AUSTRALIA'S FINANCES.

Taranaki Daily News, 17 September 1920, Page 5

AUSTRALIA'S FINANCES.

REVENUE EXCEEDS ESTIMATES. BURDEN OP THE WAR. By Telegraph.—Press Assn.—Copyright. Received Sept. 10, 11.5 p.m. Melbourne, Sept. 16. Before a crowded House, Sir Joseph Cook delivered his Budget speech. He said the year's revenue for 1919-20 amounted to £551,782,748, an excess of £6,436,113 over the anticipated revenue. The estimated expenditure out of revenue for 1919-20 was £49,570,203, and the actual expenditure £50,558,383. The total war expenditure to June, 1920, including indebtedness to. the British Government, was £381,149,018. Of this amount 18.6 per cent has been paid out of revenue, namely £70,716,184, leaving as expenditure out of war loan £310,432,335. The gross publie debt is estimated at £381,415,317, of which £335,480,489 is war debt. Kir Joseph Cook said the outstanding features of the financial situation are heavy war debts, inflated credit, excessive paper currency, and soaring prices all over the world. He was of opinion that an adequate sinking fund, capable of extinguishing the war debt, was an imperative necessity, and Government borrowing must be reduced by every possible means. _ln conclusion, referring to repatriation, he said the total amount to June, 1920, expended for this purpose was £19,000,775. He announced that the Government had decided to proceed with the erection of the Federal Capital at Canberra.—Aus.-N.55. Cable Assn. Received Sept. 17, 12.30 a.m. Melbourne, Sept. It!. During his Budget speech, referring to trade, Sir Joseph Cook stated that the imports for 1913-14 were vaKwl at £79,749,000. and the exports £78,571,000, while for 1010-20, iho imports were £97,458,000. and the exports ! £14£,564,000. —Aus.-WZ. Cable Assn.