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THE FEDERAL BUDGET. I
ESTIMATED EXPENDITURE,
£37,000,003.
AMENDMENT OF THE TARIFF.
HUGE WAR EXPENDITURE.
PROBATE AND SUCCESSION DUTIES
MELBOURNE, December ,).
The Commonwealth Treasurer (Mr.
Fisher) delivered his budget natives in
the House of Representatives this evening.
Mr. Fisher- sure: This is the second
Parliament since I made my last financial
statement on the first of August,
1912. The result at the end of the hill
coal years preceding Ular dale was that
the Commonwealth possessed an audited
cash sin pin,- ed "!"2,¡,61,C73. Sir John
Forrest's budget intervened in the following
year, 1913. Owing largely to the
double dissolution of the Senate and the
House of Rcpicsenüitivi-f, the general
elections, and the outbreak of the greatest
war known to history, the delivery
of this statement has been unavoidably
delayed to a very later period in the
financial year. At this eventful time
in our history a phar and simple statement
of their financial affairs is due to
the' people of Ausli Dhu.
"The revenue for the financial year,
1912-13, was X2!,907,081, and the expenditure
for that year X-21,.")2,"i,452. Tim accumulated
surplus at June 30, 1913, was
«£2,G(3,2(|.r). The revenue for the financial
year, 1913-14, was .£21,740,423, and the
expenditure for that year X-2.'i,161,327. The
surprise was, therefore, reduced by
X1,120,904.
I estimate that the total revenue for
the current financial year 1914-15, inclusive.
of the surplus balance of .£1,222,401,
will amount to "C24,»95,401. The total estimated
expenditure for the year is
-.£37,583.715, and the estimated total doth-
art, is X13,038,314.
COST OF THE WAR.
"Included in the gross expenditure of
.£37,.i83,715 is an amount of £11,742,050,
which, it is intimated, it will be necessary
to spend on the obligations of the
Commonwealth of Australia as an integ-
ral part of the British Empire in connection
with the present war. If this extraordinary
expenditure be deducted from
the gross expenditure of leaves in order
iiryexpeiiditiir«: of a*2j,RU,C6V The estimated
deficiency at all their amount to
.111,346,264. * It should be pointed out
lh,tt-lhis position could have been avoid-
ed had the money which is being cx
'perched on new works and buildings out
of revenue been charged, to- loan.
"The total estimated expenditure under
this head for the current year is
X3,403,s70, an increase of .ti,004,288 over
the expenditure on new works and buildings
during the year ended June 30 last.
The total iHitimutcel expenditure, including
¿211,742,050 special expenditure an account
of the war, is ¿37,^33.71.1. The
estimated revenue is .E-23,'272,000, and
adding the accumulated surplus of
.£1,222,401, we have ,£"2M!)j,401 available
for the expenditure, leaving a deficit of
£13,088,311.
"This deficiency will be made up by a
loan from the British Government to the
amount of £10,500,003, and by the issue
of Treasury bills in aid of revenue to
the amount of £2,5«8,31-l. The loan which
the British Government will advance to
the Commonwealth, to which I shall
afterwards refer, amounts, altogether to
£1S,000,OOD, and it will be paid over at
the, rate of .Ülv-C-tW-Ol) per month during
300 financial year. It is proposed that
the Treasury bills In aid of revenue to
the amount of £2,583,314 shall be put
olui«eil-by the. Australian'notes'tuna.
. > "With regard to the revenue, It is, intended.
to raise £1,000,000 ;, by imposing
probate, and succession .duHn"s.,r"m,. a
"I feel sure that this form of 'tax will
be- presented by the country as a fair and
reasonable one to be imposed during the
war. -The total ostiinntotLrevenue, viz.,
£.23,273,000,- is made up of the following
principal items:- . <
Customs and Excise.£14,261,000
Post Office, Telegraph, and
Telephone . 4,568,000
Land Tax . ' 2,700,00(1
Probate and Succession Duties v 1,000,003
Coinage.., .... 201,003
Kalgoorlie-Port Augusta Railway
.'. 132,003
Interest on general Trust Fund
investments.'...-... !">5,000
Lighthouses and Light Dues... 60,080
Balance of Defence Trust Fund
accounts-'..'. 50,000
Northern Territory . 44,000
Repayment of States' proportion
of pensions-. ... 48,000
Defence Sale of Stores,, crop.... 30,000
Patents.,. 22,000
Capital Territory. 18,000
Other items. 87,00
' Total .'..".£23,273,000
"The total. estimated expenditure for
the current year is £37,583,715. Deducting
from this amount the expenditure
consequent upon the war, viz., £11,742,
050, of which a statement appears on
pages 64 and 65 of the estimates, the
have an amount of .625,841,655 as the
ordinary, expenditure of the year, as compared
with £23,181,32'.', the expenditure
of the preceding year, eliott ing an increase
of £2,680,338. The principal items
of increase in invalid and old-age pensions,
£220,735; maternity allowances,
£55,010; interest and sinking fund! Com
monwealth inscribed stock, KSB.i, iii
terest on Treasury bills in aid of revenue
X4O,0U>, Ulli rent on Treasury bills
for loan purposes, £31,000, Belgian giant,
£100.00, mu pim revenue to States,
£185, 711, one of est on properties fians
forced from the cables to the Commonwealth.
