FINANCE.

Press, Volume LXI, Issue 18399, 4 June 1925, Page 8

FINANCE.

EXCELLENT POSITION.

STATEMENT BY MINISTER.

(?RKS3 ASSOCIATION TELEOBA.II.)

DUNEDIN, June 3.

In tho course of a conversation with a representative of the "Otago Daily Times" this evening, the Hon. \V. Noswortliy referred to the revenue and expenditure returns for the past year.

"The finance .of tho country as disclosed in the accounts just Gazetted for the year ended March 3lst last," said Mr Noswortliy, "shows an excellent position, the revenue for tho year being £28,643,000, an increase of £682,629 over that of tho preceding year. Of this increase Customs accounted for £381,174. There was less collected by way of land and incometax by £480,692, but this is due to the remissions and concessions granted by the Government. The expenditure, was £27,399,200, an increase of £1,251,195 over the previous year. It was expected that in order to provide for the regrading in salaries and wages public employees, teachers and railway servants ' salaries, that the increase in this connexion would be shown, and a large portion of that increase ie due to that cause as well as to tho adjustment of railway hours per week. The position is therefore, that the Operations of the year show a surplus of £1,243,800. The net expenditure for the year outof the Public Works Fund, including railway constructions and additions and telegraph extension, amounted to £4,131,440, In addition, tile sum of £226,000 was transferred to the Main Highways Account. Theire Svas also expended out of the railway improvement authorisation £253,874, hydroelectric £1,601,941 and education (loans for ; school buildings) £462,212. These figures indicate tile progressive policy followed by tiic Government in developing the country's resources and meeting its requirements in the directions indicated.

"During the last two years large additions have been made to capital of the State Advances Office, ail amount of £6,125,000 having been raised for its purposes (exclusive of charges and expenses) as fellows: —Advances lo settlers £3,925,000, and advances to workers £2,800,00(t. "During the three years ended March 31st last, the capital provided by the Government for the purchaso and erection of dwellings amounted to approximately £<5,000,000, representing 10,980 applicants, for whom homes were provided by the State Advances Office, Discharged Soldiers' Settlement Account, Advances to Local Authorities, and other Departments,"