform adjustment for fear of losing a few /votes. ; The debate was adjourned till next Thursday,' . " .' ' *. ~ ,' ■■-~ : '' MADE A BLUNDER. f (Received March,. 13, 10.10. a.m.) , SYDNEY, March 13. Mr Holman said 1 , that. the last finan-cial-year had closed with a. debit balance of £1,167,000. He-admitted'.thai he had made a serious blunder' in dropping the Income Tax and Stamp Duties Bill. New South. Wales >as the most lightly taxed State in : the Commonwealth, the average being 17s 3d per head. He proposed to raise £35,000-by "imposing charges on outgoing vessels on ; the same basis, as the charges for inward vessels,.* The companies would be taxed upon their own profits at a flat vate .of Is m the pound.