AUSTRALIAN NEWS

Dominion, Volume 8, Issue 2504, 3 July 1915, Page 7

AUSTRALIAN NEWS

FEDERAL REVENUE RETURNS WAR DEFICIT OVER 1 FIFTEEN MILLIONS. By Telegraph—Pross Association—Copyright Melbourne, July 2. The Federal Tovonuo for the year was £22,364,261, and the expenditure £37,122,768. The excess of £14,758,504 is met by a war loan of £14,100,000, and Treasury bills for £658,504. Thero is a deficit of £15,980,905 owing to a •War 'expenditure of £15,106,182. The Post Office expenditure exceeded the revenue by £623,275. Commonwealth notes circulated amounted to £32,500,000, against which there was a gold reserve of £11,939,000. The expenditure upon old age and invalid pendons for the year was £3,394,000. ' Of the £18,000,000 loan granted by tlie Imperial Government, and the subsequent £6,000,000 loan, about £14,000,000 has already been received. It is understood that an early loan tn finance public works and for other purposes will be floated. Possibly Mr. Fisher will follow tho example of the Imperial Government by appealing to tho small investor. _ Mr. Fisher, 1 in announcing lie financial position, said the Commonwealth's difficulties were not all visible, but there was good reason, with care and caution, for courage. But for the war there would have been, a, surplus: of £347,678. ■ STATE RETURNS. Melbourne, July 2. The Victorian revenue for the year Was £10,144,688, a decrease of £458,129.Adelaide, July 2. Tho revenue of South Australia for the year was £3,995,294, a, decrease of £827,472, Brisbane, July 2. Thef revenue for . the year was £7,202,058, an increase' of £229,400. The year ended with a surplus of £3259, Hobart, July 2. The. Governor, in. opening the Tasmanian Parliament, roferred to the war, ! and stated that there .was financial stress aheacl. Tho Bills promised include measures for the regulation of the" price of food and earlier closing of hotels.PUSHING RECRUITINC, WORK FOR PAR.LIAJffiNTAR.IANS. . ' Melbourne, July 2. .In tlie Bouse the Prime Minister (Mr. Fisher), in reply to suggestions for pushing recruiting, said that if the parties were agreeable they could pair and thus allow some members to assist m recruiting without interfering with the Parliamentary work. He undertook not to introduce the tariff or.contentious legislation during the truce. Asked if he would' follow the example of the New Zealand Parliament in forming a committee to deal with War . matters, Mr. 1 Fisher pointed out that parties there were practically even. RECORD PRICES FOR FAT STOCK. /UNPRECEDENTED SCARCITY. , Sydney, July 2. Fat stock is _ unprocedeiitedly scarce, and record prices are ruling. Prime bullocks, in a normal season worth £13 to £15, are bringing £27 and £30, and upi to £34 10s. sheep, nominally 15s. to 18s., are being sold at 30s. to 50s, iITEMS IN BRIEF* • "POOLING WEST AUSTRALIAN . FLOUR. STOCKS. .... Perth, July 2. : The Foodstuffs Board has notified its Intention to acquire and pool all flour stocks .not required for. immediate consumption. METAL INDUSTRIES TO BE DEVELOPED. , Melbourne, July 2. The "Federal Government is taking steps > to develop the metal industries, and' insure that the output will reach British hands. BUILDING TRADE IN' WAR TIME. Sydney, July 2. The effects of the war are shown in the building trade. . For the year ended June 13, 8538 buildings were erected in the metropolitan area, compared with 9928 for tho previous year, a decrease in outlay/ of £1,205,000.: •MEAT EXPORT INQUIRY. Melbourne, July 2. The report of the Select Committee investigating the statements in connection with.the export of meat, imputing improper, conduct to W. C, Angliss, finds .-that the. statements are not proved. ' "• ! A HIGH PRICED RAIL, Sydney,' July 2. The Collins' Company of South Australia. paid two .thousand guineas for the Bundemar-Estate ram Lord Charles, a record price for New South .Wales.