On Tuesday Sir John Forrest, the Commonwealth Minister of Finance,
introduced his Budget in the Australian Federal House of Representatives. The total revenue for the past financial year came to 211,460,000, which was 2109,000 below the Estimates. For the current financial year the receipts are estimated at £11,387,000, owing to the decrease in the yield from the Customs from special and temporary causes. Last year the expenditure on Federal services was 24,318,000, which, with the 27,141,000 returned to the several States, practically brought accounts to a balance. The total esti- mated expenditure for the current year is put at 211,390,000. The expense of Federation to Australia this year is about is. M. per head. Sir John Forrest had some interesting remarks to make on Australian financial policy. He declared himself in favour of the Commonwealth taking over all State Debts-2234,000,000 in all—in order to stop the loan com- petition between the several States. He took an optimistic view of Australia's future, since her external trade—seventy- four per cent. of which was with Britain and British posses- sions—exceeded that of Spain, Portugal, and Japan; and most of the figures relating to production and trade in the past year were the highest on record. Population remains the great difficulty. Five millions of people are not enough to do justice to a continent. The policy of the Common- wealth in discouraging immigration is wholly wanting in foresight, and, together with the rise of the Labour party, frightens investors who are ready to trust Canada with any amount of wealth. Men are the strength of States, and the ultimate sources even of their wealth.
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