STATE FINANCES.

Auckland Star, Volume LXV, Issue 37, 13 February 1934, Page 10

STATE FINANCES.

EXCHANGE COSTS. £1,891,755 IN NINE MONTHS. INCREASE in revenue. (By Telegraph.—Press Association.) WELLINGTON, Monday. An increase in revenue of £1,355,702 compared with that for the corresponding portion of last financial year is shown by the ordinary revenue account of the Consolidated Fund for the nine months ended December 31. An abstract of the transactions was made available to-day. Expenditure for the same period shows an increase of £2,031,490. Following is a summary of the accounts in comparison with those for the previous financial year:— 1932-33 1933-3-1 Increase. Revenue . 13,311,511 1.355.702 Expenditure— Statutory 7.831,753 9,753.000 1,921,913 Annual . 7,00-1,200 7,113,792 109,580 Deficit ... 2,910.150 3.555,917 045,797 Revenue for the period, summarised under its main headings, was received as follows:— 1932-33 1933-34 Inc. or dec. £ £ £ Taxation . 9,450,038 10.977.054 *1,520.410 Interest . 1,557,741 1,524,579 1'32,502 Other receipts 917,430 509.57S f107,852 11,925,809 13.331.511 *1,385,702 ♦Increase. f Decrease. On the other side of the accounts expenditure for the nine months appears as follows:— 1932-33 1933-34 Increase. £ £ £ Debt, service 0.718.74:5 0,905,405 189,720 Exchange . 313.100 1.891,755 1,578,589 Special -lets 799,842 953,440 153,01)4 Social Services 4,819,422 4,853,003 34,241 Other Services 2,184,75-1 2,200,129 75,315 14,835,959 10,807,458 2,031,499 Reduced Deficit Hoped. Commenting on the position disclosed by the accounts, the Minister of Finance, the Right Hon. J. G. Coates, said it -was satisfactory as a whole, and, as he had indicated when reviewing the figures for eight months, the Dominion should be able to improve upon the picture outlined in the Budget, and come out with a deficit of less than £2,000,000. Taxation receipts as a whole exceeded those for the corresponding period of the previous year by £1,521i,000. Two new items, sales tax and gold export duty, contributed £1,443,000 toward this increase, leaving a net increase under other headings of £83,000. There was a comparative decrease of £198.000 in stamp duties, but this was largely due to the i elimination of the stamp duty on interest allowed for in the Budget. The taxation figures thus indicated an upward tendency, which was gratifying not only from the point of view of the public finances, but as another indication that trade was improving and things generally were on the mend. Receipts under interest and other receipts, which showed a decrease of £140,712, were not evenly spread over tlio year, but indications were that in the aggregate the Budget estimates would be fully realised. Referring to the expenditure Mr. Coates said: "The under-expenditure wfiich has taken place in Departmental votes cannot be maintained until the close of the accounts for the year, as there are some substantial payments still to be made under some ai the votes. Even so, the efforts being made to keep the expenditure down are producing satisfactory results and sonic saving on the estimates for the year should be achieved."