A report of the Auditor-General of New South Wales revealed that the, accounts showed a satisfactory improvement in many directions, His report stated that the' reduetions' in taxes, combined with active: oan spending, provided encouragement and stimulus to trade and dustry. This was reflected in an improvement in all sources of revenue. While the recovery in revenue and the general Improvement indicated that the State was emerging from the depression, general revenues were asthe, Commonwealth fand were still dependent on the special taxation, represented by the Wages and special income taxes.
Tu conclusion the report stated the continuance of the super-taxes and heavy loan expenditures the teneral ancial outlook was not fuch as to warrant over-confidence or the relaxation of measures to make
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