NOTE OF OPTIMISM.

Taranaki Daily News, 30 September 1921, Page 5

NOTE OF OPTIMISM.

FINANCE OF AUSTRALIA. TURNING THE CORNER. SURPLUS FOR THE YEAR. By Talegraph.--Press Asan.— Copyrlgtt. Received Sept. 29, 10.40 p.m. Melbourne, Sept. 29. In the House of Representatives, Sir Joseph Cook delivered the Budget, which shows the revenue for the past year was £65,517,608, being £2,152,908 in excess of the estimate. The expenditure out of revenue amounted to £64,624,087, being £4,248,191 less than estimated, leaving a surplus of £893,521, and an accumulated surplus of £6,618,317. The estimated revenue for 1921-22 would amount to £61,787,350, and the expenditure out of revenue was estimated at £64,604,658. The estimated deficiency for the current year was £2,817,108, leaving an estimated accumulated surplus of £3,801,219. It was expected that the aggregate expenditure by the Commonwealth this year would be £11,476,682 less than last year. The proposed expenditure includes £7,009,000 for soldiers’ land settlement, and £4,000,000 for war service homes. The gross public debt at the end of last year amounted to £401,720,025, including the war debt of £359,606,719. Sir Joseph Cook struck an optimistic note, stating that the economic strain was easing, and it looked as if Australia was turning the financial corner. He added: “But unless something is done to relieve us of the tremenddus handicap of military armaments we may as surely lose the economic struggle as we won the military one.” The Minister said some concession and readjustment of the incidence of taxation was proposed, including relief in the case of mining ventures. The income of primary producers would be taxed on a five years’ average basis, and the rate of taxation would not be calculated by reference to the income during any year prior to 1920-21.