N.S.W. BUDGET

Hokitika Guardian, 22 September 1932, Page 5

N.S.W. BUDGET

DIFFICULT TASK EXTRAVAGANCE OF MR J. LANG. (Australian Press Association.) SYDNEY, September 21. The New South Wales Premier and Treasurer, Mr Stevens, delivering the State budget, emphasised the extraordinary difficulty of the budgetary task, owing to tlie chaotic condition of the finances, when he took office. Re. said his predecessor, Mr Lang, spent 25s for every 20s collected. He lived from week to week, meeting only sue!) cash payments as could not be evaded, anfi driving compulsory loans by not meeting interest and other debts. The outcome was that, during eighteen inout.lis, debts amounting to twenty mi.lions bad accumulated either by way of treasury bills or unpaid accounts. Mr Lang’s year ended with a defieienty of £14,227,844. He added that the position in the current year is as follows : —Estimated expenditure., \ £49,535,082; receipts from all sources, £45,185,082; leaving a. deficiency of £4,350,000. Mr Steve - is said his budget represented an honest effort to confirm to man*, agoable proportions, the appalling drift and to ensure that there would be no default iri either tho public or Social services, Ho anticipated the receipts, after allowing for a reduction in rail freights, taxation, and rates of interest, would show an increase of £2,768.292, while the expenditure was estimated to show a decrease of £7,109,552.

DEFICIT GREATLY REDUCED. RELIEF EXPECTED NEXT YEAR. (Received this day at 9.30 a.m.) SYDNEY, September 21. Mr Stevens announced there would be no increase in taxation, but next year, if circumstances warranted, as he believed it would, the Government working in co-operation with the Federal authorities would lighten the burdens on industry, giving it every chance to expand, and increasing the safety margins of investing securities. The Government intended to reduce the unemployment relief tax on earnings below 70/- a week. Rates of interest to Crown debtors would be reduced, benefitting largely the working folk iD the metropolitan Area. Rationing would be discontinued on railways, tramways and social services, where overlapping would be co-ordinated. The whole net profits of the State lottery would oe devoted to hospitals. Rail freights on wool and live stock had already been’ reduced by- ten per cent. Coal freights had already been reduced. Widows* pensions would be reviewed with a view to seeking out those not entitled thereto. The- net loss on tho railways last year was £4,555,664. The estimated loss for the current year was £1,976,000. He expressed satisfaction that the huge annual expenditure on the harbour bridge had ended, and also, that the major cost of undergrounding the city railway had been defrayed. These works were now in a reproductive stage. The Budget disclosed that the Government had been able to reduce the deficit by many millions, and now promised to redvxce the cost of Government for the current year by over seven millions. Everything was working out in accordance with the Premier’s p’an, preparing the way for a complete national recovery.