COMMONWEALTH BUDGET.

King Country Chronicle, Volume V, Issue 318, 7 December 1910, Page 5

COMMONWEALTH BUDGET.

By Tolcsniph. -l'n>ss Association.—Copyright Received December 7, 12.30 a.m. Sydney, Last Night. Mr McGowen, in delivering his Budget in the House of Assembly, called attention to the Departmental Estimates prepared before the Government took office, and the short time at their disposal, which did not allow of any change of policy or rcoragnisation of finance. All they could do was to modify their estimates to meet a diminishing revenue for the financial year. The estimated revenue last year wai £14,279,927. The actual receipts amounted to £15,197,750, and the expenditure was £14,230,386, or £130,513 in excess of the estimated revenue for the current year of £14,393,621. The estimated expenditure was £14,390,181, leaving a surplus of £93,440. It was proposed to make no additional taxation at present, but during the recess to seriously consider the new taxation which would be necjssary to balance accounts.

Received December 7, 8.40 a.m. Sydney, This Day. Mr McGowen's Budget for the past year opened with a credit balance o£ £637,677, and clo3ed, taking all sources into consideration, with a surplus of £989,766. The railway earnings gave a net return of £4 lis 7d per cent, on the capital expenditure, and tramways ,£4 10s 6d. During the year the railways and tramwaya carried over 254,000,000 passengers without a single fatality. The Harbour Trust proposals include largely increased berthing accommo k dation for vessels. It is proposed during the current year to finance the closer settlement fund by £850,000 from a loan, making £963,000 available. Practically the whole of this will be expended in the acquisition of land and contingent expenses of settling people. Tho total advances made to settlers so far amount to £1,362,853, whereof £796,752 is still to be repaid. The public debt was last year £90,307,416, and waß reduced during tie year to the extent of £282, 613. Current accounts in the Government Savings Bank number to 363,172, representing £14,559,529. The estimated return from the Commonwealth would be £1,370,000 less than last year. It would be necessary to practice the most rigid economy to prevent the revenue being short, of the expenditure.