NEW ZEALAND BUDGET.

Waikato Times, Volume 114, Issue 19100, 10 November 1933, Page 7

NEW ZEALAND BUDGET.

“COLOURLESS DOCUMENT.”

CRITICISM OF GOVERNMENT. BY CHAMBERS OF COMMERCE. (By Telegraph.—Press Association.) WELLINGTON, Friday. The budget was .described as a colourless document by Mr Seaman, president of the Associated Chambers of Commerce. He said justification for tax relief was to be found in the revenue figures for the financial year. Although the taxation revenue was greater than estimated there was a fall of £534,000 in revenue, as compared with 1931-32, despite the assistance given bythe sales tax and the gold duty, neither of which was operative during 193132. There was a drop of £133,000 in receipts from motor taxation, and a still heavier drop of £891,000 In tha income tax yield, even though tho Fate had b?en severely Increased. This was strong evidence of the fact that the law of diminishing returns had become operative, and that the wells were drying up.

Publlo Very Much Poorer. Furthermore, with the unemployment tax revenue added, the Government took by taxation £2,187,000 more than in 1931-32, and this from a public very .much poorer. This figure had only been exceeded once In the history of the country. That was 12 years ago. As for national economy, it had become outcast. There was no mention by the Minister of any further specific economies, and the recommendations of-the National Expenditure Commission appeared to have been relegated to oblivion. Cause of the Deficit. The whole of the deficit, and more, Mr Seaman said, was due to the venture of the Government in the field of exchange control. State spending was going up Instead of down, and was climbing ahead of the ability of the people to pay. Largely unremunerative State services were beltfl given precedence to needy industry and trade, and there was small encouragement for business in its efforts to speed up the wheels of commerce when it had to work harder than ever to fill the State coffers.