NEW. SOUTH WALES BUDGET.

Dominion, Volume 1, Issue 32, 1 November 1907, Page 7

NEW. SOUTH WALES BUDGET.

: BIG REMISSIONS OF TAXES." BY TBLEORAWI—MESS ASSOCIATION—nOFTKIaHT.' ■'..-.■,. ■■.-,..•■, Sydney, October'3l. Tho Budget showed receipts in the closer settlement fund to June 30 totalling £484,490, ■with an expenditure of £236,234. The loan expenditure of the year— £1,233,000—was the lowest'for ton ■ years, . Undor the income-tax exomption on incomes earned 1 by individual effort, 21,000, parsons'aro freed from taxation to tho extontVof £33|000. . '.. . ■ Stamp■ duties,. involving' a further reduction of rovonuo of '65,000,' will be labolishod'from January : 1 next. ■■ • ; .. '■ '."■'.'. Tho total amount of revenue remitted this year is £550,000, and next year tho amount will bo'largeiv _" A sum of £GOjOOO is set aside-for.increases of teachers' salaries, • and : £80,000 .for:':'new sohools." ' •"■■ ' '> "'' • v ' Railways aud tramways yielded u net return of £4 IBs. -Id. per cent, oh the capital investocl: ■ , ,:. ■ Tho Estimates for tho current year are framed/in view 'of. tho effect the drought may have on the financial position. Tho ostimated rcvomio is £12,799,945, and tho expenditure £11,9-49,048, leaving-a surplus of £850,896, which, adding the credit from last year; will malce tho aggregated surplus' £1,863,531. Loan expenditure will bo confined to, reproductive works, and will ,be limited to about £2,200,000. .. . . ~-.'. Tho Treasurer (the Hon. T. Waddell), m making his Budget speech, announced that tho Government would pursue a vigorous policy of land for settlement. Mr. M'Gowen declared that the Labour party.would oppose the proposed remissions of taxation, because they did not tend/to lighten the burden of the poor man.