Victorian Budget.

Gisborne Times, Volume VI, Issue 199, 29 August 1901, Page 1

Victorian Budget.

By Telegraph—Press Association —Copyrigh Melbourne, August 28. The Federal Cabinet has had a long sitting dealing with tariff details.

The Budget shows that the Commonwealth celebrations cost £BO,OOO, but the increased revenue arising therefrom more than balanced it. The railway revenue was £3,309,000, the largest since 1891, the deficit on the railways for the year being £236,000. The accumulated deficit is £2,300,000, but compensation will be received from the Federal Government, extinguishing this. The income tax is steadily increasing, and in the year just ended was £220,000. For the present year it is estimated that the revenue will he £6,963,000, and the expenditure

£7,192,000 ; £14,000 of this deficit is due to unexpected demands for old ago pensions, and the balance on account of railway, £50,000. The previous year’s surplus will be devoted to paying off Treasury bonds, and the balance to reduce the estimated deficit of £143,000. If the anticipated tariff returns from the Commonwealth are realised, the deficit will he turned to a credit balance of £12,000, hut if not, Parliament will have to he called together before the end of the financial year to impose additional taxation. The old ago pensions expenditure is 'estimated at £225,000 instead of £300,000. The reduction has been effected by levelling the pension all round to seven shillings weekly. The total increased expenditure for the year, including transferred services, is £473,000.