GROWING DEFICIT
("Post" Special Commissioner).
NOW EXPECTED TO EXCEED FIRST ESTIMATE BY OVER £1,000,000 HEAVIER TAXATION FORECAST
WELLINGTON, Monday. According to the Budget which the Prime Minister, the Rt. Hon. G. W. Forbes, presented to the House of Representatives on July 30, the prospective deficit was £6,850,000. Of this amount he proposed to make up £5,056,000 by reductions in salaries and wages, the use of reserves, the suspension of funded debt payments under the Hoover plan, and general economies, leaving approximately £1,800,000 to be provided by additional taxation. There are now grounds for believing that the deficit is over £8,000,000. It is hoped to save over £1,000,000 on Government expenditure and the balance will be made up by direct and indirect taxation, including income and investment taxes. There seems to be a likelihood of an increase in unemployment taxation as it is stated that more money is necessary for Mr. Coates's land developmenfc scheme.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/RMPOST19311006.2.33
Bibliographic details
Rotorua Morning Post, Volume 1, Issue 37, 6 October 1931, Page 3
Word Count
154GROWING DEFICIT Rotorua Morning Post, Volume 1, Issue 37, 6 October 1931, Page 3
Using This Item
NZME is the copyright owner for the Rotorua Morning Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in