XM)5,41fl. Defence Department, ex
clusive of additional expenditure consequent
upon the ar, 1433 820- light-
houses maintenance, 65"), 88, Lirrtoinl
(HEce. XÏ4 396, public works staff,
I.906, Railways, X185.157
Works and buildings maintenance.
£43, 877, administration of the Electoral
Act, £10,816; Ooinonwenlfli elections,
N63 781, Postmasler-Cieneml's Department,
£207, 123, additions, new works,
buildings, etc £1,ÛW,288 The principal
items of decrease are -Sugar' bouillon,
.£11-9,24-1, manufacturers' Bneoiiingemeiil
Act, £41,310. British Association for Ad
vancpinpiit of Science, 14-18, Northern
Territory, NUs 2b, velvet train"' resources
of the Commonwealth, X 15,079
CRITICAL TINA NCI VL POSITION.
"When I returned to one in the middle
of September of the veil. the financial
position generally was critical, and
there was lunch apprehension and foal in
all circles in regard to it At a conference
of all past this convened by an! predecessor
(Mr Cook) subsequent, to the
breaking out of the war, but prior to the
general elections, a unanimous agreement
was arrived at that the financial re-
seaweed the Australian note issue should
be utilised to assist in fin uicuigUiP States,
the banks, and the ( commonwealth
Finding the position unsatisfactory, I
immediately invited Sir Alex Peacock
as the available representative of this
States, to meet me, and made him as
quainted with the position, and made
certain proposals, which I desired him
to communicate to the Premiers of the
States I also communicated with the representatives
of the Associated Banks
here, with the same object in view it
was I hen'obtiens that the Commonwealth
was not in a position to find the neces
rary money? to finance the States, to
gether with its own way and other expenditure,
without resorting to the London
more? mnTl el After negotiations
it was agreed between the Commonwealth
and the States that flin ( Commonwealth
should set for the States and guarantee
with them a loan of £20,000,000 to be
rained in London. It was soon discovered
that the si one of the money
market has so unsatisfactory that,
although lines were quoted, the?
could not be recommended at acceptable
During further negotiations it became
known that the British Government
would lend Ino I commonwealth money? to
put our war expenditure It was the desire
of this government that we should
borrow for war expenditure during this
financial year, but yielding to the pres
sure of the situation, and with a new
to strengthening, the financial position of
Australia generally I requested the
British Government to include in their
war loan some £18 003, CO for the Commonwealth
and it cheerfully assented We
have since been advised that the money
has been raised for the Commonwealth,
and that it will be available at the rate
of ti 500,00 per inch th commencing on
December 15, lil M
AGREE MENT WITH THE BANKS
A sociated with that transaction was
an agreement Wade with the Associated
Banks, it he or? she? should give the
Commonwealth CW 000,00 in gold for
Australian notes in undertaking this
an ideal transaction I impressed upon
the banks' representatives that I should
require their a vsifttittce and the?, recog
raising the national emergency, chi erfully
loreto to tender His Government every
possible and in then power It should be
dearly? understood that the £10,000 000
advanced by the banks will be redeemed
at the close of the way. These arrangements
made it possible for the Commonwealth
to come to the aid of the States,
and to lend them, for their public works
purposes, at a low rate of interest having
regard to the state of the money market
a sum equal to the amount the Commonwealth
had itself borrowed from the
British Government. The terms and conditions
of the loan to the Slates 'were'
embodied in an agreement, of which the
following is a copyist) Tim Commonwealth
hereby engages to lend to the applicant
States, and they hereby agree to
borrow from the Commonwealth, for. loan
expenditure during the next period of
twelve, months on their public works,
which have been, authorised by the Parliaments
of the said States ' as' follows:-
New
South Wales ..£7,4Q0,ODO
Victoria .-..£3,900,000
South Australia ..£2,600,000.
