THE DOMINION'S FINANCES.

Press, Volume LXIV, Issue 13102, 29 April 1908, Page 4

THE DOMINION'S FINANCES.

{press association TxraaxASf.) , "WELLINGTON, April 28. Sir Joseph Ward, referring ;last night to the expenditure for the year, eaid that the estimate; was JE8,450,346,;iand the amount actually spent was £236,381 less. The amount available works during the year wns £2,039,164, and they had spent £1,886,591, whic(i ought to bo close enough to. the estimate to satisfy cv x en the most confirmed grumbler. With a balance 0££152,663, an amount available from loan.' tod £200,000 to be transferred from the surplus, they had £516,569 to go' on with till Parliament met.- The increase in expenditure of the Consolidated Fund for the last two years was £439,039. The revenue could not be' increased'without augmenting the expenditure. The result was a. complete answer to financial critics, who attacked the position of -the Dominion, Ho desired "particularly to draw , attention to the postal revenue.. It was £831,054; so that he h»d some justification for his statement that it would soon_ reach £1,000,000. Sirica 1899: W: duct ions in'the rates had been made to the extent of £212,333. The: same thing applied to the railways,*on which reductions were granted to the extent of £400,000. There had been, a prevail-, idea that the Government .was borrow in ec large sums in New Zealand to j -the detriment of industries and business. They had only received £340,000, and £310,000 of that was spent in the purchase of large estates for closer settlement. £1,000.800 was raised in Australia. Ho did not include in tJois statement the Post Office Savings Bank and other departmental investments. If the bank was to pay 3 to ■3} per cent. j the Government must'make , , use iof this money. • This had been going on for thirty or forty years, and'trould go on for a century.- During the..time the Liberal Administration had been in office £6,430,000 of tho rovenue had been used for public works* .and £1,5-50,000 given back in /"■ remissione during tibo last ton or twelve v-jieaa*,.-The aniy meaaure ixis&ed inprcceaiig taxafckwi was the craduatedlead tex. He had no foar that if over the necessity arose for increasinjg taxation, the country would not readily respond. V