NEED FOR CAUTION

Dominion, Volume 11, Issue 16, 13 October 1917, Page 8

NEED FOR CAUTION

THE COUNTRY'S FINANCES

STATEMENT BY TREASURER

"THERE WILL BE NO DEFICIT"

An important statement concerning the finances of the country was made by Sir Joseph Ward in the House of Representatives yesterday afternoon. The Minister gavo particulars of the ordinary finances for tho six months ended September 30, 1917, compared with those for tho corresponding period for the previous year.

Tho expenditure, he said, showed an increase for the 1917 period of ,£100,599, and the revenue a decrease of .£299,769. Tho net result was that wo were <£-100,368 worse off than we were at this time the previous year.

Tho position of our resources at tho end of September 30, 1017, was very much stronger than at tho end of the sums period tho previous year. Cash totalled •£1,335,3U, advances outstanding .£1,087.189, and investments .£3,612,845, a total of J56.035.818. Last year at tho same time there was ,£300,000 of Treasury Bills outstanding, but on September 30, 1917, there were no Treasury Bills outstanding. The total amount received in the Treasury for the six months ending September 30, 1917, comprised receipts •£7,561,601. For the same period last year it was ,£6,319,627. The expenditure last year was ,£6,256,903. This vear itwas .£7,997,607. On September 30, 1916. the cash investments for revenue purposes were onlv .£2,258,801; this year they amounted to „C 6,038,815. Irrespective of the fluctuation of expenditure, the country was in a remarkably strong position, and it was a good thing it was. In tho revenue departments that made up the general total, the figures for the six months ending September 30, 1917, compared with those for the six months ending September 30, 191 C, were as under;—

1017. 1916. Customs 1,591,391 1,914,253 Stamp and death duties 823,530 533.85G Postal anil Telegraph... 861,142 522.947 Land tax 9,788 7,551 Income tax 135,121 i 15,499 Beer duty 93,897 .86,237 Railways 2,055,814 2,209,511 Registration and other fees 47.19S 48,823 Marine 18,07.1 21,368 Miscellaneous 215,151 175,104 Territorial SS,lsfi 95,430 National Endowment revenue 100,493 85,071 Other receipts 10,104 2,127 Totals >CG,049,858 .£G,3f9.G27 This showed a decrease of ,£299,769. Upon the whole, Sir Joseph Ward said, the position was very satisfactory. There had been a very large decrease in Customs and Railways. The average was below tho reduced estimates lie indicated in the Budget, but it was just as well to say what those fluctuations were. "The fact shows the House and me country, too," said the Minister, "that we cannot expect to have anything approaching the revenue of last year." Mr. Buddo: There is no intention of raising the railway rates to make up a deficit? | Sir Joseph Ward: We don't deal in deficits. There is not going to be a deficit. (Hear, hear.) This matter will not come up until the end of next year. It is under consideration now. and (hero is a suggestion in regard to railway staft'ing. Thero will be no idea of raising the revenue of any Department to meet a possible deficit. We are not going to havo one, in my opinion. Tf we felt ws were going to have a deficit we would have to face it now, but wo are not going to havo one.