PUBLIC FINANCE

Ashburton Guardian, Volume 61, Issue 251, 5 August 1941, Page 3

PUBLIC FINANCE

CONSOLIDATED FUND DROPS. SECURITY REVENUE INCREASES. WAR FUND EXPENDITURE. DOUBLE!?. (P.A.) WELLINGTON, August 4. Details of the ordinary revenue account of the Consolidated Fund, the Social .Security Fund, and the War Expenses Account for the first three months of the current financial year were released to-day by the Minister for Finance (the Hon. W. Nash). Revenue for the quarter in the ordinary revenue account of the Consolidated Fund totalled £7,035,000, as compared with £8,385,00 in the same period last year, and the expenditure amounted to £6,280,000, compared with £7,820,020 last year.

I\(r Nash said that- 18 per cent, of the estimated revenue from taxation for the year had been received, compared with 21 per cent, last year, and the total revenue figures showed a similar result. It was too early for any real indication to be obtained as to the probability of the estimated receipts being realised, but, allowing for variations from quarter to quarter, the figures on the whole were quite satisfactory.

Discussing expenditure, the Minister pointed out that an amount of £55,000 under the heading “Other Services’’ represented a very small proportion of the year’s estimated expenditure, which included provision for the transfer of £1,500,000 to the War Expenses Account to be effected later in the year. Social Services. Dealing with annual appropriations, Mr Nash said that a reduction from £2,269,000 last year to £1,762,000 in the group, of votes “Social Services” was occasioned by the transfer of £400,000 to the Social Security Fund in the June quarter of last year, whereas this year no money had yet been transferred to this fund from the Consolidated Fund. The total revenue of the Social Security Fund for the last quarter totalled . £2,894,000, compared with £2,939,000 in the' same period last year. The Social Security charge realised £2,620,000, as compared with £2,845,000 in the .same period last year, but the registration levy bad increased from £89,000 to £268,000. The total expenditure of this funa fell from £1,958,000 for the first quarter of last year to £1,314,000, the decrease being diie principally to a reduction ir. payments and monetary benefits from £1,523,000 to £862,000. This apparent reduction was occasioned by detailed accounts not having come to hand from imprests in sufficient time for inclusion in the last quarter's accounts, and was more than offset »y the increase in imprests outstanding at the end of the quarter from £872,000 to £1,682,000. War (Expenses Account. Receipts in the war expenses account totalled £7,144,000, compared witn £2,323,000. for the corresponding quarter last year. Loan receipts totalled £2,424,000, compared with £1,617,000 last year.' Whereas last year Treasury bills were issued by the account to the extent of' £780,000, no bills this year have yet been 1 issued. . Proceeds from National Savings amounting to £677,000 and,loans under memorandum of security arrangement with the United Kingdom, amounting to £1,356,000 were items not appearing in the first quarter’s accounts last year. . • Taxation revenue increased from £678,000 to £4,656,000, due to- additional taxation imposed last year, but which was not reflected in' the Hr, so quarter’s accounts in 1940. Expenditure increased f™' ll £2.098,000' to £5,353,000, winch, Mr. Nash said was an indication of the steadily increasing momentum of the Dominion’s war effort. “Generally speaking, the results to date are satisfactory and in accordance with the Budget estimates.” Mr Nash gave tlve following comparative tables of revenue and expenditure for the first three months of tills year, compared with the first three months of last year. Revenue.

The percentages for this year in revenue and expenditure tables are estimated. Mr Nash said that the principal variations, namely in highways and exchange in the expenditure table, wore mainly of an accounting nature, due in the first case to- a. portion, of the highways revenue received during the quarter not having been transferred to the Main Highways Account and in the, second case to. recoveries on account of exchange on remittances not having been received during the period.

Per cent. three mtlis to * total for vr. 1941 1940 1941 1940 Taxation— £000 £000 Customs 1982 2827 26 32 Beer tin tv 354 374 22 23 Sales tax 710 942 27 22 Highways 846 827 39 35 Stamp duties . Income tax and 552 875 lo38 32 52 excess profits 1542 10 10 Miscellaneous . 91 69 8 6 Totals 6077 . 7452 18 21 Interest ,397 314 13 10 other receipts . 561 619 23 27 Grand totals 7035 8385 18 21 Expenditure. Permanent Appropriations— 16 Debt services 1717 1978 16 Highways 308 736 14 31 Exchange 693 219 43 9 Other services oo 67 3 13 Totals 2771 3000 17 17 Annual Appropriations 19 Social services 1762 2269 14 Other votes 1747 2013 19 21 . Totals 6280 7282 16 19