THE YEAR'S OPERATIONS

Ashburton Guardian, Volume XLVI, Issue 10457, 25 July 1925, Page 6

THE YEAR'S OPERATIONS

' REVENUE AND EXPENDITURE. PREVIOUS YEAR COMPARED. (Special to "Guardian.") WELLINGTON, July 24. In his Financial Statement, the Minister stated that the, financial results ■for the year ended March 31 last, again disclosed a surplus of revenue over expenditure, as under: — Balance brought forward, April 1, 1924 4,954,714 Revenue £28,643,000 Net expenditure £27,399,200 ■Surplus -of revenue over ex- . „ penditure ' ...' _ ... 1,243,800 N&t Miscellaneous receipts 4,422 Total ... £8,202,936 £ less transfers during the year—■ To Public Works Fund ... 1,000,000 To Loans Redemption ' Account 1,052,130 Balance at March 31, 1925 £4,150,806 The principal results were thus tabulated, all comparisons being with 192324: Revenue greater by 682,630 Expenditure exceeded by 1,251,195 Salaries and wages increased by ... 672,000 Public Works expenditure (including transfer to Main Highways) ... 4,357,440 Electric-supply expenditure ' 847,478 Main highways—Receipts (a) Revenue Account £459,150 .(b) Construction Fund 226,000 Expenditure (a) out of revenue) 127,458 /b) Construction ; Fund 225,454 ■ — 352,912 Customs and excise revenue 7,689,192 Increase in Customs ' 327,409 Exports for financial year £54,771,158 Imports for financial year ' 49,821,095 Total trade 104,592,253 Excess of exports over imports 4,950,063 Inland Revenue— Land-tax 1,335,251 Income-tax 3,386,052' Land and income-tax less due to reductions and concessions ... ... 486,691 Stamp and Death Duties 3,240,332 Working Railways—• Receipts £7,112,524 Working expenses 5,545,416 Excess of receipts 1,567,108 Post and Telegraph— Receipts £2,866,882 Expenditure 2,413,436 Excess of receipts 453,446 Post Office Savings Bank— Number of depositors, 735,158. Amount at credit 45,267,708 Education expenditure 3,649,875 On school buildings, 1924-5 462,212 On school buildings .since April 1, 1919 .... 2,340,542 Subsidies to Hospital Boards 561,708 Pensions—•

Total expenditure on war pensions ... 11,382,178 • Total paid, 1924-25 ... 2,403,614 Pdd for war" pensions 1,242,182 "The results of the year's operations," continued the Statement, "amply confirm the buoyancy of the revenue expected by the late Finance Minister. It is, ho never, to some extent, due to causes which may, if unchecked, react to the detriment of our present prosperity, by leading to over-import-ing and a disturbance in our trade balance which the recent fall in wool prices will appreciably affect. We have in the last few years tnan sferred a large sum to the Public Works Fund and to other debt-.saving purposes out of accumulated revenue, which is consequently much reduced. The use of revenue for capital purposes will for this reason /be much restricted in future. Capital for further development wifl require to be met in larger proportions out of loan, and borrowing should be closely confined to interest-earning or directly productive purposes in order to avoid unduly increased debt charges to the taxpayer."