PUBLIC ACCOUNTS

Dominion, Volume 37, Issue 210, 2 June 1944, Page 6

PUBLIC ACCOUNTS

Surplus Of £2,232,580 For Year WAR EXPENDITURE OF £163,161,550 A surplus of £2,232,580 is shown in the Consolidated Fund accounts for the year ended March 31. last, details of which were announced yesterday by the acting Minister of Finance, Mr. Sullivan. Receipts for the year totalled £48,828,273 and expenditure £46,595.693. Balances in the Social Security Fund and the War Expenses Account were substantially the same as at the beginning of the year. Mr. Sullivan said that the War Expenses Account was now by far the largest of the three main accounts, the receipts for the past year into that account totalling £162.540,453 and the expenditure £163,161.550. An analysis, of these figures was given iu the following table: — RECEIPTS. Revenue Len.l Lease * Loans IOo.OUQ £ 102,540.000 EXPENDITURE. £ XIIVV ' 8.245.000 \ r ,„ v 75,057.00() Air ......... 33:-->.-i.ooo Cjvll T.SOO.OtNI Reverse Lend Lease 21 '4,"'3.000 Redemption of war loans 10,‘-lb,ooo Rehabilitation 344,000 £163,161,000 'The amount raised by way of loans, £72,755,000, should be reduced by the £10,216,000 used for redemption of debt,” said Mr. Sullivan. “This latter figure comprises mainly the over-subscription of the Third Liberty Loan to the extent of £5,0<X).000. which was used to redeem part of the amount owing to the British Government under the Memorandum of Security. During the year, finance for war purposes to the extent of £5,000,000 was raised by Treasury bills, but at the close of the financial year, it was possible to redeem a corresponding amount these bills from funds available in War Expenses Account. “The actual increase in the debt for war purposes during the year was therefore £62,539,000. including the amount borrowed under the Memorandum of Security for maintenance of our Division in the Middle East. The net receipts into War Expenses Account were thus £152,324,000, and the net war expenditure. again excluding redemption of debt, £152,945,000, as compared with the Budget estimate of £148,000,000. Social Security Fund. “As regards the Social Security fund,” said the Minister, “the .receipts for the year were £17,492,085 and the exponditure on monetary benefits £12,282,200, medical, hospital, etc., £5,351,547, a total of £17.633,747, leaving a net decrease of £141,662 in the available balance in the fund. This position, however, was visualized in the Budget, where it was stated that excess expenditure would lie met from the cash balance in the fund at the beginning, of the year. Expenditure exceeded the estimate by £230,667, but revenue into the fund was more buoyant than anticipated to the extent of £1,217,085. enabling the very satisfactory result, as disclosed, to be achieved.” , , The surplus in the Consolidated I'und was very gratifying, especially in view of the extent do which the Consolidated Fund was being utilized to assist War Expenses Account, said Mr. Sullivan. This policy was being followed as far as possible as the transfer of revenue moneys from the one account to the other avoided borrowing to that extent for war purposes. . “Two other very -pleasing features Qi the past year’s operations are, firstly, that by keeping our national development programme down to a minimum, only £4,000,000 being borrowed from departmental sources, as against £6,000,000 visualized in the Budget, we have conserved our resources to that extent tor war purposes,” added the Minister. ‘More important, however, is the fact that our floating debt as represented by Treasury bills outstanding, is lower than at the close of the previous financial year the figure being £55.954,000 as at March 31, 1943, and £55,615,000 as at March 31, 1944 ” Mr. Sullivan, who stated that, fuller details would be made available when the Budget for the current year was presented to Parliament, expressed the opinion that New Zealand was fortunate m haring completed another strenuous wav year with the very satisfactory results as disclosed by the accounts.