INCREASED SURPLUS

Dominion, Volume 29, Issue 228, 23 June 1936, Page 8

INCREASED SURPLUS

National Accounts Audited

BUOYANCY IN REVENUE

Taxation Yield Exceeds

Expectations

EVIDENCE >OF RECOVERY

A surplus of £281,800, instead of £270,000, as estimated in an earlier Ministerial survey (subject, of course, to possible minor adjustments when the figures had been checked finally) -is shown in the audited public accounts for the financial year ended March 31. Commenting on the final statement, which was gazetted.yesterday, the Minister of Finance; Hon. W. Nash, said that the revenue exceeded expectations by £290,000, and, that taxation items generally also were in advance of the estimated yields, the principal increases being customs; stamp and death duties and income tax-.,/ k ; , The revenue’'for' the year, under main headings’ compared with the Budget estimates, was:— .

“It will be seen from the above table,” Mr. Nash said, “that the taxation items generally exceeded expectations, the principal increases being in customs, stamp and death duties and income tax.”

In connection with the increase in taxation, the Minister added, that as pointed out in his preliminary statement of the position, subsequent to the Budget being brought down, a further review of the revenue estimates was made and on the basis of that review, it was considered that the receipts would exceed the original estimates sufficiently to allow the 74 per cent, increase in salaries and the restoration in pensions to be back-dated to August 1 instead of October 1 as was originally intended; the additional amount involved being approximately £140,000. Allowing for this, it would be seen that the revenue exceeded expectations by some £290,000. Expenditure.

On the expenditure side, the year’s figures, compared with the appropriations, were as under: —

The principal decrease under debt services was in interest, a saving of nearly £BO,OOO being effected under this item. The increase under highways was purely nominal, being the result of increased payments to the main highways account as the result of the highways revenue received being in excess of the estimate as shown in th© revenue figures set out above. “A feature of the year’s operations was the'saving effected in annual votes other than social services,” the Minister said. “Under the latter heading, an increase was to be expected as the result of increased expenditure under pensions and education.

“The outcome for the year is satisfactory. The surplus is the result of buoyancy in the revenue and this fact points to the. Dominion being well on the way to a complete recovery.”

■ . ' ■■ 'fsv- : Excess Budget Revenue over Taxation. estimate, received estimate. ■ £ £ £ Customs 7,900,000 8,161,101 261,161 Beer duty ... 675,000 . - 715.042 40,042 Sales tax ..- 2,475,000 - 2,462,601 12,399* Highways ... .2,040,000 2,124,130 s 84,130 Stamp & death . y. duties 2,710,000 2,841,766 131,766 Land tax ■ .. 470,000 458,873. 11,127* Income tax .. - 4,250,000 4,581,328 331,328 Other . taxation 200,000 211,514 11,514 Total taxation 20,720,000 21,556,415 In terest <2,614,000 2,721,446 Other receipts 2,408,000 1,894,506 ’ ' 25,742,000 20,172,367 836,415 107,446 513,494* 430,367 •Less than estimate.

Appro. ExpendiPermanent priations ture appropriations. Debt services for year. 0,440,049 for year. 0,345,054 Decrease 04,005 Highways ... 2,041,000 2,107,406 66,406* Exchange ... 1,636,000 1,593,536 42,464 Other services 635,889 701,552 65,663 13,753,838 13,748,448 5,390 Annual appropriations. Social services 7,661,353 7,756,213 94,860* Other services 4,423,247 4,385,006 37,341 25,838,438 25,800,567 52,129* •Increases,