HEAVY DEFICIT

Wanganui Chronicle, Volume 74, Issue 142, 18 June 1931, Page 7

HEAVY DEFICIT

THE N.B.W. BUDGET SOME TAXATION INCREASES ESTIMATES FOR NEXT YEAR ALL INTEREST 10 BE PAID [By Telegraph—Press Association—Copyrightl Received June 17, 11.10 p.m. SYDNEY, June J 7. The New South Wales Government’s Budget was delivered by tho Prcinic.Treasurcr, Mr J. T. Lang, who declared that the year’s deficit amounted to £8,731,000, of which the railways were responsible for £4,290,000. He said the accumulated deficit was mainly a legacy from his predecessors. Mr T. R. Bavin (Leader of the Opposition: “You are always making excuses!” Mr Lang: “You made them for three years!” Continuing, Mr Lang said that the receipts from the unemployment tax by June 30 would total £4,400,000. Receipts from tho family endowment tax would be insufficient for the purpose and it might be necessary to increase it from one per cent to two per cent. Mr Lang emphasised that the {State’s finances must bo put on a sound basis, and as it was doubtful whether loan moneys could be obtained in future, j 1 might be necessary to complete works now under construction out of revenue. He referred to the action of the Premiers’ Conference in deciding to reduce interest rates as a step in the right direction, and said ho had been severely criticised in all quarters for advocating this very thing. Mr Lang announced that the estimates for tho coming year would include pro Vision for the payment of all interest . GOLD SHIPPED ABROAD OVER THIRTY-ONE MILLIONS Received Juno 17, 9.10 p.m. CANBERRA, June 17. Since tho Scullin Government came into office in October, 1929, about £31,735,000 in gold Tas been shipped abroad. ANOTHER FIVE MILLIONS BILL PASSES THE HOUSE Received June 17, 10.45 p.m. CANBERRA, June 17. The Bill authoris’ng tho export of £5,000,000 worth of gold to meet the Commonwealth Treasury bills di ? on Juno 30, pased the House of Representatives. The Treasurer, Mr E. G. Theodore, said there was no alternative but default. The Opposition assented to the measure. Tho Bill reduces tho statutory reserve of gold from a minimum of 25 to 15 per cent THE LANG CABINET RE-SHUFFLE OF PORTFOLIOS Received June 17, 9.40 p.m. SYDNEY, Juno 17. The re-arrangement of portfolios in the Lang administration has been announced: Mr J. Lamaro to be Attorney-General, Air W. J. McKell, Minister of Justice, Mr J. McGirr, Local Government, Mr W. T. Ely, Health.

HOTELS NOT PATRONISED MANY LICENSEES BANKRUPT ►SYDNEY, June 17. A deputation of hotelkeepers, which asked the Minister for a temporary respite in the payment of license fees, informed him that the liquor trade was having a very bad time. At least 45 per cent, of the licensees in New South Wales were bankrupt. The Minister is taking their representations to Cabinet.