FEDERAL POLITICS

Waikato Argus, Volume XI, Issue 1034, 29 August 1901, Page 2

FEDERAL POLITICS

COMMONWEALTH FINANCES. THE BUDGET DISCLOSURES SOME INTERESTING DETAILS. Melbourne, August 28. In the Assembly, the Budget stated that the Commonwealth celebrations cost £BO,OOO, but the increased revenue arising therefrom more than balanced. The railway revenue was £3,309,000, the largest since 1891, the deficit on the railways for the year being £236,000, and the accumulated deficit £2,300,000. Aside from the compensation received from the Federal Government extinguishing this the income tax was steadily increasing. The year just ended showed the revenue from this source to be £220,000. For the present year the estimated revenue was £6,963,000 and the expenditure £7,192,000. This deficit was due to the unexpected demands of the old age pensions. The railway balance was £50,000. The previour year’s surplus has been devoted to paying off the treasury bends, and the balance would reduce the estimated deficit of £143,000. If the anticipated tariff returns* from the Commonwealth were realised the deficit would be turned into a credit balance of £12,000, but if not Parliament would have to be called together before the end of the financial year to impose additional taxation. The old age pensions expenditure was estimated at £225,000 in ■ stead of £300,000, the reduction being affected by levelling the pensions all round to 7s weekly. The total increased expenditure for the year including transferred services was £473,000.