The Dominion. THURSDAY, JANUARY 9, 1908. PROSPECTS OF A MILLION SURPLUS.

Dominion, Volume 1, Issue 90, 9 January 1908, Page 4

The Dominion. THURSDAY, JANUARY 9, 1908. PROSPECTS OF A MILLION SURPLUS.

The Premier announced at Invercargill yesterday the revenue returns for the nine months of the financial year ended December last. In one respect at least the occasion must have been particularly pleasing to Sir Joseph Ward, for the figures give promise of the Ward' Ministry establishing a record for New Zealand in the way of surpluses, when the full returns are totalled up at the end of March nest. We now know that the revenue of New Zealand for the nine months ended December 31 amounted to £6,307,100 in round figures, as compared with £5,826,000 for the corresponding period of the previous year. Of the details that go to make up the total we are kept in ignorance, but we have the Premier's assurance that "the increase is exceedingly satisfactory, and indicates tlie remarkable buoyancy in the revenue that has continued for so long a period." The public might have been allowed to judge whether or not the detailed figures are as satisfactory as indicated, but that information may be expected within the next day,or two. The revenue for the nine months ended December 31, 1906, was actually £5,826,060, and at the end of the financial year on March 31, 1007, the total 1 revenue amounted to £8,39^075,

so that the March quarter of that year produced £2,573,015. If the current quarter produces no more than was produced last year, the revenue receipts at the end of March next will approximate to £8,880,115, or an increase of £481,0*10. ' The revenue receipts for the first nine months of the past five financial years, with the increase of one year over the other, are shown in the table appended:—

But the revenue for the current quarter is certain to be larger than in the March quarter of last year, for whatever the effect of the lower values of wool, skins, meat, hemp, and other products, that effect will not be felt to any appreciable extent before the close of the financial year. Consequently, if we place the increase for the quarter at £.100,000, we will most likely, be well within the iinark. The total revenue for the year in that case will be very to £9,000,000 if it does not exceed that' amount. The expenditure for the year was. estimated at £7,987,347, but as it is one of-_the characteristics of the present continuous Government to over-estimate expenditure by about £200,000, we may safely place the actual expenditure at £7,800,000. Thus it will bo^ seen that there is every prospect of seeing a surplus, according to present methods of manipulating the finances', of more than a million'sterling. The Right lion, the Prime Minister is fully cognisant of this, for in his statement to the Press he says: "With anything like the same proportionate increase for the balance of the last quarter the financial position at the end of tho year will show better results than at_ any time- in the history of the Dominion." Without entering, upon the question of policy involved in ; financial methods which extract so. much , more from the taxpayers' pockets than is necessary to, conduct the affairs of the Dominion, we can at least the coun : try on a condition of prosperity during the past , year which lias made such handsome returns possible. < j

Nine months Total- Increase. . to Dec. 31., Rovenuo. £. 1903 ... £4,865,526 ... — 1904 ... '5,025,626 ... 170,100 1905 :.. 5,213,642 ... 188,016 1906 ... 5,826,060 ... 612,418, 1907 ... 6,307;100 ... 481,040 ■ ' t