AVcrtl Australia ,.-.X-3,100,009
Tasmania. .'..Xil.OOO.OOD
" '(2) The money to be available as
above, in London and in Australia,
through the Commonwealth Bank of
Australia, and the amounts borrowed to,
bear interest which shall be payable by
the States from the dales the money is
made available to them, the rate of interest
to be that which, including all
charges, it costs the Common- weal bill of
Australia to raise moneys for its own
purposes, but such rate not to be less
than i per cent, per annum.
"'(3) The States engage not to borrow
otherwise during a period of twelve
months from this date, except for renewals
of existing loans falling due- The
States may, however, sell Treasury bonds
over the counter to an amount not exceeding
sales in a normal year.
" '(4) The Slates shall issue to the
Commonwealth inscribed stock bonds or
Treasury bills for such periods as may
be arranged with the Federal Treasurer
for the sums borrowed.'
"It was with great reluctance I gave up
the cherished hope of financing our war
forces on sea and land, in the Pacific and
in Europe; during this financial year
from revenue, but that wish him to be
Etterifippil in order' that we might be
enabled to render needed ' financial help
to the States. The immediate effect of
this transaction was that it relieved
financial apprehensions in all circles in
Australia, and provided means of giving
employment to many of our own
people that would not have been possible
otherwise. It would not be too
much to say that the first duly of Governments
and citizens of a young country
Us to minimise this! Press as far as possible,
and to prevent willing workers' from
being unemployed.
NAVAL EXPENDITURE. ?
Attention will naturally be concentrated
on the provision made for naval
and military expenditure. The amount
provided for special war expenditure,
.£11,742,050, is considerable, but the. Government
has recognised Unit a supreme
effort by the Commonwealth is called for
by the present war, and it is prepared to
use its whole resources in men and money
in order to give the greatest possible aid
to the Mother Country in the hour of its
need As regards the naval side of our
defences the following par ticulars may
be found to be interesting Provision
has been made to enter SO cadet midship-
men on December 11 1914 which will
bring the total number of cadet midshipmen
at the college up to 87 The college
buildings it Jervis Ba? will shortly be
leach for occupation, and the college, will
be removed from North Geelong to Iii
tis Ba? in January Necessary pion
Sion has been made on the estimates to
meet the cost of transferring the college
Provision is made for a full year for the
crews of the following ships Australia
Sydney, Melbourne, Encounter Pioneer,
Y in a Paintmutta Warrego, Protector,
submarine AL2 torpedo boats Provision
is also made for a portion of the
year for the torpedo boat destroyers Toi
lens, Swan, and Dcnieut
In addition, the necessary seagoing
personnel, and for the natal establish
events at Garden Island and naval depot
at AViUiatiistoiin mo provided Proti
sion is also made for officers and men
temporarily? appointed to the seagoing
force for the period of Hu year The
gunboat Komet, recently captured from
the Germans, has been renamed the line
and placed in commission as one of
II Mr A S ships
'Of the sum of £7,0,000 provided on
the estimates this 000 is to meet the
payment of the balance of the cost of the
ships of the fleet unit and their auxiliaries
and C2o(),00fl towards new construction
of a light cruiser as to the evil of
which the Admiralty is being consulted
M WY'S P ART IN THE AA'AR
' The Royal AustialianNai? has played
an important put in the war the,
coasts of Australasia have been guarded
from attack by the enemy's cruisers,, all
the trade routes to ( Colombo, Singa pole,
in Pacific Islands-, and America have
been kept open, and not a single merchant
vessel his been captured in our
waters The ships of the Royal Min.
