FINANCES FOR 1908-9.

Dominion, Volume 1, Issue 244, 8 July 1908, Page 6

FINANCES FOR 1908-9.

The estimates of' revenue and expenditure for the current year are interesting. The revenue is estimated at .£8,985,000, and the expenditure at £8,662,993,. showing an excess , of revenue of £332,007, which with tho amount of £767,849 car-

ried forward shows an apparent surplus of £1,089,856, but from this amount £800,000 is to be transferred to the Public Works Fund, £60,000 additional is to be paid as contribution to the British Navy, leaving a balance of £229,85G, out of which the supplementary estimates have to bo provided. Tho estimates of revenue compared with the actual receipts for tho past year show as under:— Estimates. Actual. 1908-9. 1907-8. ■ £ £ Customs 2,950,000 3,103,565 Railways ... ... 2,835,000 2,765,395 Stamps ...' ... 1,573,000 • 1,550,934 Land Tax 570,000 537,846 Income Tax ... 310,000 304,905 Beer Duty 117,000 . 113,973 Registration and other fees ... 116,000" 129,166 Marino ... ... ' 40,000 42,217 Miscellaneous ... 239,000 218,342 Territorial 236,000 ■ 289,603 £8,985,000 £9,055,946 Customs is expected to yield £153,565 less, Registration and fees £14,166 less, Marine £2217 less, and. Territorial revenue £53,60J less, but all the other items are estimated to give increases, so that the net decrease is estimated at only £70,940. We doubt whether the Minister for Finance has correctly gauged the position. Sir Joseph is an optimist, but the Right Honourable gentleman is dealing with the affairs of a State, and it is not blind optimism that is wanted, but a frank avowal of the true position.' The Customs rovenue will declinc, that is • inevitable, judging bj the trend of trade, but we fail to see why there should be increases in other departments. With a smaller return from produce there must necessarily be less for expenditure, and it is roasonablo to sup-' poso that the railways will be used less for pleasure travelling—oven the tourist ti affic is bound to show a decline. Stamps' also are more likely to show a shrinkage than an increase. However, assuming that the estimates are fairly correct, there is to be a very marked increase in the expenditure. Tho permanent and annual appropriations last year aggregated £8,213,965, while for thp current year tho estimate is £8,662,993, or £449,028 more than last 'year, and that without taking into account the supplementary estimates. Ij is usual for. the expenditure to be underestimated; it was last year underestimated by £236,381, but as this is election year there may not bo.so great a difference. Tho growth in the expenditure is becoming alarming, and the more so when it is remembered that trade,is depressed and there is a tightness of money.