FEDERAL BUDGET

Dominion, Volume 13, Issue 304, 17 September 1920, Page 7

FEDERAL BUDGET

AUSTRALIA'S WAR EXPENDITURE

OVER SEVENTY MILLIONS PAID OUT OF REVENUE (By Telegraph-Press Association-Copyright (Kcc. September lli, 11.5 p.m.) Melbourne, September 16. Before a crowded house, Sir Joseph Cook (Federal Treasurer) delivered liis i Budget speech. Ho said the year's revenue in 1919-20 amounted to £52,782,718, an excess of £G,13G,113 over the anticipated revenue. The estimated expenditure out of revenue for 1919-20 was £19,570,203, mid the actual expenditure was £50,558,383. The total war expenditure to Tune, 1920, including indebtedness to the British Government, was .£381,119,019. Of this amount IS.G por cent, had 'been paid out of revonuo, namely, ,£70,710,184, leaving as expenditure out of war loan £310,132,335. Tho gross public dobt was estimated at £381,115,317, of which £335,15G,189 was war debt. Sir Joseph Cook said tho outstanding features of the financial situation woro heavy war debts, inflated credit, excessivo paper currency, and soaring prices all over the world. He was of opinion that an adequate sinking fund, capable of extinguishing tho war" debt, was an imperative necessity, and Government borrowi.ig must bo reduced by every possible means. In conclusion, referring to repatriation, the Treasurer said the total amount to June, 1920, expended for this purpose- was £19,0G0,775 — Press Assn. GREAT INCREASE IN VALUE OF EXPORTS. (Rec. September 17, 0.30 a.m.) Melbourne, September 16. During the Budget speech, in referring to trade, Sir Joseph Cook stated that the imports in 1913-14 were £79,719,000, and tho exports £78,571,000, while in 1319-20 the imports were £97,400,000 and tho exports £ÜB,sGl,Ooo.~Press Assn.