tullian Nar?, together with military expeditions,
have taken possession of all
the German possessions in the Pacific,
and the Royal Australia-st naval reserve,
reinforced by critics from the destroyers,
successfully attacked the wireless station
now liable], and our ships have assisted
in the convoy of the Australian I expect
tionary force to Europe The last page
of our sea history? has been inscribed
with the well fought action of the Sydney
and the Linden
LI TIC 11 NI SLA DEILNLLS
''lliectpeiicuto gamed calling I Insti- in
supports the evidence gathered in the
time of peace that a modern, efficient sea
defence in the South Pacific is essential
for the safety and general welfare of
His Majesty's dominions It is yet too
early to give a definite expression of
opinion on the subject, but there are
indications that the greatest utility and
service can be attained with central control,
and a large deposits of local executive
authority in these distant cutter 15 It
is the hope of this Government that the
day is not far distant when the sister
Dominion of New Zealand, whilst maintaining
its identity unimpaired, will be
more closely ps-oetnlefl with the Commonwealth
of Australia in the creation
and maintenance of effect on defence in
a common sphere of action
OBLIGATIONS IN THE PATCH
"One effect of the war will probably
be to hung new duties i id c ligations in
the Pacific war can hardly crop that
can' problem of Goummcut will be
fewer 01 less difficult than they have
hitherto Von, but it is hoped that he
Governments of the Dominions will give
to each other without lace or line' an
opportunity for a full and frank exchange
of views upon matters which one
of the highest moral importance.
THE MILITARY GIRLS
"As regards mills by fares the following
information has been supplied by my
colleague, the Minister of Defence, whose
position has been, as hon. members will
admit, an cxc2"dm¿lj once am one, During
the first six weeks of the present
financial and there were 117 cadets-, in
residence at the Royal Military toil ego,
which is practically the full establish
ment Of this number, 57 have since received
commissions in the Australian
Imperial Expeditionary Forces, and Id
have returned to New Zealand to join
the Dominion troops for active service
abroad, thereby reducing the number of
cadets in training to 7s The number
will be increased to 122 in February next
when a quota of air) cadets will be admitted
to the college, 10 of whom, it is expected,
will come in our New Zealand They will-
one Government factories have been fully
employed during the year, and a Large
quantity of military stores manufactured
The cordite factory has cost £147, HO to
June 30 PIM, of which .£10.1,227 it. invested
in land, buildings, and plant, and
£19.95 the value of stores, ian nia
Unal, etc on hand The maintenance of
the factory to June 30 cost! £77, 16, and
product to the value of X71,1IS was turned
out during the same pel local Eighty
five persons were employ ed with the close
of the financial vein, and the wages paid
during 1913-14 amounted to thawed The
factory is now working at full capacity
and is able to meet all requirements of
cordite for small arms ammunition The
small arms factory his bad X3a0,871 expended
ii|K)il it to June 30, hill, and of
this land and buildings account for
N64 34, machinery and plant amounts to
£128, 411, mel stock on hand is valued at
X46,462 The previous Labor Government
approved of an extension of the
plant by one-third, and Hw- machinery
has since been installed, and is now being
brought into operation. The total cost of
working? the factory to June 30 of this
year amounted to £120,572. The employees
numbered 374 at the close of the financial
year, and wages for 1913-14 wore £45,000.
The.-factor?* has for some time past maintained
a satisfactory uni put of service
rifles and clips for small arms cartridges.
The total cost to June 30 last of the
clothing factory was ,tS7,!)00. The value
of the land, buildings, and machinery on
the same date was £23,4, while raw material
on hand was valued at £62,290. The
sum of £355,360 was expended in maintenance,
and clothing to the value of
.£328.033 was manufactured. The wages
for the year 1913-14- amounted to 234 3(59,
and 400 persons, comprising 84 males and
335 females, were employed at the end of
the year. The factory now carries out the
manufacture of most of the clothing required
by the naval and military forces,
as well as a huge quantity for the Postal
Department. The quality of the work is
considered to be superior to any hitherto
supplied, and the east compares very favourably
with, the" prices paid to contractors.
The sum of £46.30 has been
expended on the harness, saddlery, and
at-(.outremenl.s factory to June 30, 1914.
and land, buildings, and plant are valued
at £11,357, while raw material and stores
to the value of £15,000 are in hand. The
cast of operations amounts to £146, 176.
and goods to the value of £1-15,530 were
manufactured; 168 persons were engaged
on 30th June last, and for the financial
year 1913-14 wages to the amount of
£-22,fl'28 wore disbursed. The bulk of the
harness, saddlery, leather equipment, and
canvas work used lit-, the Defence De-
apartment! and the Postmaster-General's
Department is supplied from this source.
' OHELONG WOOLLEN FACTORY.
The erection, of the buildings for the
woollen cloth factory at Geelong is no
preaching completion, and the machinery
and power plant are now being installed.
The woollen factory has cost, £01,517 up
to 30th June, and at. additional £100,750
has been provided on this year's estimates
£20,000 has been provided for
the purchase of raw material, etc., in
preparation for the commencement of
manufacture about July of next year.
