FINANCE IN N.S.W.
BUDGET SHOWS DEFICIT. LOSS ON RAILWAYS. By Telegraph.—Press Assn.-—Copyright. Received Nov. 29, 10.25 p.m. Sydney, Nov. 29. In the Assembly Mr. Lang (the Treasurer) delivered the Budget. He said that from a carefully revised estimate the anticipated year’s revenue would be £34,824,000, and the expenditure £36,803,000. In order to meet the deficit of £1,979,000 it was proposed to increase income tax so as to bring the total revenue to £36,820,000, leaving an estimated surplus of £17,000. The chief causes of the deficit and the need for extra taxation had been increased salaries to public servants under the Board of Trade award totalling £469,000, increased interest charges on public works £172,000, falling revenue derived from existing sources £482,000, and the deficiency on the working oP the railways £1,100,000. The income tax receipts showed an estimated decrease compared with the previous year of £541,000. Regarding the railways, the Treasurer declared the position was so serious that he had delayed placing the financial position before the House until he had exhausted all means of ascertaining whether any possible improvements could be effected, deficits on the railways were £1,411,000, and the present year’s estimated deficit would make a total of £2,511,000. He was forced into the most unenviable-posi-tion of using general revenue to meet the railways deficit.—Aus.-N.Z. Cable Assn. Received Nov. 30, 12.50 a.m. Sydney, Nov. 29. Mr. Lang’s statement caused a gloomy feeling in the Assembly. Mr. Fuller, in a short speech, expressed this ‘feeling, declaring the Budget, was a most serious one. He moved the adoption of the Treasurer’s suggestion that the debate be adjourned for a week to enable members to consider the position disclosed. The House then adjourned. Mr. Lang did not reveal his proposals regarding the incidence of increased income tax, but there are good reasons for believing that it will be a graduated tax on incomes of £lOOO and over.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/TDN19211130.2.44
Bibliographic details
Ngā taipitopito pukapuka
Taranaki Daily News, 30 November 1921, Page 5
Word count
Tapeke kupu
315FINANCE IN N.S.W. Taranaki Daily News, 30 November 1921, Page 5
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Taranaki Daily News. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in