ONLY TEMPORARY.

Evening Post, Volume LXXVII, Issue 140, 15 June 1909, Page 3

ONLY TEMPORARY.

These fpeci.il causes for the reduction in Customs revenue are, however, temporary. Traders are already reporting considerably improved business, mid I am of opinion that importations will assume a much larger volume, without anything in the nature of over-import-ing, which, from every point of view, is not desirable. I feel justified in saying this from the fact that we have had one of the best seasons known in the history of New Zealand. The result of this is demonstrated by a reference to the exports, which for the five months ended 31st May, 1908, amounted to only £8,713,591,* as compared with £10,530,163 for the corresponding period of 1909, an increase of .£1,816,572. This shows a largely increased purchasing-power, which must faevourably affect our imports. The decrease in duty is mainly apparent on articles of general merchandise liable to ad valorem duties. Those articles which may be regarded as luxuries, such as spirits, cigars, cigarettes, tobacco, wine, ale, and beer, show little difference. There is also another indication of a decided improvement in the financial outlook, the excess of deposits in the Post Office Savings Bank over the withdrawals for the month of May being £64,115. There was a slight falling-off in beer duty, and there was also a drop under Territorial Revenue of £13,143. The revenue receipts for the p^sc five

REMISSIONS. It must be remembered, in comparing the figures of the financial year jusfc ended with the previous year, that the j revenue has been cut down a good deal within the pasl two years by the remission of Clistoms duties, railway «:oncefesions, abolition of sheep-tax, and the transfer of Crown lands as a national endowment. But notwithstanding aIL these abatements, the revenue for the year just closed is £600^000 better/than for the year 1906-7. The total increase during the last three years is £1,416,826. i EXPENDITURE. The expenditure *of the Consolidated Fund must be next considered. The amount estimated for the year was £8,878,346, to which should be added the railway surplus revenue of £83,507, which by the Public Revenues Act is treated as an additional appropriation. The actual expenditure was £8,785,513, or a saving on the votes of £176,340, the utmost economy having been exercised during the yeav in order to keep the expenditure within the votes. Had it not been for the surplus railway revenue, the unexpended' appropriations would have been £92,833. The expenditure was as follows :—: — Amount Estimated. £ £

EXPENDITURE DETAILS. On the expenditure side of the si-ar there is an excess over the preceding yeai of £571,548. Of this amount our interest charges are responsible for £71,000, and old-age pensions £11,500. The issue of debentures for construction of railways, for reading and improving onr Crown lands, for grants to local authorities, necessitates an increase of interest payments. Post and telegraph sei vices have absorbed nearly £100,000 more than the previous year ; working railways, £157,000; lands and survey, £60,000; education required, £26,000; cost of general election, including the printing and preparation of rolls, £44,000 ; licensing polls, £12,800; defence, £19.000; publice buildings, £20,000; agriculture, £20,000: police services, £12,000; and Industries and Commerce, £10,000. A satisfactory feature of the year's transactions is that £80u,000 was transferred from revenue in aid of public works.

Permanent charges ... 3,210,343 Annual appropriations 5,668,003 Additional appropriations for railways... 83,507 8,961,853 Amount Expended. £ £ Permanent charges ... 3,210,030 Annual appropriations 5,575,483 8,785,513 Saving on appropriations ... £176,340

r ears have be 1904-5 1905-6 1906-7 1907-8 1908-9 ccii j as iolio 3\vs :—: — £ 7,282,870 7,584,359 8,399,075 0,055,946 9,001,185