Excluding the woollen cloth factory,
which, has not yet commenced operations,
the various factories have cost the public
the sum of £592,518, and the land, buildings,
and plant in use are valued at
£3dl,077, and (he stores at £142,947.
£C9!),868 has been expended in operating
the factories, and products to the value
of £613,790 have been manufactured.
wages to the amount of, £113,631 were
distributed during 1913-14, and there were
1,065 person.-! employed at the close of
the year.
militias:.
"The estimated expenditure upon the
military forces of 1911-11, exclusive of
additions, new works, miscellaneous expenditure,
etc, is 12 214,490 of which
the sum of .£10,170,002 is prepared to meet
expenditure due to the war. The balance
of Xl,6ib,930 represents an increase of
£108,445 on the actual expenditure under
the corresponding votes of the previous
minutes! veal A sum of X*223,9o0 has
been provided under this head, as compared
with an actual expenditure of
X178.337 during 131174 This increase is
partly accounted for by the fact that
a number of instructors who were attached
to and paid as mementos of the
several permanent units of 1911-14, have
now been provided for as members of the
instructional staff li has also been
found necessary to provide for an increased
number of instructors, and in
addition the general staffs it district
headquarters have been strengthened
"Under contingencies, the raising of the
allowance of area officers with three veins'
satisfactory service from XllJ to £180
| per annum necessitates an increased provision
The amount provided to the permanent
units for 1914-11 represents an
increase of £10.70 upon the actual expenditure
for the previous year i con
adorable saving scheme effected under
the Royal Australian Field Artillery,
owing to a great number of men having
enlisted for service abroad, and the consequent
deemed to maintain one permanent
battery only instead of three,
until the men return This saving is,
however, more than counter balanced in
the fact that since the outbreak of war
recruiting has been commenced, uni cn
electors are being made to bring the
other permanent units up to then full
establishment, which of course, means
increased expenditure
The amount provided for annual]
military training for the current financial
vein is £7>5,032 in excess of the
actual expenditure during 1913-14 Of
this slim £650,000 is the additional
amount required to pay? He citizen forces
called out for home service, and is included
in the total war expenditure The
balance is principally? required to pi? and
clothe the 1896 quota of "senior cause tB who
pass into the citizen forces during this
year
of the sum of £271 600 provided for
camps, etc. also 500 represents the additional
estimated expenditure in connection
with the mobilisation camp- for the citizen
forces called out for home defence
and forms part of the total expenditure
due to the war
THE RAPE PIT BINARY FORCES
The sum of 99 ROI (HO included in the
estimate is intended to cover all expenditure
in connection with the expedition
any forces raised for service abroad up
to June 30 next and is based on the as
Plumpton that the present war will continue
during the remainder of the. rain
cut year and that approxim e to 124"
troops will be despatched during the
pencil In ill 107, 1/01) others and me .
have been mobilised during the- war
22 173 often pass and in a have already been
sent to the front met 15-16 of all men
are now annum,; In spinet abroad
Here are i! o 0 100 in turning for home"
defence is n expected that 13 000 will
leave Australia during i in an rent
family. and 'bad 1 in in addition will be
despatched even two months
All the men offering for enlistment
are but trained and equipped It has
been suggested that we should send a
miner in men to England with the order
that they could be is mud and equipped
by the British Government, but we are
rendering a more effective assistance by
sending only drilled and equipped
soldiers
LIMN j A PI NEPTUNE
' Returning build more closely to the
subject of hand, it will be necessary?
before the adjourned to ask Parliament
for an additional appropriation of
loan expenditure
i'HL VOS I'M. DEPARTMENT
I last year for the first time in its own
history, and, I believe, in the history of
the) postal department in the world, a
sample c balance sheet was issued A
balance-sheet I showing the position of
the Postmaster General s depart talent as
a business concern, is it June 30, 13-14,
is not in course of preparation, an h is
expected to be ready during the latter
part of this man is
PI LI PHON LS AND TELEGRAPHS
I'lte position as disclosed by the' last
balance-sheet showed a loss to the
year of £221,550 163 fed on the telephone
-Hitler, sent a committee had visited are
those States with th . new of ascot
anning the cause of the Shortage then
report is not 111 comet of preparation
the telegraph borneo also showed a
shortage These deficiencies were only
to be expected in view of the extremely
low laden piet ninian re 111 both services
as compared with ollie 1 places where conditions
are anything like similar
I'he business of the department con
times to expend, me! no effort is being
spared to make the service is efficient
and up to date as possible lina in
Wolves, of course considerable expenditure
particularly in regard to lines and
equipment
AA WIRELESS TELEGRAPHY.
