FEDERAL FINAFCE.

Hokitika Guardian, 7 March 1917, Page 3

FEDERAL FINAFCE.

A Seritius Position. \ Melbourne, March 7 In the House of Representatives the Treasurer unexpectedly delivered the Financial S'atsmenf. He said the outstanding features of 1916-17 estimates were the great increases of revenue and there was a greater increase of expenditure estimated. The revenue for that period was

£33*909,290, lesi a miil on estimated revenue from detained enemy vessels. The actual revenue for 1915-16 was £30,116,007 and expenditure out of revenue not included in the war for 1915-16, was £23,984,358 and t!.e estimate for 1916 17 £28,639,455, a startling increaie. •\ Leaving the war oat of coasidei’ition the 1916-17 estimates showed a revenue of £35,909,290 and expenditure £28,639,455, leaving a balance not snfficient to meet the war expenditure payable from revenue, which would amount to £903,551 and apparently leaving a surplus of £366,384. A 1 hough we could pay our way out of levenue during this year, owing to three millions brought forward from last year, there really wiil be a deficit of £2,633,716. The position is very unsrttisfaotory

and a policy of self-denial is required. Immediate action is necessary to curtail expenditure. The war expenditure from loan emounted to eigtny millions yearly, Notes in circulation amount to £46.578,069 against which £16,139,482 is held in gold. The war expenditure for 1916-17, not including inteiest, sinking fund and war pensions, which are charged to revenue, are estimated at £78.782,364, The public debt of the Commonwealth is now £159,068,758.