SAVING MILLIONS.

Auckland Star, Volume LXIV, Issue 232, 2 October 1933, Page 7

SAVING MILLIONS.

Treasury's Highly Encouraging

Statement.

BRITAIN'S BALANCE-SHEET,

LOXDOX, October 1

The most encouraging statement presented in Britain for a considerable time is the Treasury's announcement that expenditure in the six months ended September 30 totalled £324,000,000, a decrease of £48,000,000 compared with the same period of last year, and revenue amounted' to £270,000,000, an increase of £7,000,000. The statement adds that the deficit of £49,000,000 compares with £104,000,000 at September 30 last year and £118,000,000 at September 30, 1931. Also it is considerably below the previous three years. It is pointed out that expenditure always exceeds revenue in the first half of the year, owing to the fact that nioe-t of the income tax and surtaxes are collected in the last quarter. The comparative smallnees of the deficit suggests that in the absence of a serious setback there is a prospect of a Budget surplus which will enable taxation to be reduced in 1934. The Customs Department provides one of the largest items in the increased revenue. The Chancellor of the Exchequer, Mr. Neville Chamberlain, budgeted for an increase of £730,000 for the° whole year, but already he has obtained £0,039,000, an increase over last year. Estate duties have increased •by £5,250,000 compared with last year, chiefly owing to the late Sir John KHerman's estate. Stamp duties have increased; showing an improvement on the Stock Exchange. The expenditure position gaine 'by substantial savings owing to cheaper borrowing and , the continued reduction of unemployment. The latter is saving millions of pounds.