REVENUE UP.

Auckland Star, Volume LXVIII, Issue 255, 27 October 1937, Page 11

REVENUE UP.

PUBLIC ACCOUNTS.

£2,000,000 INCREASE.

ESTIMATES EXCEEDED.

TAXES RISE BT £1,734,000.

(By Telegraph.—Parliamentary Reporter.)

WELLINGTON", Tuesday,

I At the conclusion of hia final reply to speeches in tli e Budget Debate, the Minister of Finance, tlie Hon. W. Xash, in the House of Representatives to-night, gave a summary of the public accoiTnte for the half year ended September 30. H e stated that revenue wae ahead of the estimates, while expenditure was being kept well within th* iounds laid down in the Budget.

The Minister said the accounts for the half-year had been completed and that as soon a« they had been audited the usual details would be published in the (.azette" In the meantime, a summary of the position indicated a verv satisfactory state of affairs The Consolidated Fund revenue for *■%-■ i f ;>' p " r ""'""nted to a total of *■> in-™'" rP l ,r< " epntin P «n increase of A-.10/.000. compared with the first six months of la*t financial yeer. Receipt* "nder the principal headings compare ae

Half-year. 38 193 « 37 - In «£"*- CiiMfoms 5,460,000 4,583.000 877 000 SjIPS tax. 1.760,000 1.447000 om (1 oath Other'taxa'- 1,e05,00 ° 52,000 "on ... 082,000 J741.000 241,00* Total taia- " ~~~ "on .. . 11.751.000 ft.087.000 1,704,000 777 -°°° 802,000 *k>ooo receipts. 1,036,000 668.000 368.000 Total 13,564.000 11,457,000 2,107,000 •Decrease. "Although there hn* been no increase in rates," the Minister explained, "the Budget for the current financial year was bnttod on an increase in revenue es a result of the generally prosperous conditions which obtain. " The extent to which the. Budget estimate* are being realised will be appreciated from a consideration of percentages.

Ahead of Last Tear. "Both revenue from taxation and total revenue are ahead of the relative position la«t financial year. Custom* revenue particularly shows a eubstantial increase. The heading 'other taxation' consists mainly of land and income tax. but a« the final dates for payment of these impost* fall in the second half of the financial year, the receipts to date are, of couree, no indication of the amounts which will eventually come to hand."

In regard to the expenditure Mr. Na«h stated that the total for the half-vear wa* £14,244,000, being £2.970,000 "less than the proportionate amount of the estimates. Details were as follows: —

PERMANENT APPROPRIATIONS. Estimate. Half year. Estimate. Debt eer- £ £ vice .. 4.(508,000 3,700.000 f>02.000 iHißhways 1.52U.000 1,373.000 l.'.fi 000 ufher " Re 850 . 00 ° 837,000 13]oOO vices . . 300.000 255.000 45.000 Total permanent 7,377,000 0,261,000 1,116,000 ANNUAL APPROPRIATIONS. Social services 6,084,000 5,057.000 1,027.000 Other wrvlces 3,753,000 2,026.000 827,000 Total annual 9,837.000 7,983,000 1,854,000 Grand totnl . 17,214,000 14,244,000 2,070,000 "From the foregoing particular*," said the Minister, "permanent appropriations appear to be under-expended to the extent of £1,116,000, of which debt services account for no lees than £002.000. The Budget provided for an increase of £15.000 in debt services, and the substantial under-expenditure to date is accounted for principally by the fact that the resources of the Repayment of the Public Debt Account have been utilised to the extent of only £83.000 this financial year, whereas the proportional part of the Estimates fe no less than £852,000. Opportunities for utilising the balance of the debt repayment moneys will not b<* available until the second half of the financial year. "Highways is a eelf-balancing item ami will not affect the net results of the Consolidated Fund for the year. Cost of Social Services. "In regard to annual appropriations it. will be noted that in total the expen tliture to date is £1,854,000 lese than the relative proportion of the Estimates, eocial service* alone accounting for a total of £1,027,000. The apparent under-expenditure in respect of social services is very largely an accounting fluctuation, due to the fact that advances in the hands of imprestees at the end of the first eix months will not be brought to charge until the latter half of the year. Moreover, subsidies in respect of hospital*, etc.. are normally heavier in the letter part of a financial year than at the beginning. It is anticipated, however, that the greater proportion of the present excess will be absorbed by the end of the year. "Generally speaking." Mr. Nash eon'luded, "the present position gives rea>on for every satisfaction. The revenue fl keeping a little ahead of the EstiTiate*. while the expenditure is beincr maintained well within the amounts budgeted for."

The totals of revenue and expenditure for the first half of the present year compared with the corresponding figures in 1936-37 are as follows: — Six. 1937-38. 103e-37. Increase, months. « £ £ Revenue . 13,564,000 11,457,000 2,107,000 Expenditure : Perm. 7.377.000 7.«55.000 "308.000 Annual 0.537.000 r».!>60,000 3.877,000 Total . 17,214,000 13,645,000 3.569,000 m ExceM 3,650.000 2.188.000 1,462,000 "Decrease.