FINANCIAL DEFICIT

New Zealand Times, Volume LIII, Issue 12606, 17 November 1926, Page 8

FINANCIAL DEFICIT

TAX ON PUBLICATIONS Br Telegraph.—Press Assn.—Copyright. (Received November 17, 1 a.m.) SYDNEY, November 16. Mr J. T. Lang, Premier of New South Wales, delivered his budget speech today. He said, as previously published, that the year’s operaticfti6 resulted in a deficiency of 3?1,2?74,3<i3, and added that no good purpose wouTTT be served by submitting to the Hohse the figures relating to the operations of the past financial yea*. The actual expenditure for the past financial year was £39,924,000, or £958,000 in excess.of the estimate. The public debt proper at the end of June fast amounted to <£209,493,012, or £8,090,686 more than it amounted to a year earlier, atftf the ftfthl State indebtedness, including closer settlement debentures, amounted to £213,173,512, a deficiency of £743,884. The forecast for 1926-27 was: Receipts estimated at £42109.990, and expenditure £42,858,874. Mr Lang continued that the deficit would be covered by a motor tax of £330,000 to be withdrawn from the Main Roads Board, anuTjy a tax on publications which was estimTfted to produce £400,000. With this additional revenue the operations for the current financial year were anticipated to sho.jv a surplus of £139,116. Although droughty conditions affected the State finances to some extent last year, the seasonal prospects this ye'ar were much brighter and the general prosperity of the State excellent. A marked development was noticeable on all 6ides and the conditions of the masses were never better. ysr Lang declined to state the nature of ithe proposed publications tax.