FEDERAL BUDGET

Dominion, Volume 13, Issue 305, 18 September 1920, Page 7

FEDERAL BUDGET

DEFICIT EXPECTED THIS YEAR

NEW SOURCES OF REVENUE

By Telesraph-Presa Assooiation-OopyrleM Melbourne, September 17. The federal Budget estimates the revenue in 1920-21 at ~£63,864,000, and the expenditure, at leaving a deficit oi hvo and a half million. Tlie 11)20 surplus, however, Sir Joseph. Cook said, would leave a surplus of .£240,000 at June 30. Net revenue would' be derived from the. following sources: Beer duty, inoreased by sixpence'a gallon, ,£1,258,000; duty on spft-its, increased by 3s. a gallon, ,£300,000; tobacco, £375,000; postago on letters increased to 2d.; an. increase, of 3d. all round on telegrams; a 25 per cent, increase on telephone charges-total ,£1,233,000; and 5 per cent, extra on income- tax, yielding .£600,000, making a grand ; total, of .£3,766,000. The amusement tax would be amended to operate on Bs.'tickets and over. The war-time profits tax would lapse. • The increase of threepence. on telegrams includes a proportionate . increase... in the Press rates. The postage of letters to Britaita and the British Empire is increased to twopence. It is estimated that ,£62,241,000 will >e spent in the current-year, on war services, including £22,470,000 for the settlement of soldiers on the land, ,£4,500,000 -for ■ repatriation, and £7,250,000 for pensions. In order to pay off the war debt more rapidly, it is proposed to add one-half per cent, to the sinking fund on the jvar. loans, making the total. 1 per' cent;, yielding £3,200,000. The loans will thus be redeemed in thirty-seven instead of fifty years. The Estimates provide for ,£600,000 for- aviation, £900,000 for telegraph and telephone construction, and £250,000 for memorials and other work connected with those killed in the war. _ There, will be no more borrowing during the remainder of the year, except small sums for public works—Press Assn.

VOTE TO ASSIST IMMIGRATION. 1 (Rec. September 17, 5.5 p.m.) Melbourne, September 17. In the House of Representatives Sir Joseph Cook announced that £100,000 had lieen placed on the Estimates to assist in developing immigration to Australia. If it were found that more could l>e snent usefully more would ho provided.—Press Assn.

NEW DITTIES IN OPERATION. (Rec. September 17, 5.5 p.m.) Sydney, Sentember 17. The new • liquor and tobacco duties operated' to-day.—Press 'Assn.