THE BUDGET.
.SUMMARY OP THE MAIN POINTS,
', LAST YEAK'S OPERATIONS. Successful flotation 'of £ 14.000,000 for war purposes. Of this sum' £11,000,000 was subscribed within the Dominionj ipproximato cost, % per cent. Investment in London, increased to £7,000,0 pp. Redemptions and renewals effected amounted to £1,859,040. Completion of conversion scheme by which £2,133,000 was converted into long-dated securities. Net surplus of the year's revenue. £1,308,777. Public-works expenditure reduced to £1,278/922. Income-tax receipts incre&sed by £2.570,007. Post Office Savings Bank deposits increased by £3,436,644. I''.vcnty-fi.vo settlements purchased for discharged soldiers, making a totSl ftrea of 337,1)81 acres thrown open and fttail-' able for settlement. £<12,4-21 authorised for soldief-Settkia by way of financial assistance. 6,530 war pensions granted to 31st March, 1917, representing aa annual value of £342,195. ,i ■ - Total payments to producers for»upplies purchased on behalf of the Imperial' [Government, £27,810,11-8. Ri-cord collection of Cystoma and Excise revenue—over ' £tf,ooo,ooo. . Short-dated securities to Imperial Government for war advances converted,into long-dated securities. ' Gross war expenditure, "£'28,439,912. PROPOSALS. Additional provisions for remissions of rent to members of Expeditionary Force and discharged soldiers on the' land. Increased borrowing-powers under the jjjjjschargod Soldiers' Settlement Act| Provide for borrowing an additional £24,000,000 for war purposes. Provide for loan of £750,000 for pub-lic-'ttorks expenditure, including £250,000 for telegraph extension. Provide additional heavy taxation on persons failing to subscribe to war loans according to ttfeatis.' Provide £2,<i00,000 for employment o£ • discharged soldiers. '* ■ Abolition of excess-profits tax and in-' riv-e of income-tax on.a progressive . scale. iniostitutibn of a progressive land-tax (or ordinary ?,nd graduated taXes, Special war-tax to be levied on incomes at increased -schedule rates. Provision for inscribing lpans in Now Zealand. Amusement-tax. Continuation of war bonus to State employees. Increased- old-age, military, widows', and miners' pensions. Additional allowances to -soldiers' dopendents. Increase in Customs and Escito duties. CONCLUSION, , In concluding his Budget Statement the Minister said: Our obligations are great. That we can bear them aiid make proper provision for their repay-* mont is, il am glad to say, beyond "all doubt. As soon as the war has ceased and the full responsibilities eonnwttd with pensions and other unfinished liabilities have been ascertained it vill become necessary to readjust thft douhtr/'s taxation to meet it# raquifemants in normal times. Neither the industrial, commercial, agricultural, nor pastoral communities can produce the best results until a large measure of relief is . afforded.
The .Minister exposed hla acknowl* edgments of tlio magnificent work that the Kew Zealand soldi eft have dona in upholding the best traditions of their rate, and promised that -the fullest assistance of the Government will cheer- ( fully bo given to enable them to obtain, Government employment wherever it U possible, and in eases where it is necessary to do so. He hoped it would 1»6 possible next year to reduce the «ou4? try's taxation. 1
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Taranaki Daily News, 2 August 1917, Page 4
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466THE BUDGET. Taranaki Daily News, 2 August 1917, Page 4
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