LAST YEAR’S SURPLUS

Dominion, Volume 31, Issue 252, 21 July 1938, Page 12

LAST YEAR’S SURPLUS

Record Expenditure And

Revenue

SOCIAL AMELIORATION A summary of the State's financial transactions last year was given by the Minister of Finance, Hon. W. Nash, in bis Budget speech in the House of Representatives last, night. As already announced a surplus of £BlO,OOO resulted from the year’s operations. Mr. Nash said the public accounts reflected the prosperity which obtained in the Dominion throughout,the year. ■ Details of revenue and expenditure for the year ended March 31. 1938. are:— REVENUE. i S, £ Taxation 31.664,01 K) Interest 2.111.000 Other receipts 2,251,000 — 36.052.000 EXPENDITURE. Permanent appropriations— Debt services 9,441,000 Exchange 1.828.000 Highways 2.533.000 Other services 1,517.000 15.021.000 Annual appropriations— Social services .... 11.572.00 V Other services .... 7,750,000 111.625.000 35.249,000 Surplus SIO.OOO Modern Financial Trends. It will be noted, said Mr. Nash, in comparing these results with those of the previous financial year that both revenue and expenditure have reached record proportions. This is in accordance both with modern trends in public finance and with the Government’s policy of increasing the range and scope of social services. Such a policy requires little justification in the light of present day enlightened standards.

The Government has already gone some distance along the road of social amelioration, but there is much still io be done, and the remaining ptobleins will be faced with the same resolute determination ns lias ennraeterised the Government's action up to the present.

No nation can afford io lest coniem. so long as numbers of its citizens who are able and willing to work -are denied tlie opportunity of providing for tne reasonable comfort and advancement of themselves aud their families. Moreover, if any real benefit is to be obtained from the progress of science and invention, it must be shared by every section of the population. It will be appreciated, too, that an individual is able to take advantage of the various forms of material progress only to the extent to which lie has the necessary means of making his demands effective. A progressive extension of social services tends to bring these material advantages .within the reach of all. Higher Defence Expenditure. Of the total increase in expenditure (compared with the immediately preceding year) of £4.574.000. social services accounted for an amount of £l.959,000. Other annual appropriations accounted for tin increase of £1.082.000. tlie result very largely of additional defence expenditure. Exchange charges were responsible for £247,000. and other services for a total of £1.286,000. The major portion of the Increase in Hie last-mentioned item is largely accounted for by an accretion to Hie genera! reserve fund of the Dominion. On tlie revenue side of tlie accounts the increase of £4,912,000 is due largely to the more prosperous conditions which obtained in tlie Dominion as there was very little variation in the actual rates of taxation. Of the increase referred to, income tax (which surpassed expectations) accounted tor no less than £2.461.000. Customs duties for £1.260.000. and land tax, together with miscellaneous items, for tlie balance, leaving a surplus for tlie year, as already stated, of £BlO,OOO.

The Agricultural Department, vote totals £949.900. an increase of £104,481. This is mainly accounted for by some £18.500 for fencing materials ami grass seed for Hawke’s Bay Hooded areas. £17.000 for the carriage of lime and fertilisers, and some £40,000 for stock division and general charges.