COMMONWEALTH CABLES.

Stratford Evening Post, Volume XXXVIII, Issue 61, 13 March 1914, Page 6

COMMONWEALTH CABLES.

[BY EIEOTRIO TEraGRAra-'CQFYBIGHT 1 United Pit ess Ajsbooiation. |

(Received 10.20 a.m.)

Sydney, March 13. The last financial year closed with a debit balance of £1,176;000.' Mr Holmau admitted a serious blunder had been made in dropping the Income Tax and Stamp. Duties Bill. New South Waleß was the most lightly taxed State in the Commonwealth, being 17s 3d per head. He proposes to raise £35,000 by imposing charges on outgoing vessels on the same basis of the charges on inward vessels. Companies will be taxed upon their own profits at a' flat rate of a shilling in the pound. Fire destroyed a portion of Morley Johnson's furniture warehouse in George Street. The damage is estimated at £SOOO. Barret's boot factory at Redfern was destroyed by fire. Two horses .were incinerated in the stables adjoining the factory. Adelaide, March 13. Two Englishmen, named Clement ,Baker, a steward, and Armytage, a cook on the steamer were bathing, when they were carried out by the tiide and drowned. Armytage's body was recovered. (Received 10.45 a.m.) Sydney,' March 13. : The Budget estimates that the In* come Tax Amendment Bill will bring in £495,570, and probate and stamp idutiesx£ll3,ooo,' aV total; of /£643,570, This gives a surplus of £38,853 on the year's transactions. Owing to the last year's deficit there will still remain a debit balance of £1,128,164 on June 30th next. As an alternative means of raising revenue the Government contemplated taking control of the sale of petrol or to tax motor cars ' and lorries. Despite the defiicit, the \ abounding prosperity experienced was, indicated by an expansion of the business of the Savings Bank. There was a good balance to credit of depositors, and savings increased by two millions. The loan expenditure for the current year was at the same rate «i last yeai—£"B,7oo,ooo. Of this £7,700,000 was spent on railways and waterworks. The' most important work now in progress was the duplication o{ the main trunk line. Mr Wade, criticising the Budget, said the Premier's whole speech was devoted to a miserable confession. Year after year he was compelled to acknowledge a deficiency. The Government, after its financial debauchery, had not the moral courage to put its hands to the plough of reform and adjustment, for fear of losing a few votes. The debate was adjourned till next Thursday.