N.S.W. FINANCES.

Waikato Times, Volume 112, Issue 18808, 2 December 1932, Page 3

N.S.W. FINANCES.

A BIG DROP. LOAN EXPENDITURE ON WORKB. The new expenditure of loan money contemplated by the State Government this year is approximately £7,200,000, inclusive of £7,000,000 unemployment relief loan, says a Sydney paper. The (Premier (Mr Stevens) made the announcement in the Legislative Assembly in moving the passage of the loan estimates for 1932-38. The House agreed to pass the estimates at a recent sitting. Mr Stevens explained that the appropriation for which sanction was 'sought was £8,100,000, which included provision to cover past spendings or liabilities. “ Apart from the special expenditure of £4,000,000 on relief works,” said Mr Stevens, “the ordinary loan expenditure on works for 1932-33 will be £3,186,759, compared with £4,032,067 in 1931-32; £6,152,467 in 1930-31; and £9,398,228 in 1929-30. Necessary Work.

“ This heavy reduction in ordinary loan expenditure is due <to the completion of major works that were undertaken in more prosperous times and to the fact that in the past few years economic conditions have made undesirable and even impossible to embark on any new major works. “This year's ordinary loan expenditure consists of money required to carry on uncompleted works or to carry out urgently necessary works. "The major items are uncompleted railways and rolling stock £641,300, tramway rolling stock and duplications £224,736, payments due on Harbour Bridge work £4 15.000, water supply and sewerage (Newcastle and country districts) £63,000, mental and other hospitals needed £240,000, Wyangala Darn £221,410, River Murray £4 15,000, artesian and shallow bores £85,000, and minor works about £400,000.

“ All of these are either reproductive works or works of the national asset class on which il. is recognised that loan moneys must be spent.” Unemployment Rellof. ‘‘Were it not urgently necessary to take into account the need for finding 'useful and productive work to alleviate the position of the unemployed and to sustain national spending power,” Mr Stevens continued, ‘‘the total programme of the year would be confined within much narrower limits. “ But at the Premiers’ Conference last July all States joined in resolving liiait it was desirable to expand our small loan programmes by spending for all Australia an additional £7,000,000 on useful—and, as far as possible, reproductive—works this year. “Of this amount, the allocation to New South Wales was £2,900,000, which, together with the winter relief loan advanced last July by the Commonwealth and special Christmas relief, make up a total of £4,000,000 unemployment relief expenditure. “Of this sum a total of £3,655,000 has been allocated, th€ principal items being:— Country towns water supply and drainage . . . . £960,000 Metropolitan water, sewerage and drainage 825,000 Advances to settlers .. .. 600,000 School buildings 360,000 Hospitals . . . 320,000 Loans and grants to municipal and sfaire councils . 200,000 Main roads 200,000 it will be noted that this expenditure is mainly on works that are or will become reproductive, or repayable loans or works that have a solid character as national assets, and meet urgent needs.” Labour Criticism. Th Deputy Leader of the Opposition (Mr Baddeley) claimed that unemployment had increased since the present Government had assumed office, and urged the need of a scheme of unemployment insurance, a reduction of working hours, and consideration of the possibility of a suspension of interest payments abroad.

“ I tell the Government,” said Mr Baddeley, “that if it is not careful in what it is doing, especially In the matter of food relief, I do not see how tihe unemployed are going to stand it." Mr Baddeley complained that the industrial areas, and especially the mining fields, had not been fairly treated in the allocation of loan money. Mr Booth (Lab., Kurrl): There is a boycott against Kurri Kurrl—'the coalfields haven't got a penny.