35

8.—6

These proposed amendments to the Stamp Duties Act, apart from the increases in the totalizator duty and the banknote duty, are individually relatively small from a revenue point of view, but in the aggregate they will be of some assistance in meeting the Budget shortage. Under the heading of " Death Duties," it is proposed to impose an additional 10 per cent, estate duty on the amount by which the final balance of an estate exceeds £100,000. This additional duty will bring in a considerable amount of revenue without imposing hardship on anybody. The exemption from gift duty is to be reduced from £1,000 to £500 per person per year, and a duty of 2\ per cent, imposed on dutiable gifts of from £500 to £1,000 in value. The annual license fee for a sliarebroker's license is to be increased from £2 to £5. To further assist in providing the additional revenue necessary to balance the Budget, it is proposed to reimpose the amusement-tax on payments of Is. or more for admission to any entertainments. This was the position prior to 1924, when the exemption was raised to the present amount, 2s. On Is. admission-price the tax will be Id., from Is. to Is. fid. a tax of 2d., and on higher charges Id. for every shilling or part of a shilling, plus an additional penny as at present. Allowing for these increases in taxation, and also for the increase in the petroltax for the benefit of the Main Highways Account, it is estimated that the revenue for the year will be as follows £ Customs .. .. .. .. .. 8,530,000 Beer duty .. .. .. .. .. 615,000 Film-hire tax .. .. .. . . . . 30,000 Motor-vehicles —Duties, licenses, &c. .. .. 1,915,000 Stamp and death duties .. .. 3,780,000 Land-tax .. .. .. .. .. 1,240,000 Income-tax .. .. .. .. .. 3,960,000 Interest on public moneys .. .. .. 805,000 Interest on capital liabilityRailways .. .. .. .. .. 1,380,000 Post Office .. .. .. .. 510,000 Interest on Public Debt Redemption Fund . . 985,000 Other receipts .. .. .. .. 1,370,000 £25,120,000 ESTIMATED RESULTS. The estimated expenditure for the year is fully set out in the estimates submitted to honourable members. To sum up, the position for the financial year is estimated to be— £ Revenue .. .. .. .. .. 25,120,000 Expenditure — Permanent appropriations .. 17,289,000 Annual votes .. .. 7,585,000 24,874,000 leaving .. .. .. £246,000 to provide for supplementary estimates and contingencies.

Estimated revenue.

Estimated results. I