FEDERAL FINANCE

Hokitika Guardian, 12 June 1931, Page 6

FEDERAL FINANCE

BALANCING FEDERAL BUDGET. (Australian Press Association.) MELBOURNE, June 11. Hon. E. G. Theodore, Federal Treasurer, anticipates for the next year a budget deficit of £4,380,000. His budget provides for doubling the sales tax, to raise an additional four millions. By an increase in the primage duty of six per cent, an extra £2,400,000 of revenue is to be secured, while £2,470,000 will be saved by debt conversion; £3,350,(XX) will be saved in reductions in invalid, old ago, and war pensions, and maternity allowances; £1,700,000 in salary cuts, and a million in other adjustable expenditure, and £1,500,000 in increased income tax. The total improvement by revenue and economy is thus estimated at £13,950,000. The monthly balance sheet issued under the Melbourne agreement shows that the Commonwealth deficit increased in May by £1,647,000 to £1,754,000. THE STATE BUDGETS. MELBOURNE, June 11. The proposals by the various Governments, submitted to the Premiers’ Conference, in regard to budgeting for a reduction of twenty per cent., were made available. The Victorian Treasurer’s budget estimates anticipate a deficit next year of £1,310,000, South Australian anticipates a deficit of £1.500,000 Queensland see s a deficit of £761,00, West Australia’s deficit will be £1,200,000, and Tasmania’s £90,000.

MR LANG’S APPEAL

FOR VOLUNTARY SALARY CUTS

MELBOURNE, June 11

The most interesting of the States’ budgets outlined at the Premiers’ Conference was that submitted by Mr Lang, . who anticipates at the end ot the year that New South Wales operations will show a deficit of £5,410,000, after allowing for a saving of £1,300,000 in interest, £1,300,000 by salary re ductions, £2,000,000 by other adjustable expenditure, and an anticipated additional revenue of a million and a half under the proposed Transport Bill. Air Lang stated that his Government proposed to reduce the salaries of the persons in its employ to a maximum limit of £SOO a year. This included the Governor, judges, members of Parliament, and people holding statutory appointments. “It is not proposed, of course,” he said “to bring in legislation directly cutting the salaries of those people to £SOO. We will deal with them as we deal with bondholders. Wo will point out the position in which the country finds itself, and make a strong appeal to their patriotism, and ask them to return to the State all money they receive in excess of £SOO. Should they fail to we, will then have to intjo-, 'tiuce legislation similar to that which the conference proposes to be brought in to compel the tax-free bondholders to convert.”

A TEMPORARY LOAN. MELBOURNE. June 11.' At the Premiers’ Conference it was decided to approach the banks to underwrite a temporary advance of eight and a-lialf million sterling to be made available at the rate of a million monthly, to assist necessitous wheat farmers and relieve unemployment. NEARLY 9 MILLIONS DEFICIT. (Australian Press Association.) (Received this day at 9.25 a.m) SYDNEY, June 12. The State expenditure for eleven months of the financial year exceeds the revenue by £8,897,241. The revenue totalled £35,063,294 and expenditure £43,960,535.