THE VICTORIAN BUDGET.

Globe, Volume XXII, Issue 2089, 3 November 1880, Page 3

THE VICTORIAN BUDGET.

[By Telbqbaph.J [Per s.s. To Anau, at Russell.] MELBOURNE, October 28. In the Assembly on Tuesday the Treasurer made his financial statement. After preliminary remarks in reference to the delay which had occurred, he stated that the estimated revenue for 1879-80 was £5,386,621, but the actual amount received was £5,063,384, leaving £389,884 as a debit balance to be provided for. JFor the financial year 1880-81, the estimated revenue was £4,010,364; treasury bonds, £600,000; sums due by other Governments, £161,000; interest from local bodies, £28,785; recoups, £136,721; other sources of revenue, £166,500; total, £5,846,476. The deficiency proper was £389,844, which, added to £200,000 from the railway loan and liquidation account, made the total deficiency £589,544; but of this £134,907 was from the preceding year, and £464,577 had accrued ast year. Although there was marked depression, they had entered on various important works. The Exhibition and defence works had been undertaken out of revenue. Last year these amounted to £147,741, while in the previous financial year they amounted to £182,519. Although it might be generally thought to the contrary, there had actually been a decrease in taxation. Government had set to work to reduce the expenditure in their several departments. In the Treasurer’s, the naval and military forces accounted in a large degree for the increase. It was intended to abolish the Artillery Corps. He would, at a proper time, be able to show that it was a useless and extravagant expense. This year also a large amount of compensation would have to be paid, so that the saving would not be shown to a great extent. It was intended to reduce the endowment to local bodies, also the charitable vote to £IOO,OOO. Patting together the various savings and necessary increases, the general result was a saving of £130,000. With regard to the revenue for the previous year, they had the advantage of having had experience for several months; and in sixteen weeks of the financial year which elapsed, the Customs and excise together more than realised the estimate, and the other departments were expected to fully come up to the estimate. Members would he surprised to hear that it was only required to make up £156,000 on these duties. The amount he proposed to make up as follows Increased duty on grain from Is to 2s per cental; maize 6d to Is: together realising £18,000; oils, 6d por gallon, realising £IO,BOO excise duty; beer, 2d per gallon, yielding £60,000; imported tobacco from 2s to 3s per lb, realising £IB,OOO ; excise duty colonial tobacco, Is per lb., yielding £15,900. Then the land tax would yield £70,000 more for the year. All the estates had been re-classified, and the tax would be made to yield what it was generally intended would be—nothing higher than Is, nothing lower than 3d, The excise on beer would be in the form of stamp duty, as in Tasmania. Mir Berry further stated that after providing for the estimated expenditure of £5,135,298, the revenue showed a credit to balance for next year of £2195. The £500,000 Treasury Bonds, extending over three years, therefore .would not be required to be provided for.