FEDERAL POLITICS.

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 8963, 31 October 1907, Page 2

FEDERAL POLITICS.

MR WATSONS’ SUCCESSOR, For Press Association. —Copyright. Sydney, October 30. The Hon. Andrew Fisher, M.P. for Wide Bay, Queensland, has been elected by the caucus of the Federal Labour Party to succeed Mr Watson as Leader. (Mr Fisher was born in Ayrshire, Scotland, August 39th, 18(53. Wont to Queensland in 18S5. After mining experience ho became M.L.A. for Gympio 18934) and was Secretary for Railways and Minister for Works in the Dawson Government, 1590.)

The Budget was delivered tonight. About £40,000 per annum will bo provided for pensions for for those who, through sickness or accident, aro rendered incapable of earning their livelihood. The revenue for the year was £l3, •10(5,543, and expenditure £11,913,373. To bo added to this was a payment of £OIB,OOO to the Public Works ami Closer Settlement Funds, leaving a surplus of £1,471,000. The balance was liable to certain charges, which would leave a net surplus to carry forward of £1,012,000. Enough money 'was being found locally to carry on works. The Government proposed to relieve the burden on the people by making an exemption of £I,OOO under the income tax earned by individual effort.

October 31. Mr Waddell anonucod tliat Governmcut would pursue a vigorous policy of laud for settlement. Mr McGowan declared the labor party would oppose the remission because it did not tend to lighten the burden on the poor man. Sydney October 31. The closer settlement fund showed receipts to June 30 totalling £-184.490, expenditure £230,234. Loan expenditure for the year was £233,000 the lowest for ten years. Under 11 to income tax exemption, 21,000 persons will be freed from taxation to the extent of £83,000. Stamp duties will bo abolished from January Ist next involving a further rcdcutiou of revenue of £05,000. Tiie total revenue romitod this year is £550,000 and next year the amount will bo larger. A sum of £OO,OOO lias been set aside for increases to teachers’ salaries and £BO,OOO for now schools. Railways and tramways yielded a net return of £4 19s 4d per cent on the capital invested. The estimates for the current roar have been framed in view of the effect of’tho drought may have on the financial position. The estimated revenue is £12,799,945 expenditure £11,949,048 and leaves a surplus of £850,890 to which is added the' credit from last year making an aggregate, surplus of £1,888,831. Loan expenditure will bo confined to reproduction works and be limited to about £2,200,000.