WITH LABOUR AT THE TREASURY.

Dominion, Volume 7, Issue 2007, 14 March 1914, Page 5

WITH LABOUR AT THE TREASURY.

NEW SOUTH WALES .BUDGET REVIEWED. "FINANCIAL DEBAUCHERY " By leleEraph—Press Association—CoDyricht Sydney, March 13. Tho Premier, in. his Budget speech, said that tho last financial year closed with a debit balance of £1,617,000. Mr. Holman admitted that a serious blunder had been made in dropping tho Income Tax and Stamp Duties Bill. New South Wales was tho, most lightly-taxed State in tho Commonwealth, tho rato being 17s. 3d. per head. Tho Government proposed to raise £35,000 by imposing charges on outgoing vessels, on the same basis as tho charges on inwardbound vessels. Companies would be taxed upon their own profits at a flat rato of Is. in tho £1. Tho Budget estimates that the Incomo Tax Amendment will bring in £495,570, and probate and stamp duties £113,000. This gives a surplus 'of £38,853 on. the year's transactions. Owing to last year's deficit there will still remain a debit balance of £1,128,164 on Jiliie 30 next. As an alternative means of revenue the' Government contemplated taking over the control and sale of_ petrol, or a tax on motor-cars and lorries. Despite tho deficit, abounding prosperity has been experienced, and the Budget indicates an expansion of business. ' Tho Savings Bank balance to tho credit of depositors' savings increased by two millions. J Loan expenditure during the current' year will be at tho i same rato as last— viz., £8,700,000. Of this, £6,700,000 was spent on railways and waterworks. Tho ■ most important work now in progress is-the duplication of the. Main Trunk railway. Mr: "Wade (Leader of the Opposition), in criticising, the Budget, said the Premier's whole, speech had been devoted to a miserable confessionyear .after year he was compelled to acknowledge a deficiency. The Government, after its financial debauchery, had not the moral courage to put its hands to the plough of reform and adjustment for fear of losiiri a few votes. ' . The debato was adjourned till next Thursday. • TAXATION PROPOSALS. < (Rec. March 13, 10.10 p.m.) Sydney, March .13. Mr, Holman's income tax proposals reduce the exemption from £300 to £250, and the graduation is' altered so as to commence at 8d!, rising so as to reach 14d. in the £ on incomes in excess of £9700. The previous graduation was, from 6d. to Is. Tho .revenue for tho year 1914-15 is estimated at £20,039,000, expenditure at £19,506,000, and tho surplus at £533,000. 1 /