FINANCE.

Dominion, Volume 2, Issue 318, 3 October 1908, Page 5

FINANCE.

THE. DOMINION'S REVENUE. RESULTS OF THE LAST SIX MONTHS. STATEMENT BY THE. PRIME MINISTER. ' Late last night tho Prime Minister made • - statement from tho floor of the House regarding the financial results of the last . ais 'months. ' "TCVe have completed tho six months of the finahoial year," he said, "and it has . most .satisfactory period. The total amount of revenue received has been £3,829,641. Notwithstanding tho large concessions made in Customs and taxation (all of which hayo been in full operation in the period named), it is a better" period than the corresponding six months of the pre- ' ceding year, though the revenue is only ;slightly in excess." . ' In 1907 tho revenue was £3,829,304 for the six . months, so . the increase was £337. -This was a small incroase, but a very signi- , ficant 'ono from the point of view that they had, had. all the reductions in operation, and at a time when it had been expected by y somo that there would have been a large shrinkage in revenue, due to a-fall in the prices of some of the staple products. Hap- , pily this had not occurred.

Rovonuo for tho Twolvo Months. Tho Prime Minister then gave the following Statement of- revenue for 12 months ended September 30, 1908, and for the correspond- : ing period ended September 80, 1907 : In- De- •' 1908. , 1907. crease.' crease. r 1 Customs ... 2,903,032 3,131,280 — 167,643 , . Stamps ; (including Post and . I'ele- . graph " receipts ' ... 1,601,481 1,459,261, 142,220 - Land and income tax ft,934 126,212 123,782 — Beer duty... 117,665 110,125 7,540 - - . Railways' ... 2,812,996 2,678,257 164,739 —' Registration and ' other . fees I "... 120,824 115,036 5,78S — ' Marine 43,417 41,450 1,967 " - Hiscellan's 23-1,090 ?14,328 19,762 — , territorial 283,184 270,861 12,323 - ,' Total (1908) .£9,056,283 Total (1907; ... ! ... .£8,745,810 , Net increase,. ... ... .£310,473 ■ For Six Months. •■The Prime Minister also gave the following . statement for the six months ended Septem- : ber..3o, 1908, with comparisons for the similar period in 1907 1 In- De- ' '1908. , 1907. crease, crease. ''r:"£ . £ X £ Customs ;.. 1,401,381 1,544,314 . — 139,933 ■ Stamps ... : 769,058 ~ 718,511 50,547' - Land and in- ' come tax... .21,904 14,851 6,243 — Beer v duty 51,639 47,947 3,692 — • . Railways ... 1,292,631 .1,215,039 77,601 — . Kegisrat i on i 'and,;', other 1 fees : ' • 51,300 . 59,641 — 8,341 Marine2o,499' 19,299 1,200 — . Mistfellan's 108,497 92,7-19 15,748 — ' ■ Territorial Bevenne 110,542 116,962 — 6,420 V Total'(1908) ... ... £3,829,641 • Total (1907) ' ... .£3,329,304 TotaHncrease -. ) £337 • In regard to : the decreases, he called at*, tention to the fact that _in the 'Customs it was the of the tariff reductions made last session. In the " registration and other feos "/;the decrease; was - the -result of the abolition of the sheep tax. The reduction in '• territorial revenue was due to the national . endowments.'.:-. Reasons therefore be , seen for the reductions in every instance. - -ni-cctt oil - ■ ■'Loans Renewed. , | During-the six months of. the present financial year just ended, loans' amounting to _ £1,333.488 fell due.' Of this' sum ,£1,136,050 interest "at''the-rat©'of 4 per cent., . and £197,438 interest at B.J per cent. Of the total amount. £1,255,438 debentures were renewed, and £78,000 redeemed by the issue . ' stock. Of the amount renewed, £883,400, which 'formerly carried 4 per cent, interest, was renewed at 31 per cent.—a direct'saving in interest of £4417. The balance.was renewed at interest on .the same terms as formerly. Thus the financial, mercantile,'and . all classes interested would . realise: that notwithstanding any tightness "■ that had been experienced in the money mar- ., ket,'exceedingly., satisfactory operations con r nected : with the 'renewal of our loans had .Been completed during the last six month's. 'He! thought he was justified in saying that the result of tho operations for the half-year -jwhich was generally the worst half of tba yiear^-should_ inspire a feeling of confidence and satisfaction, and should be reassuring to those who had control of important financial institutions. ' . "