COMMONWEALTH FINANCE.

Dominion, Volume 5, Issue 1481, 2 July 1912, Page 5

COMMONWEALTH FINANCE.

ESTIMATE EXCEEDED BY A. MILLION. By Telegraph—Press Association—Coi>yris:ht (Kec. July I, 10.5 p.m.) Melbourne, July 1. The Federal revenue for tho year is £20,531,605, which is £1,019,005 in excess of the estimate. Tho expenditure, including provision for subsequent years in respect of old ago pensions and Fleet construction, is -£IJ-,7J0,152, which is .£1,172,432 above tho estimato. This lias left «£5,52i,t122, or £18,172 abovo the estimate for Tehirn to the State. Treasurers. Tho Customs and exciso yielded £U,~n,W, and tlio Post Office .E3..911.25G, both being well abovo tho estimate. The land tax yielded .C1,36G,3"i3, which is £64,009 Tinder the estimate. Of the. ,61,515,000 set aside for Fleet construction, only £1,103,212 was expended. This was due to the strike in England. The amount of the credit of old ago pensions mid (ho Fleet construction fund increased this year by .-6320,900, making a total of £2,1G-i,UI. which represents the accumulated Federal surplus. TASMANJAN REVENUE BUOYANT. (Kec. July 2, 0.20 a.m.) Hobart, July 1. Tho State revenue for tho year was £1,081,382, which is .L'!!»,27!l abovo (ho estimate. There is a surplus of .621,000. Owing to tho buoyancy of tho revenue, tho Premier proposes to reduce (ho incoiuo tax. NEW SOUTH WALES SURPLUS. (Rec. July 2, 1 a.m.) Sydney, July 1. Tho revenue for tho year lias showed a. surplus of .£270,170.