HAPPY TREASURER

Sun (Auckland), Volume I, Issue 162, 29 September 1927, Page 14

HAPPY TREASURER

AUSTRALIA’S SURPLUS TEN PER CENT. TAX CUT By Cable.—Press Association.—Copyright CANBERRA, Wednesday. The session of the Federal Parliament. which was formally opened by the. Duke of York, was resumed today at Canberra. The Budget was presented in the House of Representatives by the Federal Treasurer, Dr. Earle Page. He said an approximate statement at the end of July of the Consolidated Fund for the year 1926-27 disclosed a surplus of £2,622.688 on the year’s transactions. The actual surplus proved to be £2,635,597. The estimated surplus for the year was £149,381, so that the actual surplus was £2,486,216 in excess of the estimate. The accumulated surplus at June 30, 1927, amounted to £2.921,494, which would be allocated as follows: —Naval construction and reserve for defence, £2,000,000; science and industry investigations, £250,000; civil aviation, £200,000; national insurance fund, £200,000. The amount set aside for national insurance is to form the nucleus of a fund in connection with a scheme of national insurance, to cover which legislation will be introduced during the present session. The public debt at June 30 totalled £461,067,742. In view of the increased surplus, the Government had decided to reduce taxation on incomes by 10 per Cent. Land .fax would also be reduced to a similar extent. The Government would also legislate during the session to give effect to its policy of assisting citizens to own their own homes and for this purpose, £20.000.000 would be piovided. —A. and N.Z.

AMERICAN MOTOR-CARS

HIGHER IMPORT DUTIES CANBERRA, Wednesday. In the House of Representatives today the Minister of Trade and Customs, Mr. H. E. Pratten, announced that he would introduce a Bill to increase the import duties on all American motor-cars, with further preference for products of Britain. —A. and N.Z.

SHIPPING LINE

RETENTION NOT APPROVED CANBERRA, Wednesday. A report on the Commonwealth Shipping Line by the PuPlic Accounts Committee was read in the Senate today. It states that, having rega,rd to all the circumstances, the committee is of the opinion that the Commonwealth Line should not be retained as a direct Government activity. It. recommends the establishment ill Australia by Australians of a company to take over from the present holders the ships comprising the present fleet, and to run the line under the control of the company free from outside interests, with the utmost possible guaranteed support of the Government. A minority report by the Labour members of the committee recommends the retention of the line by the Government.—A. and N.Z.