NEW ZEALAND'S FINANCES.

Press, Volume LXVII, Issue 20383, 2 November 1931, Page 8

NEW ZEALAND'S FINANCES.

i HALF-YEAR'S FIGURES. j i REVENUE DOWN £1,710,501. j i [THE PIiESS Special Service.] ! WELLINGTON", October 31. A drop of £1,710,501 in the revenue of the Consolidated Fund is revealed in the public accounts for the first half of tho financial year. Common ting on the accounts, which were published in a Supplementary Gazette to-day, the Minister for Finance (the Bun. W. Downie Stewart) stated that the revenue of tho Consolidated Fund for the period amounted to £7,317,379, compared with £9,057,580 for tho corresponding period last year, a decrease of £1,710.501. Htouevei-, a considerable shrinkage in revenue was allowed for in tho Budget, and this decrease does not indicate the financial position for tho year. "Receipts from taxation," said tho Minister, "amounted to £5,500,814, oi which £2,002,034 was derived from Customs duties. Tho year's estimate lor this item was substantially reduced in

tho Supplementary Budget, and compared with the appropriate proportion of tho amended estimate, the receipts aro approximately £305,000 behind. "The outlook is still somewhat obscure, but in view of _tho rising tendency of our export prices, there is a reasonable prospect that some improve, ment may take place in tho remaining portion of the year. Stamp and Death Duties. "The revenue from stamp and death duties was about £500,000 Jess than was recoived for the corresponding period of last yoar, but a substantial iailiug off was anticipated, and the receipts aro only about £189,000 short of tho proportionate part yf the estimate for tho year. Tho largest item concerned is death duties, which is incalculable except on tho basis of averages aud fluctuates from month to month. Lower values and tho difficulty in realising on property is also another factor affecting this revenue. ]t is yet too early to say what will bo the outcome of tliis item for the year. "Tho revenue from motor vehicles' duties and licenses slightly exceeded that received during the six months of 1930, but this revenue is earmarked for roading purposes and does not assist tho Budget. "The receipts from beer duty aud film hire tax aro in accord with the estimates, while the position in regard to land and income tax will not he known until later in the year. "Interest receipts for the period comapre quite favourably with the amount received during the first half of last year, while other receipts show a slight increase, duo to the introduction of additional items. The Expenditure. ' On the other side of tho account, it will bo seen that tho net expenditure for the six months amounted to £ll/103,708, compared with £12,237,45? for the corresponding period of last year. In view of the changes made, however, the most useful comparison is with tho proportion of the estimates for tho year. The following is a comparison on Uiis basis: — Proportion Net Over Under of Ex. Propor- Proporeetimate. pooditure. lion. tion, A' £ £ £ Civil Jist 14,330 15,300 CG4 Debt services 5,215,63 C 5,373,407 159,721 Other permanent cliacges 3,611,930 2,960,468 031,462 Aejiuhl votes 3,541,938 3,094,021 417,317 Totals .. 12,381,890 11,463,790 1G0.655 1,078,779 ltiO,Gßs £918,094 "Tlio large under-proportion shown for other permanent charges is largely nominal, being due to accounting fluctuations and outstanding payments. It is anticipated that expenditure under permanent appropriations will bo in accord with the estimates for the year. "Tho position in regard to the expenditure under Annual Voles is quite satisfactory, although not as good as the figures indicate, as the estimates for the year have to be reduced in accordance with the Supplementary Financial Statement.

"In general," added tho Minister for Finance, "the expenditure is being kept within the estimates, but the position in regard to the revenue, particularly from Customs and stamp and death duties, is still somowhat uncertain, though the improving economic outlook gives some grounds for tli-e hope that it jnay come up to our amended expectations."