NATIONAL ACGOUNTS.

Auckland Star, Volume LIX, Issue 260, 2 November 1928, Page 9

NATIONAL ACGOUNTS.

HALF-YEARLY RETURNS.

DECREASE IW REVENUE.

CUSTOMS RECEIPTS LOWEB.

(By - Telegraph.—Press Association.) ;WELLINGTON, Thursday. The public accounts for the quarter ended September 30 appear in a special gazette. A summary of the transactions in the ordinary revenue account of the Consolidated' Fund for the first six months of the financial-year has been issued by the Minister of Finance. According to the Treasury statement the gross receipts for the six months amounted to £9,183,309. Owing to alterations in the accounting methods of the post office and the collection of petrol tax, comparison of the total revenue with that of the corresponding period for last year cannot be made except by eliminating items which do not appear in both six-monthly periods. Excluding these from both sides and allowing for earlier receipts this year in the Debt Redemption Fund to the extent of £i 50,000, the net revene amounts to £8,186,640, as against £8,702,258 last year, a decrease of £515,618. The principal decreases are in Customs, £481,187, and in stamp and death duties, The principal increase is £67,859 in interest on the capital liability of the working railways. Expenditure under permanent appropriations for the six months was £6 931,705, but this figure also includes new items for motor and petrol taxes on account of main highways, amounting to £443,951. Excluding this amount and another of £100,000 for an earlier payment under the Repayment of the Public Debt Act, the expenditure *m^ .to £6i387,754, as against £6,336,020 last year, an increase of £51,734. The principal increases are in subsidies to local bodies and hospital boards, £23,943, old-age pensions, £19,121, and family allowances, £13,880. Expenditure under annual appropriations amounts to £3,665,274, as compared with £3,608,766, an increase of £56,508 due to the coining elections and to the normal increase in education expenditure. The total increaeein expenditure is thu*£loß,242. J*^*«—«—-—*~-'

Following is a summary of the accounts, according to the telegraphed figures, compared with those for the corresponding period last year:— Six months* 1928-29. 1927-28. Decrease. '£ £ £ Revenue ... 9,183,309 10,326,693 1,143,384 Expenditure— Permanent 6,931,705 6,336,020 *595,685 Annual .. 3.665,274 4,606,639 941,365 10,596,979 10,942,659 345,680 Excess .... £1,413,670 £615,966 *i£797,704 •Increases. A separate account for the Post and Telegraph Department was established as from April 1 hist, so that the results of its transactions do not appear in this year's accounts. The figures for last year included post and telegraph receipts, £1,619,264 j expenses, £997,873.