THE PUBLIC ACCOUNTS.

Press, Volume LV, Issue 16515, 6 May 1919, Page 6

THE PUBLIC ACCOUNTS.

STATEMENT BY HON. A. M,

MYERS. ' ' tfBESS ASSOCIATION- ttxtx.rax.) "WELLINGTON, May 5. Dealing with Sir Joseph "Ward's cabled statement regarding the Dominion's financial position, tho Hon. A. M. Myers, Acting-Minister of Finance, said the figures were in substanco correct, although Now Zealand's accounts wero still subject to final examination by tho AuditorGeneral.

"It will be remembered," remarked Mr Myers, "that Sir Joseph Ward, when delivering the last Budget, stated that he anticipated a surplus at the end of tho financial year of £175,965. However, the revenue for tho past financial year—£'22,"52,372— being somo £2.167,172 in excess of tho estimate and tho expenditure during tho snmo period—£lß,673,s99—being less than tho estimate by £1 : 3"2.G3G, there is, conseouently, a surplus on the year's operations of no less than £3,078,773. This, together with tho accumulated surpluses cinco 1914-1915, amounting to £11.500,790, makes an aggregate amount of £15.939 ; 5G3 available as tho difference in revenuo over expenditure for the past four years, and which represents somo 25 nor cent, of our war expenditure to March 31st last. This amount is invested in short-dated securities in London, and will be available for anoropriation as may bo ultimately doridod.

"Whilst the position of our finances can only be considered as eminently satisfactory, and indicative of prudent financial administration in a country that has shouldered to the full its monetary obligations during tho whoio period of the war, now happily terminated by victory of our arms, I would nevertheless desire to draw attention to the fact that there is still a larsro sum to be provided on account of tho balance due to meet our direct war obligations, including gratuities to our soldiers, repatriation, and the settling of our roturnod men on the land, as well as in respect of pensions to our disabled warriors and dependants of those who, made tho supreme sacrifice.

"In comparing the figures for tho financial year just ended with those for the year 1917-18, an increase is disclosed in interest and sinking fund charges of £1,655,990, and in pensions of £F0 t ».OfX). Tho accounts showing tho principal increases in expenditure are railways, with an increase in expenditure of ££47,937, Post nnd Telegraphs £212,556, Mental Hospitals, Public Health, etc., £93,107., Education £91 789. Tho payment of a war bonus to Civil servants for the year under review is included in the figures given under the expenditure returns. "Thoso departments showing the principal increases of revenue are as follows:—lncome tax, in which thore is an increase of £599,775 during the year, Customs £466,373, railways £307,222, miscellaneaus £228,232, stamp and death duties £232,758, Post and Telnrrraphs £128,556, and land tax £126,985." In conclusion, Mr Myers again laid stress, in view of our heavy obligations, on tho vita] necessity that exists for all classes of the community to take part in a united effort to increase production to the utmost, there being no guarantee that the abnormally high prices now being realisod by all our staple products will be continued indefinitely. No country in tho world, remarked Mr Myers, can possibly possess capital otiier than that produced from day to day by its inhabitant?, and therefore it cannot too often ba pointed out that it is the duty of each one of us to work and produce to the fullest extent of our powors. Tho net annunl liabilities for war pensions at March 31st last was £1,701,090, whilo payments for total pensions, i.e., including war, old age, widows, Miori war ' j Tn^ners > was over two million pounds. By way of comparison, Mr Myers stated that tho gross pensions payable on account of the last fourmentioned sections for the year ending March 31st, 1914, was £473,300. The important question as to whether the present amount of taxation can be reduced, or whether its incidence can ,n . way he altered, ill he dealt with by the Minister of Finance when presenting his next Budget to Parliament.

Comparative statements of revenue and expenditure are as follows:— • REVENUE. Statement of revenue for year ended March 31st, 1919, compared with vear ended March 31st, 1918:— 1919. 1918. £ £ Customs . .. 3,800,691 3,364,808 btamp and Death Duties 2,124,772 1 892 014 Postal and Telegraph .. 1,964,812 1,836,'25G Land Tax .. .. 1,512.693 1.P83.708 Income Tax .. .. 6,219,336 5,619,581 Railways .. .. 4,975,445 4,668,223 Bser Duty .. .. 273,334 237,075 Itogifitration and other Fees .. .. 111,993 101,249 }fP nn ,? •• •• 35,151 38,053 Miscellaneous .. .. 946,6G9 718,437 Territorial .. .. 202,734 205,613 National Endowment rev. 108,824 100.193 Oilier Receipts .. 45,928 39,202 Totals . .. 22,332,372 20,206,222 Incroaso for year ended Slat March, 1919 £2,146,150 EXPENDITURE. Statement showing expenditure for the year ended March 31st, 1919, compared with that for the year ending March 31st, 1918:— Permanent Charges— 1919, lgis. £ £ Civil List .. 28,669 27,674 Interest and Sinking Fund .. .. 6,08",769 4,410.779 Under Special Acts .. 3,103,412 2,210,357 Totals .. 9,218.850 6,fin.5,810 1919. 1918. £ £ Annual Appropriations— Legislative .. .. 36,72!) 41,707 Finance .. .. 167.237 132.815 Po't and Telegraph.. 1.609,701 1,487,1 ti Railways .. .. 3,415,505 3,067. GSB Public Buildings, eto. 121," q 4 00,393 Native .. .. 25.0:Ti 2),?!'! Justice .. .. 540.731 485.128 Mines .. .. 40.P38 20,613 Internal Affairs .. 271,218 249,747 Mental Hospitals, Public Health, etc. .. 378,wis 2?5.711 Tourists .. .. 53.F50 4R.752 Defence .. .. 416.«<27 428.112 Customs and Marin® .. 1FC.561 ira.3ls [ Labour .. .. 30.74 "3 Lands and .. 209.403 Vabmf inn and Electoral 53,070- SSMIi Agriculture .. .. 2l n . ""5 224, Education .. .. 1,602,993 1,511,256 Services not provided for .. .. 12,420 5,796 Totals .. n.4"4 8.451.<*79 Grand totals .. 18,673,099 15,120,251 Incrpas" diir'iT v<??r ended 31st March, 1919 £3,553,310