DOMINION'S FINANCE

Dominion, Volume 11, Issue 66, 11 December 1917, Page 6

DOMINION'S FINANCE

STATEMENT BY FINANCE MINISTER

VARIATIONS IN REVENUE AND EXPENDITURE

By Telegraph—Press Association.

christehurch, December 10. In the course of au interview last evening, the Minister of Finance, Sir j Joseph Ward, gave an statement regarding the. revenue and expenditure of the Dominion foi certamperiods. "Up to November 30, 1917," he said, "there was completed eight months of the present iu.anc.al year The total revenue shows a fa! - mg off of £537,804, as compared with the same period last year. -The chiei items of decreases will the heads of Customs, and tax, and railways. So far as the decre;. o in the laud tax is concerned, that, of cours , is not of any material moment. In issessing the position as at the end ot Sr3k,th™«aii..»-rW £ - crease from that source of taction, but a reduction in the revenue of Ous fnuT! ind railway was to bo expected. The expenditure for the same period Sows an increase of £1.003,253 as compared with the corresponding period of last vear. Tlio chief increases in expenditure are to be nut under the headings of interest and sinking funds, post and telegraph, culture. The increased expenditure m the Agricultural Department is due to a very large extent to money required for the purchase of wheat, which will be recovered in due course, and there is an item in the expenditure of £600,000, Which is in the nature of temporary advances for the payment of butte? and cheese, which will also be refunded out of payments for the butter and cheese sold to the Impenal Go - crnment. This-£600,000 was advanced as pavment to dairy companies throughout the Dominion, and was necessary because the actual financial : amng<!ments had not been completed m iwig land for the payment for the produce, though it had been sold to the Imperial Government. Ono is entitled to deduct this £600,000, and the increased expenditure would then be £403.253. "The public works expendituie for the same period shows a _ decrease ot £178,675' as compared with the expenditure of the previous year. Ihat, i think, may be accepted, considering the times we live in,' as very satistacto"The revenue of the various Departments for the eight .months isi as follows Decreases: Customs £465,986, stamps and death duties, land tax, £282,432; railways, £204,475, re gistration and other_ fees, £525); marine £4999; territorial, £/2,000; .total decreases, £986,822. Increases: Post and telegraphs, £40,380; income tax, £260,086; beer duty, £22.616; miscellaneous, £103,437; national endowment revenue, £14,522; otber Dcpartmcnts £7977; total increases, £449,018, net decrease. £537,804. ''For the twelve,months to November 30 1917 bv comparison with a similar period in 1916, the fisures are, m follow Decreases: Customs, £44/ ,714. stamp and death dut.es, • land tax, £663,559; railways, £13(3.452. re gistration and other fees, £476:U marine. £6352; territorial, £11,739; total, £1,368,278. Increases: Post and telegraphs, £21,911; income tax, £3,103,297- beer duty, £16.322; miscellaneous, £171 916", national endowment revenue, £14,522; other receipts, £35,437; total increase, £3,363,405. The decreases deducted from that leave a balance ot £1.995,127. „ . 1(Y .„ "For the month of November, 191', as against the previous November, 1916,"the decreases in revenue amount to £327,914, and increases to £™'VyTilers is a decrease of £194.403 for the month in the Public Works Fund. Tho figures for the eisht months m 1»1/, compared with the corresponding period of 1916, show that the Department s expenclTture lias decreased. The details are as follow i-Decmasei Departmental expenses, £12.346; railways, 295; public buildings, £20,224; lighthouses, £1607; roads and bridges £83,851- development of mining, £2JJ./, contingent defence, £3771; plant material, and stores, £33/6; total, £19j,387. Increases: Telegraph extension, £9375: land improvement, £2102; irrigation and water supply, £1560.; miscellaneous, £3056; Immigration, £612; Tourist and Health, £7. Total increases, £16,712; total decrease, £1/8,675. i "In connection with the Publid'Works Fund, wo have a balance of unexhausted loan authorities amounting to £1 350 000 and of cash- and imprest outstanding £168,560. I regard these facte as quite satisfactory. We liavo to look for a decrease in the revenue }jy comparison with the previous year, and an increase in the expenditure is unavoidable, as one item alone-thc Interest and Sinking Fund has 2one up in the eight months by £93,(36, and that item must be expected to increase in a more rapid ratio than lias been the case un to now. We have still four months, of the year to go, and I can only hope we. can maintain as good an average position for the remainder ot the war. Tf so, we shall have much ' to be grateful for. Tho only way we ' shall be e'-V to iudee of the actual ' position will be to ascertain the facta : at the end of each m/mth, and 1 propose to <rive a general outline of the position for the information of the puh- [ lie. as I think' the who!" country is I entitled to have a full knowledge of 1 hmv our financos work out miring tjie ' untoward times through which the ' country is passing.".