"The wireless telegraphy section of the
department shows a loss on its working,
but against this must be placed the valuable
service ahead) rendered to the mercantile
mail due in connection with shipping
casualties, and the invaluable assistance
it has been able to render in
the present crisis in many directions
LOAN EXPENDITURE.
"The total amount appropriated by
Parliament for loan funds is X5,770,002
The total expenditure up to June 30
last was X4,0OJ,OG7. leaving a balance of
appropriation available of X1,7<S6,935 It
will be necessary in the future that
more of the expenditure for permanent
public works shall be defrayed by
means of loans This is a proper
policy as far a, reproductive works is
concerned The loan expenditure of the
Commonwealth up to June '9, 1914 is -
Kalgoorlie to Port Augusta Railway,
Xl,942,448, land for federal capital,
£3.19,961, london office is, X484(>70, re-
demption of South Australian loans for
the Oodnadatta line and the Northern
Territory, X6J7,fl02, purchase of Perth
properties, 112 205, railway. Pine Creek
to Katherine River, X12fi,480. railways
and wharves. Papua, 1685, land for post
and telegraph purposes, £41,21,1, conduits
and loving wires underground,
X2J8,401, total, X4,O03,CG7
NOTE ISSUE AND TRUST FUNDS.
"On June 30 last Australian notes issue
funds amounting to £5,860,000 wore invested
in Government securities and fix
feel deposits in the Commonwealth Bank.
The annual rate of interest then being
carried was £210,285. On the same date
the general trust funds of the Commonwealth
were invested to the extent of
£1,055,672, and the annual rate of interest
then being earned was £33, 374. Between
November 1, 1910, and June 30 1911, the
interest on the investments of Australian
notes has amounted to £577,975. Against
that the expenses of the note issue
amounted to £82,123. leaving a net addition
to the notes fund. of £195,852.
"It may be pointed out here that the
interest earned by notes money is not
credited to the general revenue, but accumulated
at compound interest, so as to
increase the. assets of the notes fund.
"Between July 1, 1910, and June 30,
1911, the general trust fund investment
earned £173,336 in interest, which was
credited to the general revenue. It will
be seen that -h the last four years the
moneys controlled by the Treasurer have
earned interest totalling £069,788, after
deducting all expenses.
"In 1914-15 the notes fund will purchase
Treasury' bills from the Treasuries of the
Commonwealth and the States, and the
consequent large issue of notes will result
in a total earning of interest by the
notes fund in 1914-15 of about £420,000
Adding this amount to the accumulation
of interest already referred to, that is,
£105,852, there will be a total credit of
£915,852. From this there must be deducted
about £200 000 for expenses in
1914-15, leaving an accumulation of interest
at the credit of the general trust
funds in 1914-15 which will be about
£55O.C0O.
"The sinking fund established for the
Commonwealth for the redemption of its
public debt had no credit on June 30 last
the following amounts: Northern sink-
ing fund, £31,371; Port Augusta Railway
sinking fund. £10, 492; stock redemption
fund, £23,824; total, £74,757. Of this
total £74,500 was invested in Commonwealth
inscribed stock.
PROBATE AND SUCCESSION
DUTIES
It is, intended to impose probate and
succession division all deceased persons'
est i tes with a net value exceeding £1,000
On plates ranging from £1,000 to £2.000
the late will be 4 per cent on the excess
over £1009 and on each 1919 of tax-
able value thereafter then will be an
increase of one-fifth per cent, culminat-
ing in a late of 11 percent on estates
with a taxable value of £7000 and up
winds Fine rate at any point up to
170,000 may be ascertained li! dividing
he number of thousands of pounds in
the estate value by five men adding one
The estimated revenue from this
source is £1 000,030 '.
THE WAR EXPENDITURE
The not \l estimated expenditure due
to the war is X11,742,010 (including
X.140,000 as interest on the war loan
from the British Government, and
£25,000 for wireless stations in the Pacific
Islands) The cost of the military
expeditionary) forces is, put down as
X7,80O003, said that on the naval side
at the round figure of 22 000,000 Then
there is £<mO,090 to pro! vide pa! forest
i a service by the local forces,
N 9.000 for the maintenance of ships
and vessels, 117 100 for military camps,
£33.00 for signal stations and examination
services, £121,100 for extra pay to
the Royal Australian Naval Reserve and
the sun going fours, and a Dumbo of
mi not items
$