BUDGET SUMMARY

Dominion, Volume 10, Issue 3152, 2 August 1917, Page 7

BUDGET SUMMARY

MAIN POINTS SELECTED THE ACHIEVEMENTS AND THE AIMS In his financial Statement delivered in tho House last night Sir Joseph Ward introduced an excellent summary of the year's operations and his proposals. "For tho convenience of honourable members," said Sir Joseph Ward, "I summarise the most important items relating to ttie financial operations for tho past year." THE YEAR'S OPERATION'S. ■ Successful flotation of £16,000,000 for war purposes. Of this sum .£11,000,000 subscribed within tho Dominion; approximate cost, one-half of one per cent. Investments in London miroaswl to i! 7,000,000. Redemptions and renewals effected amounted to i1.859.0tt. Completion of conversion scheme by which ,£2,133,000 converted into longdated securities. Net surplus of tho year's revenue, £i,308,777. Public works expenditure reduced to Incomo tax receipts increased by £2,870,007. . . Post Office Savings Bank deposits increased by £3,mMi-Twenty-five settlements purchased for discharged soldiers, making a total area of 337,901 aorcs thrown open and available for settlement. £G2,i21 authorised for soldier-settlers by way of financial assistance. 6530 war pensions granted to March 31, 1917, representing an annual value of .£342,195. . : Total payments to producers for supplies purchased on behalf of the Imperial Government, £27,819,110. Record collection of Customs and excis! revenue—over £'1,000,000. Short-dated securities to Imperial Gov. eminent for war advances converted into long-dated securities. Gross war expenditure to June JO, 1917; £25,439,912.

THE PROPOSALS. I also placo in concise form tlio new proposals submitted to honourable members:— . . . . . Additional provision for 1 emissions ot rent to members of Expeditionary Forces and discharged soldiers on tho land. Increased borrowing powers under the Discharged Soldiers Settlement Act, 1915. Provide for borrowing an additional £2-1,000,000 for war purposes. Provido for loan of £750.000 for publib works expenditure, including £250,000 for telegraph extension. Provido additional taxation en persons failing to subscribo to war loans accordin?, to means. Provido £2.000,000 for employment of diyharged soldiers. Substitution of a progressive land tax for ordinary and graduated Taxes. Abolition of excess profits fax and increase of incomo tax on a progressive scale. r ' Special war tax to bo levied on incoiiu.s at increased schedule ratcs ; Provision for inscribing loans in. New Zealand. Portion of loan to bo available for payment of death duties. Amusement tax. Continuation of war bonus to State emnloyees. Increased old-age, military, .widows' and miners' pensions. A.'uTfional allowances to soldiers' dependants. Increase in Customs and excise duties.