Australian Politics

Taranaki Daily News, Volume LVI, Issue 218, 14 March 1914, Page 5

Australian Politics

THE NEW SOUTH WALES PAR- ■ LIAMENT. | A LIGHTLY TAXED STATE. By Cable —Press Association—Copyright Sydney, March 13. The Budget stated that the last linancial year closed with debit balance of £1,107.000. Mr. Holman admitted that a serious blunder was made in dropping the Income Tux and Stamp Duties Bill. New South Wales was the most lightly taxed State in the Commonwealth, the taxation being 17s 3d Tier head. He nroposed to raise £35.000 by imposing a charge on outgoing vessels on the same basis as the charges on inward vessels. Companies were to be taxed upon their own profits at a flat rate of one shilling in the f.

Mr. Hoyle, Assistant-Treasurer, turned a deaf ear to a protest from a Labor Council deputation against the increase of tram fares. A heavy loss was incurred in working the tramways, and. they must be made to nay. He said he was convinced the loss would be covered if the fares were properly collected, and appealed to the Trades' Council to bring its influence to bear on tramway officials to do this, and soon the leeway would be made up and fares reduced again. PROPOSED MOTOR TAX. ABOUNDING PROSPERITY. MR. WADE'S PUNGENT CRITICISM. Sydney. March 13. i The Budget estimates that the income tax amendment will bring in £495,570, probate and stamp duties £ll3.ooo—a total of £643,570. This gives a surplus of £38,853 on the year's transactions. Owing to last year's deficit there wij! still remain a debit balance of £1,128,164 on June 30 next. As an alternative means of revenue the Government contemplated the control of the sale of petrol or a tax •■ motor-cars and lorries.

Despite the deficit abounding prosperity is being experienced, as is indicated by the expansion of the business of the Savings Bank, where the balance to the credit of depositors increased 'jy£2ooo,000 The loan expenditure for the current year will be at the same rate as last year. Out of loans amounting to £8,700,000 the sum of £7,700,000 was spent on ailways and waterworks. The most important work now in progress is the duplication of the main trunk line. Mr. Wade, criticism" the Budget, said the Premier's whole speech was devoted to the miserable confession that year after year he had been compelled to acknowledge a deficiency. The Government had not the moral courage ,to' nut its hands to the nlouab of reform and adjustment for fear of losing a few votes. The debate was adjourned till next Thursday.

INCOME TAX PROPOSALS. A STIFFER GRADUATION. Received 13, 10.10 p.m. Sydney, March 13. Mr. Hoi man's income tax proposals reduce the exemption from £3M to £250. and the graduation wfll vitv so as to commence at eightpertfc dtfng so as to reach fourteen pence in the pound on incomes in excess of £9,700. The previous graduation was from sixpence to a shilling. The revenue for 1914-15 is estimated at £20,039,000, and the expenditure at £19,506.000, leaving a surplus of £533,000.