N.S.W. BUDGET

Dominion, Volume 15, Issue 56, 30 November 1921, Page 5

N.S.W. BUDGET

DEFICIT OF £1,979,000 ANTICIPATED GREAT LOSS ON WORKING RAILWAYS By Telegraph—Press Association— Copyright (Rec. November 29, 10.25 p.m.) • Sydney, November 29. In tho Legislative Assembly, Mr. J. T. Lang, tho Colonial Treasurer, delivered the Budget. He said that from a carefully revised estimate, ho anticipated tho year’s revenue would be .£34,824,000, and the expenditure .£36,803,000. In order to meet the deficit of A 11,979.000, ho proposed to increase the income tax so as to bring the total revenue to '.£36,820,000, leaving an estimated surplus of 4117,000. The chief causes of tho deficit and the need for extra taxation had been tho increased salaries of Public servants, under the Board of Trade award, totalling .£469,000, increased interest charges . c.i public works of <£172,000, a fall in revenue derived fropi existing sources of 4:482,000, and a deficiency on the ■working railways of <£1,100,000. The income tax receipts showed an estimated decrease compared with the previous year of <£541,000. Regarding the railways, tho Treasurer _ declared that the position was so serious that he had delayed placing the financial position before the House until he had exhausted all means of ascertaining whether any possible improvements could bo effected. In the five years sinco 1916 the aggregate deficits on the railways were 411,411,000, and the present year’s estimated deficit would make the total .£2,511,000. He was forced into the most unenviable position of using the general revenue to meet the railways deficit. — Press Assn.

GLOOMY FEELING IN THE ASSEMBLY. (Rcc. November 30, 0.50 a.m.) Sydney, November 29. Mr. Lang’s statement caused a gloomy feeling in the Legislative Assembly. Sir George Fuller in a short speech expressed this feeling, declaring that the Budget was a most serious one. He moved the adoption of tho Treasurer s suggestion thnt the debate bo adjourned for a week to enable members to consider tho position disclosed. Tho House has adjourned. Mr. Lang did not disclose his proposals regarding tho incidence, of the increased income tax, but there are good reasons for believing there will 'be a graduated tax on incomes ■of .£lOOO and over. Press Assn.