THE BUDGET.

Taranaki Daily News, 17 June 1916, Page 4

THE BUDGET.

I A SUMMARY. I - [ HUGE TAX OX WAR PROFITS. I ALL INCOMES TAXED. , £12,000,000 LOAN. I LAST YEAR'S OPERATIONS. i i The most important items relating to 1 the financial operations of the past year are as follows; i A loan for £2,000,000 for public work* successfully floated within the Dominion. ' The establishment of a reserve off i £3,325,00 in London, i Redemption and renewals of loans , falling due in London up to March 31, 11)10, amounting to £0,274,653. i .Conversion of loans falling due in New i Zealand maturing up to December , > 1, IBM, to the amount of £208,900. i Conversion of loans falling due in New : Zealand maturing up to March 31, 1924, amounting to £1,991,000, into a new currency of 25 years. Treasury bills in Dominion paid off, £1,0(50,000. None have since been issued. 'Net surplus of the year's revenue, £2,017.030, War loans received up to the beginniM i of May from Imperial Govei ~ ment, £8,500,000. PROPOSALS FOR THE COMING YEAR. Reduce public works expenditure. Repeal mortgage-tax, and substitute i an income tax on sums invested on mortgage by owners. . t Abolish duplication of income-tax ;by i exempting in New Zealand income earned elsewhere within the Brl- ( tisli Empire, and which has already been taxed there. (Provide for annual bonus out of pro--1 fits of Public Trust Office to benefioiaries of estates. Provide for war bonus during war to * employees of all branches af the Public Service whose pay does not exceed £315 per annum. Provide £2,000,000 for internal expenditure. 'Provide £ 50ft,000 for purchase of land for-soldiers. p Adjust oonditona by legislation to , meet the changes war hits brought about in regard to banking. Provide for acquirement of 45 per cent, of profits realised by war conditions. Provide a proportion of monevs required in aid of war finance bv issuing war bonds in New Zealand. Provide s tax o ( f 5 per cent, on all incomes, exclusive of those obtained from wiir n v ofits, , 1 To regulate the transfer of moneys from the Dominion except for legitimate trade purnoses. i To regulate the rate nf interest chargeable on deposits. Provide for financial assistance to friendly societieSj Provide for bovro«;ing an additional £12,000,000 for war purpose?