"ALL CLEAR."

Auckland Star, Volume LXIV, Issue 99, 29 April 1933, Page 13

"ALL CLEAR."

BALANCED BUDGET.

NO DEFICIT FOR PAST YEAR

LATE IMPROVEMENT SHOWS. (By Telegraph.—Press Association.) WELLINGTON, Friday. The Minister of Finance, the Rt. Hon. J. G. Coates, stated to-day that the public accounts for the la*t financial year ended March 31 are now practically complete, although final adjustments have yet to be made and the accounts have still to be audited. Mr. Coates said he was very pleased to be able to announce that the year closed with the Budget balanced. Subject to final minor adjustments, there was a small surplus of a few thousand

pounds. "Whatever the exact final result," said Mr. Coates, "it is clear, after a very strenuous budgetary year, that I can say with satisfaction that the Budget has been balanced. Until such time as the figures are finally audited, I do not think it is advisable to review the results in detail, but I can say that the revenue in total exceeded expectations, while the result of rigid control substantial savings were made in some items of expenditure. How Position Changed.

"Further expenditure included £470,000 for the purchase of exchange under tlie Banks Indemnity Act, which was not allowed for when the Budget was prepared. That is to say, exchange to an amount of £1,910,000 in excess of actual requirements for the year ended March 31 last was purchased from the hanks. "Reviewing the budgetary position for the year, it will be recollected that before the year opened it was estimated that we faced a prospective deficit of no less than £5,300.000, and drastic steps were taken with a view to bringing the amount down to not more than £2.000.000. as it was thought it would not he possible to do more than this. Some improvement in revenue prospects, however, lessened the gap to be bridged, and with £2,355,000 saved by economies and adjustments, and £2.500,000 from reserves, the initial objective would have been achieved. Britain's 'Helping Hand.'

"Again, as a result of the personal representations in London of the Hon. W. Downie Stewart, Britain extended a helping hand by consenting to postpone for another year all payments due under our funded war debt. The net result then was that allowing for the Supplementary Estimates and contingencies, the Budget programme provided for an estimated deficit of about £1.000,000. "In my January statement, I indicated that the final deficit would not exceed £700.000, but the position continued improving right up to the close of the year, so that the additional revenue received, plus the substantial expenditure savings, has been sufficient to bridge the remaining <rap, notwithstanding the fact that the Budget had to be charged with additional expenditure for exchange. "Considering the serious position we faced when the year opened, I think it will be generally conceded that the result for the year is very satisfactory. The final audited accounts will be published In "May-ih the usual way."