PUBLIC ACCOUNTS

Press, Volume LXX, Issue 21088, 13 February 1934, Page 8

PUBLIC ACCOUNTS

Nine Months' Figures i REVENUE £3,556,000 LESS THAN EXPENDITURE (I'ItESS ASSOCIATION TKI.KOSASI .1 WELLINGTON, February 12. The public accounts for the first nine months- of the financial year were published to-day. Revenue totalled £13,311,511, compared witn £11925,809 for the corresponding Period last year. The expenditure totalled £ 16,807,000, compared with £ 14,836,000 for the same period last -ear The expenditure, however, was £1,475,176 short of the amount for which provision was made m the budget. Commenting on the position disclosed by the accounts, the Minister for Finance (the Rt. Hon. J. G. Coates) said that it was satisfactory as a whole, and as he indicated when reviewing the eight months' figures, the Dominion should be able to improve upon the picture outlined in the budget and come out with a deficit of less than £2.000,000. . . , ■,„,.' Continuing, the Minister said that the taxation receipts as a whole exceeded those for the correspondin/' period in the previous year by £1526,000. The new items, sales tax and gold export duty, contributed £1,443,000 towards this increase leaving a net increase under other headings of £83,000. Ihere was a comparative decrease ot £198,000 in stamp duties, but this was largely due to the elimination of stamp duty on interest, allowed for in the budget.

Larger Return from Taxation The taxation figures thus indicated an upward tendency, which was gratifying, not only from the point of view of the public finances, but as another indication that trade was improving and things generally were on the mend. The receipts under the headings of interest and other receipts, which showed a decrease of £140,712. were not evenly spread over the year, but indications were that in the aggregate the budget estimates would be lully realised. Referring to expenditure, Mr Coates said: "The undcr-expendi-ture which has taken place in the departmental votes cannot be ascertained until the close of the accounts for the year, as there are some substantial payments still to be made under some of the votes. Even so the efforts being made to keep the expenditure down are producing satisfactory results, and some saving on the estimates for the year should be achieved." BUDGET STATEMENT The budgetary statement brought down by Mr Coates to the House of Representatives in November, 1933, estimated expenditure for the financial year 1933-34 at £24.251,000, and revenue at £22,300,000, leaving a deficit of £2.094.000. The budget estimates of expenditure were summarised as follows: — Si Debt services .. . . 10,445,000 Exchange on normal requirements - 1.790.000 Transfer of motor taxation 1,179,000 Other ocrmancnt appropriations .. .. 340,000 Annual votes--Social services .. .. 6,900.000 Other votes .. .. 3,597,000 Total .. .. 24,251,000 In addition probably about £150,000 was to be allowed for supplementary cslimates and contingencies. The estimated revenue was given as follows:--Taxation -- £ I Customs . . 6.200.000 Brer dulv .. 650,000 Sales tax .. 1.750,000 Gold export dulv .. 140.000 Highways 1.650.000 Stamp and dc-.th duties 2.000,000 Land tax . . . . 450,000 Income tax . . . . 2.700,000 Miscellaneous .. 74,000 Total taxation .. 10.214,000 Interest receipts .. .. 2.551,000 Other receipts .. .. 1.541,000 From reserves .. .. 2.000,000 Total revenue .. 22,306,006