HIGHER FIGURES.

Auckland Star, Volume LXX, Issue 192, 16 August 1939, Page 5

HIGHER FIGURES.

PUBLIC ACCOUNTS.

REVENUE AND EXPENDITURE.

£65.3,000 more i N taxes.

CBr Telejrrnph. Press Association.)

WELLINGTON*, Ti.es.dav

On ho ha I f r. f tho Minister of Finance the Hon. r>. Frasor annnum-ed to-night the financial position as reflectn,! i„ the * hU ° - 1h« first n ua.ter of the present financial year. The revenue for the Uiree months ■ompi.nl will, that in the first period «f tho previous year, was: 1 1)30-40 10.-sS.af> Variation Taxation .. P>.4.-,i,0n0 3.70S £ (>OO + o*3ooo int-rest. ... 401,00(1 L'li.-i.OOo tl3fi oo Other receipts „3r.,iM10 490,0(10 -r iie.OftO 7,087,000 f>.5rt2,000 825,000 Detailed items of taxation, compared with the corresponding amount collected layear, were: — 1030 40 19.18.10 Variation i." £ £ Customs ... 2.riii'j.ooo 2,422,000 +140000 Beer duty . . 250.000 251 .000 4 5 000 Sales tax .. 95H.000 845,000 4-Hl'ooo Hlghwn.vs .. 1.075.000 87.1.000 -+-"0"'oon Stamp ami 1 - fleatl; flu Ill's 5.10.1100 7.11.000 4 •»<) 000 Income tax. mill.(Mill 5)11,000 4-IlVooo Other itcuiM. 71.1100 115.000 - 4i>oo 0.451,000 5,798,000 + 053,000

It will ne seen I ruin these results,' 1 Mr. Fraser explained, "that on a cash basis, the total revenue received for the quarter amounted to £7.3H7.0i>0 compared with i-i>..">ii2.n<io f ()r the same' period last finiiieial year. This increase, to which all " the major headings of revenue contributed, represents a guilt, as there were 110 increases in the rates of taxation during the period. Old Basis of Taxation. "The increase in the Customs revenue reflects the heavy importation of goods before the close ~f the tir*t six-monthly licensing period this year. I'he increase is, therefore, not an indication of results for the whole year, in fact, as xhown in the Budget., apart from the increased petrol ta.x, the Customs revenue was anticipated to show a reduction of £l,6."i0,000 for the vear.

"The other items call for no special comment except perhaps to explain that, as in the ease of Customs, the increases in the death duties and the income tax rates were not operative during the period tinder review. "As regards expenditure, the position is as follows: — PERMANENT APPR OP RIA TIOX S. 1030- to. 1038-30. Variation, t £ £ Debt service 1,712.000 1,004,000 -f-18.000 Highways .. 813.000 804.000 +n,ooo Exehimae . . 417.000 202.000 +213,000 Other services .... 54.000 43.000 +11,000 Total perm. . 2,000,000 2,713,000 +283,000 ANNUAL .APPROPRIATION'S. Social services .... 2,717,000 2,437,000 +280,000 Other ser- . vices .... 1,827,000 1,,->II.OOO +310,000 Total annual 4.344.000 3.048.000 +500.000 Grand totals 7,540,000 «,0(!1,000 +870,000 Exchange and Social Services. "For the purposes of comparison," continued Mr. Fraser, "expenditure totalling £7">0.000 actually charged in the accounts under permanent appropriations has been included under the head-

ing of annual votes, social services. This amount represents expenditure on social security purposes which has l>een charged to permanent appropriations pending the passing of the. annual Appropriation Act. The total expenditure is in no way affected.

"With this qualification it will be noted that th« expenditure for the quarter totalled £7,.)40,000, compared with £0,661,000 for the same period last financial year. The only item* calling for special comment are exchange and social services. "As regards exchange, the increase is due to the fact that additional remittances were made to London in the first quarter, compared with the same period last year. It is anticipated that the provision of £1,500.000 made in the current, year's estimates will he sufficient to cover the expcrrlitnre under this item. "Tn connection with the heading social nervices. where ft 7 per cent increase is shown, the expenditure is not strictly comparable, as many items, such as pensions and annuities, which Inst financial year were provided for under the "vote pensions, are now charged against the social security fund. "While the position as disclosed by these results is in every way satisfac--1 torv," Mr. Fraser concluded, "it is. of course, too early to indicate what the results for the full year will be. To date, however, we are adhering closely to Budget estimates."