PUBLIC FINANCE

Dominion, Volume 18, Issue 191, 8 May 1924, Page 6

PUBLIC FINANCE

LABOUR CRITICISM FURTHER STATEMENT BY PRIME MINISTER Br Telegraph—Press Association. Christchurch, May 7. The Canterbury Labour members, replying to Mr. Massey’s comments on their letter, say that the Dominion revenue in tho first ten months was well ahead of that of last year, and the expenditure was lower. If this ■nas maintained during the last two months the surplus would be in the region of £3.000.000, as alleged. Me are anxious,” they continue, to see if there was some extrordin.arv expenditure in the last two months, and whether capital expenditure, such as repayment of loans other than treasury bills has been met out of revenue. Up to 1921 the Government Statistician used to publish month by month the Consolidated Fund figures showintr the actual amount entered m the Treasury books. Since 1922 however, tho practice has been to withhold the figures for January, February and March until the surplus is declared. It is this recent innovation which we complain about. We are interested to learn from you when the law compels publication of the figures, but we still see no reason why facts which were available in past years should now be withheld until the law compels publication-’’ PREMIER’S FURTHER COMMENT QUARTER’S FIGURES OUT IN A WEEK Mr. Massey has made the following to your telegram, I should 'perhaps state that it did not reach me until a Press representative came into my room with a copy of your telegram in type and asked me whether I had anything to say by way of reply. Some time afterwards the telegram itself reached me. On that point there is nothing more to be said. “Referring to the public accounts for the last two months of the financial year: evidently your estimate of revenue and expenditure was seriouly in error, as the quarterly accounts when published will reveal. You are of course aware that the revenue and expenditure for the last two months of tho financial year are by comparison with the preceding ten months nearly always abnormal and calculations must be made accordingly. “You suggest that there has .been some extraordinary expenditure during the last two months, and whether capital expenditure such as repayment of loans has been met out of revenue. As a" matter, of fact,, repayment of loans has nothing to do with the surplus in connection with ordinary revenue and expenditure,which latter comprises permanent charges and departmental appropriations o n *. v - You refer to the monthly figures from the Consolidated Fund having been formerly published month by month, and that since 1922 the practice has been to withhold the figures for January, February. and March until the surplus is declared. The monthly figures have not been published m the Abstract of Statistics since the beginning of 1922 because of the frequent misundprstandings which arose out of the difficulty in reconciling the departmental monthly figures with Um Treasury accounts for the same periods. Your telegram implies that the monthly figures, have for the last two years been publ’shed as usual with the exception of January, February, and March. I am. informed by the statistician that, as k matter of fact, the monthly figures have not been published in the Abstract of Statistics for the last two years. The accounts for the last quarter of the year will be published not later than a week from now. which will be m strict comnlianre. with the provisions of the Public Revenues Act.”