FEDERAL BUDGET.

Gisborne Times, Volume XXIII, Issue 1823, 1 August 1906, Page 2

FEDERAL BUDGET.

SATISFACTORY STATEMENT.

PENNY FO3TAGE TO BE ADOPTED

J>I(ISSS ASSOCIATION —COl-yiUGHT Reoeived 9.57 p.m., July 31 Melbourne, July 31. Sir John Forreet delivered tho Federal Budgot. Tho revrnuo is JE11,879.000, an increase of £414 000. Customs excise yielded £8,999,000, and is responsible for £200,000 of the increase. Stimulants and narcotics yielded £1,383.000. The post revenue was £2,825,000, on increase of £192,000. Tho expenditure amounted to £4,495 000, being £lll,OOO below the estimate. Received 10 3 p.m , July 31.

Tho estimated revenue for the current yea' is £11,969,000, BDd the expenditure £5 020,000. The coat of federation last yiar was Is 63 per head. It is estimated next year at Is 103. It is proposed to inaugurate ponDy postage throughout Au-tra'ia and the Empire from OotoDer next. The system will be extended to all countries which agree to deliver letters at the now rate. It is estimated that Ibis will result in an annual loss of £209,000. or £157,000 for nine months of this ficao» oial year,

THE TREASURER UNFOLDS A FINANCIAL SCHEME.

PRESS ASSOCIATION COPYRIGHT Received 11.22 p.m., July 31. Melbourne, July 31

The Budget shows that the amount returned to the States was £7,386,007. The estimated return next year is £0,951.000. The deductions include £200,000 towards the development of New Guinea, £284,000 for the sugar bounty, and £250,000 for the deportation of Kanakas.

Sir John Forrest referred to the prosperity of the pastoral and other industries. He outlined a scheme dealing with financial problems, He suggested that the State departments as existing at the establishment of the Commonwealth bo taken over as soon as possible, and the balance taken over as soon as an amendment of the constitution enabled it; that the Braddon clause ecase at the end of 1910. thereafter the States should be paid a fixed annual payment for ten years, on the basis of three-fourths of the average net revenue of the preceding live years, any balance to be returned on a per capita basis; that any new or additional Customs excise revenue be earmarked for a speeilic purpose such as old age pensions, but that any balance left after providing the same be returned to the States on a per capita basis ; that the book keeping system cease at the end of 1910 ; that the States undertake not to borrow on the London market except through the Commonwealth up to the end of 1920.