STRALIA’S PURSE.

Taranaki Daily News, 18 August 1922, Page 5

STRALIA’S PURSE.

PAST YEAR’S BUDGET. SMALL DEFICIT SHOWN. CONFIDENCE IN FUTURE. By Telegraph.—Press Assn.—Copyright. Received Aug. 17, 11.10 p.m. Melbourne, August 17. In the House of Representatives, the Treasurer delieverd his Budget speech. He said the expenditure amounted to £65,106,949, while the revenue amounted to £64,895,046, leaving a deficit of • £211,903. The surplus brought forward i from 1921-22 amounted to £6,618,327, and the surplus carried forward to 1922-23 i amounts to £6,408,422. The total expenditure out of revenue, ; war loan, and works and land during the i year was £77,930,429, against the esti- j mate of £80,897,632 —a reduction on the ; estimate of £2,967,203. The estimated ex- i penditure for the current year was £62,- . 023,693, a decrease on last year’s expendi- ; ture of £3,083,256. The gross public debt at the end of the ; year was £416.070,509, an increase during ! the year of £14,300,484. After allowing ■ for repayments, the public, debt would be i £341,120,778, which would be further re- ; duced by £32,000,000, representing valu- I able assets and transferred properties. The ■ combined Commonwealth and State debts totalled £842.366,331, or, with reductions, i the net debt for the Commonwealth and > States amounted to £784,166,000. - Mr Bruce emphasised the necessity for e. stable Government and sound finance, thus ■ inducing capital expenditure for development and primary industries, as through this means particularly a reduction in tax- i ation might be hoped for. He added that . the Government was considering proposals i for handing over the Federal capital to a ; board of commissioners similar to that op- • erating at Ottawa.

Mr. Bruce concluded: “There is not a country in the world whose present circumstances equal Australia’s and whose future is comparable with ours.”—Aus.-N.Z. Cable Asns.