N.S.W. FINANCIAL YEAR

Taranaki Daily News, 17 November 1926, Page 9

N.S.W. FINANCIAL YEAR

OVER MILLION DEFICIENCY MR. LANG DELIVERS BUDGET IMPROVEMENT THIS YEAR By Telegraph—Press Assn.—Copyright. Received Nov. 17, 12.15 a.m. Sydney, Nov. 16. In the Assembly Mr. Lang delivered the Budget. He said there was a deficiency of £1,274,303, and added that no good purpose would be served by submitting to the House figures relating to the operations of the fast financial year. The actual expenditure for the past financial year was £39,924,000, or £953, 000 in excess of the Estimates. The Public Debt proper at the end of June last amounted to £209,493,012, or £8,090,685 more than it amounted to a year earlier, and the total State indebtedness, including closer settlement debentures, amounted to £213,173,512. A deficiency of £748,884 was forecasted for 1926-27. The receipts were estimated at £42,109,990 and the expenditure at £42,858,874. Mr. Lang continued that the deficit would be covered by the motor tax of £350,000, to be withdrawn from the Main Roads Board, and by a tax on publications, which was estimated to produce £400,000. With this additional revenue the operations for the current financial year were anticipated to show a surplus of £139,116. -Although the droughty conditions affected the State finances to some extent last year, the seasonal prospects this year were much brighter. The .general prosperity of the State was excellent, and marked development was noticeable on all sides. The conditions of the masses was never better.

Mr. Lang declined to state the nature of the proposed publications tax.