SURPLUS OF £807,095.

Dominion, Volume 5, Issue 1424, 26 April 1912, Page 6

SURPLUS OF £807,095.

THE YEAR'S FINANCES. STATEMENT BY THE PREMIER. CREDIT SIDE.OF THE ACCOUNT. (By-Tolegra-ph— Press Association.).' -... Auckland, April 25. :\, statement regarding the- Dominion's ;;s*. "venue was made, by the l'rimo Minister fat llr. Myers's reception to-night. Mr. Mackenzie said that financially the. year" had been a record one. Tho revenue from jj--;■■ all sources amounted to £11,061,160, nud (Z-γ- the expenditure to .£10,311,000, leaving a p. : net surplus of ,8807,095. There had been »-■;-.;■ an increase-in every Department, except f.V in territorial revenue. The financial posii; 1,0,I ,0 ,} 1 was shown in suiniiiarised form as [i. •■ lollbivs.— !7 Balnnco on. April I, 1911 580,183 fs - , Keeeipts dnring tho year; ! f ■■" J , .?™ , ™* ' .....'....;...:....' 10,970,178 i! -National endowment revenue ... 1>2.365 if, Other receipts ..;....'.... L'8,«17 :'{■• Total "11,061,160 if lixpenditiire during tho year:— ■ -t| Appropriations : 10,340,549 P", Excess ■„..; ,„. ' 720,GU •;■ „ Total ..;. ...;............... i,307,0f14 i; : transfer to Public Works Puiul 50,000 :.■:" Ualanco on Marchl3l,' 1(112 ...... 807,09r> V ' The balance is made up of.cash in the :■■ public account 'mid advances in i the hands of olßcers of the Government, i' 36,934.' : "■ . ' ■ ' ■ . ■ The following are tho details of revenue, and of-the-increase above that of ■ the pre'viotts fiimiicial yeiiri— 1 " BKVKXUE FOB' TUB YEAR. — (Ordinary Revenue, 1911-12.) . 1911-12. Increase. Customs .....'. 3,279,012 251,183 Stamps (Stamp Depart- ' ment)' 943,188 .J23.349 Stamps (Postal) 857,119 49,814 l'nso' and -Telegraph ■ ■--" ' ■ ■ - •••■ ■ (Cash Iteceipts) 232,689 21,428 Lauil Tax 647,015 . . 18,292 Income Tax 448,935 ' 41,700 ])eer duty 119,131 1,031 Railways 3,065,613 181.855' lieaistration and Other I'ues 108,495 8,469 Jlarine.: 48,322 2,389 Ifiscellnneoiis— Territorial revenue 371,868 44,745 CJnsh land sales ...... 65,930 2,041 'Deferred payment . (Sales 568 Gil I'iistornl rents, etc. 182,280 7.G71 Tofal in'ci'ensp '. — 737,299 Less, deficiency — 8,282 Totals 10,970,179 729,017 "The deficiency in the National Endowment Revenue is not included in the above table. It amounted to .£62,365, an increase of Financially, both from the revenue and 1 expenditure point of view, and from the borrowing • ami- expenditure point of.view,"" said 31r.-3lac-. kenzie;- "tho country is in an excellent position. .■" ' ■ ■:• .• -■••.- .."•■.-.

''"You are never told what'is the .credit side of bur public expenditure. Let "me. *a'y"ithat at the present, time! we are obtaining from Government investments a jinn of- money, in excess of all-wo require to pay interest on nil our borrowed money in this country and abroad, and in audition-we are carrying on the development of tho Dominion. This is a source of deep and great gratification." The Primo Minister added, that during the-'last few years every ono of tho Treasury bills, amounting to XiOOjOOO, •which wero for years regarded as part of tho Public De,bt, had been paid off out of revenue. Altogether .£8,000,000 .had been transferred from surplus revenues to the Public Works Account Had that amount been borrowed at 3) per cent, interest it would have' amounted to X 2,000,000.

"There, is no country that occupies a stronger: position;"- continued Mr. Mackenzie. "Alarmists point to the fact tliat .there, is, at the present moment a closeness between- imports' and exports, and 'declare that it indicates an unwholesome'condition. But consideration must nlso tye given to the internal developments. During the last 20 years the excess of exports over imports has been .£61,500,000, and'in the same period the increase in internal wealth has been JC210.000.000. I believe, no matter- what may bo said against it, that there is no more Godgifted country ■ tbao. New Zealand, in which every man and woman' can do well, and in my experience there has never been a better opportunity than in the present time. Prices for our product, with the exception perhaps of dairy produco were never-more assured, and I look i'orjrard'to tho future with confidence."