The Budget

Southern Cross, Volume 1, Issue 15, 8 July 1893, Page 9

The Budget

ITS LEADING POINTS. The feature of the week in Parliament has been the delivery by the Hon. J. G. Ward, Colonial Treasurer, of his maiden Financial Statement. It appears to have been well received, and the Colonial “ keeper of the purse”, was warmly applauded at the close, i'he Statement occupies a good many columns, but its salient features can be readily summarised. The actual revenue for the year was £4,499,836, and the expenditure £4,153,125,. leaving an excess over outlay of £346,711, which with last year’s surplus of £165,571, gives a total of £512.282. Deducting from this £200,000 spent, with Parliamentary sanction, on public works, and allowing for a. deficiency in the land fund account, there remained on 31st March a net surplus of £281,780. The public debt of the colour now stands at £3,9257,840 —an increase of £544.773, largely due to tha conversion of loans, and which had resulted in an annual saving of £53,000 in interest. The revenue for the current year was estimated at £4,539,700, and the expenditure at £4,409,371, leaving, with balance from last year, a surplus of £384,109 —this being subject to the requirements of the supplementary estimates. Doing the year 1,663,687 acres have been disposed of, or an increase of 210.609 acres, and 558 selectors, over the previous year. Owing to the large areas of new lands to be opened up, subsidies to local bodies will not be discontinued. In future all improvements will be exempted from the operation of the land tax, but in view of the important concession which this will prove to companies and owners of landed property of large value, the Treasurer says he may fairly ask them to acquiesce in the proposal to make good a part of the revenue lost by slightly raising the rate of the graduated land tax on the unimproved values of properties over £IO,OOO, and thus increase the revenue from graduated land tax by £19,000. Beyond placing a representative of the Government on the Board of Railway Commissioners, no change will be made in the control of the lines. No borrowing is to be resorted to, but Parliament is to be asked for authority to transfer a suitable sum from the surplus for the purpose of providing settlement, and for the carrying on of public works.