AUSTRALIAN POLITICS.

Taranaki Daily News, Volume LV, Issue 64, 2 August 1912, Page 5

AUSTRALIAN POLITICS.

FEDERAL PARLIAMENT. THE BUDGET. By Cable —Prea* Association—Copyright. Received 1. !).2f) p.m. Melbourne, August 1. In the House, Mr. Fisher delivered his Budget. The revenue for the year ended June 30 was £20.540.361. Customs yielding £14,710.19:) (an increase of £1,729.765), Post office .£3.010.59!) (an increase of £40.599), land tax £1,366,454 (a decrease of £2891). profits from coinage ■£156,489 (a decrease of £42,404). The expenditure was £20.121.995. leaving a ■nrplus of £424,300. which was credited to the fleet and old age pensions funds. making a total thereto paid and representing the surpluses of previous years pf £2:261,541. The amounts repaid to the Stales during the year totalled '£5.944.425. The estimated revenue for the current year was £20,422.000. and the exenditure £22.083.541, including •.£5.98:1.750 returnable to ihe States. ■£170.000 under the naval agreement, and ■£3.985.921 for new works and buildings.

Mr. Fisher indicated a large increase in the staff and facilities in the Postal Department, including ten wireless stations. The defence estimates provide for the establishment of an aviation school to train officers. Four machines have already Ven purchased. The naval expenditure was increased by £370.407. covering provision for a year for the seagoing crews of smaller war vessels and gunboats, and for four months for the new cruisers wlnn commissioned. The military expenditure was increased by !.■CMD.fMX), the universal training system necessitating large additional instructional staffs, arms and general equip ment. and a reorganisation of certain <e|>artmcnts. The naval subsidy to Britain was reducd from £200.000 to £175,000. owing to the Commonwealth taking over the wa-ship Encounter. The estimated expenditure includes £104.401 for the Port Augusta railway. Mr. Fisher continued that it was estimated tSat Customs and excise for the current year w.mhl yield £14.511.000, post office £4.202.000,'1and tax £1.300,000. It is expected that the Federal Government will return €5.083.750 to the States. Old age pensions will absorb •£2.405.000. maternity grant (£5 per head! t'400.000. and the outlay on pre-

liminarv work for the Federal Capital • £110.(100. The number of persons qualified to receive old a tie pensions is 245.000. The loss la c t year through the intriidilction. of penny ;» \.-taje was £245.000. Received "2. 12.55 a.m. Melbourne. August 1. Mr. Fisher ton:h'<! on reciprocity with New Zealand. ll.' : >xl heard the views of a large number of representative New Zealanders. and as a r»sult was hopeful that Australia would reciprocate, at all events as far as oid age pensions were roneerned, though this would be settled at an early datp. TTe hoped the basis of reciprocity, however, would be much fcroader. He was sure it would be broader on trade lines. There was no limit to the reciprocity he believed in. RACK-RENTING. Sydney. August 1. A feature of the ensure debate wan that Mr. Cochrane, a T.aborite. accused the Government of rack-renting.