The Public Accounts.

Press, Volume LXI, Issue 18303, 10 February 1925, Page 8

The Public Accounts.

The return of prosperity has a good deal lessened the interest of the public in the'problem of taxation, which tlitee years ago was the problem of a burden difficult to bear. But the state of the Aatiofl's economic Ihealtli does not in any degree modify the fact that tho less the State abstracts from tho public ill taxation the better it is fof tho natioft fts a whole. The details of tho public reveftito and expenditure are accordingly of as great interest and portance as ever, for the nine months ended December 31st last the revenue was £18,484,630, •Which is £274,000 more than came in during the first three quarters of tHO financial year 1923-24. The expenditure was £20,116,238, an increase of £1) 118,000. The revchue includes £1,236,851 of land-tax, -which represents Sofliethlflg near the full yc&t's return ffofll that sourcb; and £420,227 of income-tax. . If these sire deducted from the totalj t<he revenue from other sources for tile nine months will lit! seen to amount to ovef £16,800,000. Toi the whole year these sources of revenue may be expected to yield about 224 millions. The land and inc6tne-tax were estimated to yield £5,100,000 less reductions, due to lower rates, amounting to £718,000. But it is very unlikely, Wo should say, that the yield from the direct taxes will fail to exceed the estimate, and it. may be expected that the total revenue will be 38 millions. If tho expenditure for the whole year is at the rate of the expenditure for the nine months, it will amount to rather less than H millions. Mf MaSicy's Budget calculations assumed that the rovonue would exceed tho expenditure by an amouiit (£ 352,500) whidh would not suffice for the expenditure tinder the "Supplementary Estimates," but it seems to be assured that the Prime Minister was over-cautious. Tho public will be glad if the promise of another substantial surplus which is contained in the interim returns is fulfilled, because this will cnablo Mr Massey to make anothor reduction in tho rates of direct taxation. These rates are still Ihlgher than they

need be or than they ought to be. Of course the Beds and other foolish people will clamour for the squandering of any surplus that may be realised, but Mr Maasey, fortified by tihe support of the majority of rational people, was able to resist the advocates of squander, and lio will be able to do bo again.