BUDGET POINTS

Dominion, Volume 9, Issue 2799, 17 June 1916, Page 10

BUDGET POINTS

A RECORD SURPLUS

; Total net surplus, .£2,017,030 (a record).

Kuvenue for the year,-,£14,510,137, an increase .of JJ2,055,11t2. Departmental' economy slived ,£74,674 on last year's appropriations. A war loan of jiIU.UtW.iWO is asted for, in addition to unexnaustcd uuthurity to ruise No public works loan in New Zealand, but itoW.UUO may be raised irom Post Office funds.

Th<i Customs revenue was SGS— over the estimate. '

The Value of our exports was .£31,748,91:2 u> record;, and 600,000 more tttun tho provious year. . The land tux yielded an increas'o of .£'219,710, and (he income tax an increase of 4;Ss),Bol'over the 1915 figures. War pensions are expected to amount to J200.000 this year.

A wiir bonus is to be given to all civil servants, including railway servants and teachers, whose salaries do not exceed Jt'3ls per annum. This will absorb o^oo.ooo.

The estimated public works expenditure is oKjOOOjOUO (to bo provided from sources within the Dominion).

A social insurance scheme in conjunction with Friendly Societies is to be initiated, to provide a maternity bonus of it to members.

legislation to restore rents to pre-war rates and prevent increases during the war is promised. "l'he land tax on mortgages is to be repealed and an income ■ tax substituted oil the income derived from mortgages. Any income taxed elsewhere in the Empire will be exempted in New Zealand, <£3,325,000 will be invested in Imperial Treasury'bills as a. liquid resefve. War profits are to ho taxed .45 per cent.—the profit to he ascertained on the average of the three years' returns before the ivar. This tax is estimated to yield ,£2,000,000.

A special income tax of 5 per cent, is imposed upon incomes earned from all sources apart from war profits. This will be collected in March next, the estimated yield being ,£750,000. The ininimum of J3OO for income taxation is, not reduced, but a warning is given that this may he necessary next rear.

War bonds with a currency of twenty.five years, and bearing interest at i 4i per cent., free of income tax, are to be issued.-

The imposition of further taxation will depend lipon the amount required for the Supplementary Estimates. Private investment outside the Dominion is to be restricted by legislation. Authority is to be given to limit the rates of interest to be offered by- financial institutions. Legislation to secure an ample gold reserve in the Dominion is promised. Loans totalling i£6|274,953 were renewed or redeemed in London before March 31. ■£500,000 is to be provided for the purchase of land for soldiers.