AUSTRALIAN POLITICS.

Taranaki Daily News, 8 March 1917, Page 4

AUSTRALIAN POLITICS.

AN UNSATISFACTORY BUDGET. A GRAVE CRISIS, Auatralian-N.Z. Cable Association. Melbourne, March 7. Mr Hughes, in a statement of the tip-' cum'taiicos leadh:* to the dissolution, saiii Hint since 1.:? I:a'l asked for au ex* tension of the life or Parliament there liad arisen grave reasons which could only be disclosed to member? of tbe Chamber. This knowledge should make clear the danger that now assailed the Empire. This was the gravest crisis of the war. Meferring to -Labor opposition to the prolongation of Parliament, he paid—■ "Wo have done everything possible to Hecuro unity and follow the lead of Britain, and tne other dominions, but the [Opposition will not permi us. They ■?are nothing for the Empire They tare for nothing except its dosvnf.ill." In the House of Representatives, th<j Treasurer nnexpeet;lV delivered the Financial Statement. jt.» .aid the outstanding features of the 1910-17 estimates were the great increases of revi enue and the greater increase of expeiii diture. The estimated revenue for the period was £53,309,2!)0, lesa a million, the estimated revenue from the detained enemy vessel.?. The i>ctual revenue fcr IDIS-16 was £30,110,007. Tlio ex-i pchditure 'nit of r.h» revenue, ret included in the war expenditure for J9is< 10, was £23,flSi,»>3,' and the estin/ata for 1910-17 £25,(>39,45J, a startling ineicase, leaving t!ie wav oiii oi t.'on. The lain 17 estimates showed a rev< orine of £n2,0<19,2»0 am", expenditure' £28,(539,4.15, leaving a bulanre not sufficient to meet the war expenditure payable from revenue, which amounted to £f103,551. and apparently leaving a surplus of .-eSM,3B4. _ Although they could pay their way cut of the revenue during the year there really would be adeficit of £2,033,710. The position was very unsatisfactory, and a policy of self-denial was required. Immediate action was necessary to cum tail expenditure. The war expenditure from the loan amounted to SO millions yearly. The notes in circulation amounted to £4O, against which £10,139,482 was held in gold,' The w.ir expenditure in 1916-17, not including interest and sinkin" fund and war pensions which would be charged to revenue, was estimated at £78,782,304. The public debt of thq Commonwealth wag now £159,008,758.