FEDERAL BUDGET.

Dominion, Volume 5, Issue 1508, 2 August 1912, Page 5

FEDERAL BUDGET.

SURPLUS OF £424,366COST OF NEW NAVAL SCHEME, RECIPROCITY PROPOSALS. I By Telegraph-Press Association-Copyright (Hoc. August- 1. 9.50 p.m.) Melbourne, August 1. Mr. Fisher, I lie Commonwealth Prime Minister and Treasurer, to-day delivered his Budget in the House of ]teprc.-*nta-tives. lie announced tlmt the revenue for 'file year ended Juno 311 la<-t totalled .£20,510,301. The Custom-, .yielded .fcll,7111,199, nil increase of .£1,729,7G5 over the previous year; the I'ost OHice ,£3,9tG,a99, an increase of .£-!G,599; and the Land '.Lax .CL,3GG,ISi, a decrease of .E:!S!II. The profits from the coinage were .EISG,4SfI, a decrease of .iM-,'lol. Tho expenditure totalled .£20,121,99;>, leaving a surplus of .0-12-I,3GG, which would b? credited io the fleet and old age ix>u- ; sions funds. This would make the total , paid to these funds, nnd'reprosenting the . surpluses of previous years. jt2.2G1.0-11. The amounts repaid to the .States during the year totalled .£5,914,125. The estimated revenue for the current ' year was <£20,422,000, and the estimated expenditure ,£22.083,511, including <£5,983,750 returnable to the States <£175,000 due under the Naval Agreement", and <£3,985,921 for new works and buildings. Hi-. Fisher indicated a large increasoMn the staff and facilities of the Postal .Department, including the erection of ten wireless stations. An Aviation School. Tho Defence Estimates would provide fov the establishment of an aviation school to train officers in aeronautics. Four machines had already been purchased. Tho naval expenditure had increased by .£370,407, and covered tho provision for the year of tho sea-going crews for the smaller.war vessels and gunboats for four months, and for the new cruisers when commissioned. Tho military expenditure had increased by. .£369,000, the universal training system having necessitated tho employment of large additional instructional staffs-, tlu< purchase of arms and general equipment, and tho reorganisation of certain Departments. The naval subsidy to Great Britain had been reduced -from JC200.000 to ,£175,000, owing to tho Commonwealth taking over tho warship Encounter. The estimated expenditure also included .£lO-1,401 for the trans-Continental railway from Port Augusta to Kalgoorlie. The Maternity Grant. Tho estimated Customs and excise revenue for the current year was <£14,511,000; tho Post Office receipts, JM-,202,000; and the land tax, X 1,300,000. Mr. Fisher said he expected to return .£5,983,750 to the States. Old ago pensions would absorb .£2.405,000; the maternity grant of „£5 per head for each baby born <£400,000, and the outlay on the preliminary work for tho Federal Capital .£IIO,OOO. Tho number of persons qualified to receive old ago pensions was 245,000. Tho loss last year through tho introduction of penny postago was .£245,C10. Reciprocity With New Zealand. Mr. Fisher touched on the question of reciprocity with New Zealand. Ho had expressed a desire to hear tho views of a largo number of representative New Zealandcrs, and as a result he was hop'eful that New Zealand would reciprocate with Australia, al all events as i'nr as old age pensions were concerned. Though this would be settled at an early date, lie "hoped the basis of reciprocity would bo much broader. Ho was sure it would be broader on trade lines. Thero was no limit to tho reciprocity lie believed in.