DOMINION FINANCE.

Auckland Star, Volume XXXIX, Issue 237, 3 October 1908, Page 9

DOMINION FINANCE.

STATEMENT BY THE PREMIER. A SATISIfIACTORY POSITION. {By Telegraph.—Farliameniary Reporter.) WELLINGTON, this day. Before the House this (Saturday) morning, the Prime Minister made an intermediate financial statement. "We have," he said, "just completed six months of tbe financial year, and the results are most satisfactory. The total amount of revenue for that period was £3,829,641." Comparing the results with the corresponding period last year, it must, said Sir Joseph, be remembered that there had been large concessions in Customs taxation in operation during the period under review. For the same period of 1907 the revenue was £3-829,304. So that there had been an increase for the six months of £337, notwithstanding the Customs reductions mentioned above, and the shrinkage in revenue, due to the fall in the price of wool and other articles of export. Sir Joseph Ward then went on to compare the revenue for the years 30th September, 1900, to Ist October, 1907, and Ist October, 1907, to 30th September, 190S, as follows:—For tbe yearended 30th September, 1907, the revenue was £8,745,810, and for the year ended 30th September, 1908, it was £9,056,283, an increase of £310,473, The details were:— 1908. 1907. Customs ... ___,963,6__. £3,131,280 Stamps -. 1,601,481 1,459,__-1 I____d and Income Tax 848,804 725,212 Beer Duty .- 117,665 110,125 Railways 2,8_2,996 2,675^__7 Registration and Other Fees ._... 120,824 115,036 Marine 43,417 41,450 Miscellaneous 234,090 214,328 j Territorial „_-_— 253484 270,861 Total . £9,056,283 £-,745,810 I Increases —_. £_78,121 Decreases 167,648 Total Increases — £310,473 For the six months ended 30th Sep- | tember, compared with, the correspond- I ing period of Jast year, the figures were as follows:— 1908. 1907. iCnstoms „ _1,_04,351 ___.5_4.3__ Stamps 769,058 " 715,_11 Dand and Income Tax 21,094 14,851 Beer Duty . — 51,639 47,947 Railways 1,292,631 1,215,030 Registration and Other Fees 51,300 59,641 Marine 20,490 19,299 Miscellaneous 108,497 92,749 Territorial Revenue 110,542 116,962 Total - __3,829,641 £3,829,304 Increases „.__. . £155,031 Decreases »- ._- i_4,694 Total Increase--. £337 The Prime Minister called attention to the fact that there had been great reductions made in Customs charges, which had been in operation since last, session, including the abolition of the sheep tax. The decrease in territorial revenue was due to the institution of national endowments under the Act of last session. During the six months of the financial year just ended, loans fell due amounting to £1,333,488; of that sum £1,136,050 carried interest at the rate of 4 per cent., and £197,438, at 3J per cent. Of the total amount, £1555,438 worth of debentures were renewed, and £75,050 was redeemed by the issue of new debentures. Of the amount renewed, £883,400, which formerly carried 4 per cent, interest, was renewed at 3J per cent., a direct saving of interest to the Dominion of £4417 per annum. The balance was renewed on the same terms as those on which the maturing loans were raised. "Therefore," said the Prime Ministerin conclusion, "the financial and mercantile world, and all classes of the community will realise that, notwithstanding any tightness in the money market, oiir loans have been renewed on very satisfactory terms." He thought that he was justified in saying that the operations for the half-year, which was generally the worst half of the year, were such as to inspire confidence in, and give satisfaction to, the country generally, and also such as to give confidence and reassurance to those who had the control of important financial institutions.