Dr. Earle Page, the Commonwealth Treasurer, was plainly accused, when he delivered his Budget last July, of deliberately under-estimating his revenue in order to justify his refusal to use the accumulated surpluses for reducing taxation. Four months of the financial year have now passed, and' the Commonwealth revenue for that period shows that the criticism was justified, even if the motives imputed were unfair. The month of September showed a sight falling off la Customs and Excise revenue, but this was more than accounted for in October. For the four months there has been an increase as compared with last year of two-thirds of a million, whereas Dr. Page had estimated a falling off equal to a million for four months. Again im regard to postal revenue he declared that there would be heavy falling off owing to the reduction of postage rates, and he declined to make further reductions in consequence. In actual fact the reductions have quite naturally greatly increased the business done, and instead of a loss of £80,000 for the period under review there has been only one of £18,000, while all other branches of the Department's, business shawm increased earn-
As matters are going the end of the financial year should see the accumulated surpluses approaching the £10,000,000 mark. In the several States the financial results of the first four months of this year show a general improvement as against last year, revenue being greater but there is not very much reduction in expenditure. Queensland continues to be the spendthrift of the family, and her position must be causing the Labour government considerable anxiety. Mr. Theodore, the Premier, leaves almost at once for England, where he will try and make arrangements for the conversion of about £24,- 000,000 of loan money which falls due shortly. Unfortunately his government has not a record to inspire confidence, and though he may get the money it is highly probable that he will have to pay increased interest-for it. Queen-slond is now paying £3,400,000 a year or £4-9-0 per head for interest, on her public debt, and any addition to this without receiving new money must add considerably to the burdens of the small population of less than one million.
Text read from the printed page and cleaned; old type leaves the occasional error.