THIRD EDITION

Evening Post, Volume XCIV, Issue 139, 10 December 1917, Page 8

THIRD EDITION

N.Z. FINANCE

REVENUE AND EXPENDITURE STATEMENT BY SIB JOSEPH WARD

(IT lILKHIFB.—FUSS AESOCUTIOI.)

CHRISTCHURCH, This Day. In the course of an interview last wening, the Minister of Finance, Sir, Joseph. Ward, gave an interesting statement regarding the revenue and expenditure of the Dominion for certain periods. "Up to 30th November, 1917," he said, "there was completed eight months of the present financial year. The total revenue shows a falling off of £537,804, as compared with the same period last year. The chief items of decreases will be found under the heads of Customs, land tax, and railways, So far as the decrease in the land tax is concerned, that, of course, is not of any material moment. In assessing the position as at the end of this month &ere will be a marked increase from that source of taxation, but a reduction in the revenue of Customs and railway was to be expected. The expenditure for the S*lS,t If" 0"1 -shows an increase of £•1,003,253 as compared with the corresponding period of last year. The chief increases in expenditure are to be put under the headings of interest and sinking funds, post and telegraph, railway* and agriculture. The increased expenditure in the Agricultural Department is due to a very large extent to money required for the purchase of wheat, which will be recovered in due course, and there is an item in the expenditure of £600,0000 which is in the nature of temporary advances for the payment of butter and cheese, which w-11 also be refunded out of payments for the butter and cheese sold to tiie IwjjfuaJ Government. This £f.o6m. was advanced as payment to dairy companies throughout the Dominion, and was necessary because the actual financial arrangements had not been completed in England for the payment for the produce though it had been sold to the Imperial Government. One is entitled to deduct this £600,00Q, and the increased expenditure would then be £403 253 " The public works expenditure for the s^o^r enod shows a decrease of ±,178,675 as -compared with the expenditure of the previous year. That, I think, may be accepted, considering the tunes we live.in, as 1 very satisfactory REVENUE FOR EIGHT MONTHS.

The revenue of the various departments for the eight months k as follows :—Decreases : Customs £465 986 stamps and death dnties £16,472 land tax £282,432, railways £204,475, registration and other fees £5259, marine <SJ rltorial £720°0, total decreases i 986,822. Increases : Post and Telegraphs £40,380, income tax. £260086 beer duty £22,616, miscellaneous £103,----437, national endowment revenue £14 • 522, other 6*epartment s £7977. -■Total SeW 1£449 '018- Net decrease

For the* twelve months to 30th November, 1917, by comparison with a similar £enod in 1916, the figuresjre as follow*; 'ecreases: Customs £447,714, stamp and death duties £97,601. land tax £663,559, railways £136,452, registrktion and other fees £4761, marine £6352, -Territorial £11,739. Total £1,368,278. Increases: S?5^ nA, Telegralill £21'9H. income tax £3,103,297, beer duty £16,322, miscellaneous £171,916, national endowment re-" venue £14,522, other receipts £35,437 Total increase £3,363,405. I "DECREASES. The decreases; deducted from- that' •leave a balance of £1,995,127. For Hie month of November, 1917, as against the previous November, 1916, the decreases inirevenue amount to £327,----914, and increases to £133.511. There'is a decrease of £194,403- for the month m the Public Works Fund. The figures for-the eight months in 1917, compared with the corresponding period of 1916 show that the Department's expenditure has decreased. The details aye as fol*Sy :r--Decreases: Departmental expenses £12..046, .Railways £67,295, public buildings £20,224, lighthouses £1607, roads and bridges £83,851, development of mining £2917, contingent defence £3771, plant, material, and stores £3376. Total ■ • 'iSI" Increa?e6: Telegraph extension £9375, land improvement £2102, irrigation and water supply £1560. miscellaneous £3056,. Immigration £612 Tourist ajid Health £7. Total increases £16,----712; total decrease, £178,675. _In connection with the PnbKc Works Fund, we have a balance of unexhausted loan authorities amounting to £1,350,000 »Jjd (rfcash an( j outstanding £168,560. I Tigard these facts as quite satisfactory. We have to took for a decrease in the revenue by comparison with the previous year, and an increase :in the expenditure is unavoidable, aa one item alone—the, Interest., and Sinking Fund—has gone up in the eight months by £93,736, and that item must be expected, to increase id-.a more rapid ratio; than has been the.case up,to now. "We have: still four months of the yejfe to go,;and I can,only hope .w.ecan mafiKtin *» sopd an'*:average position for therremainder of the year..- If so, m M have much to be gratefnj for. The only way we shall be able to. judge o> the actual position will be to ascertain Oia facts at the end of each month, and 1 propose to give a general outline of the position for the information of the public, 86 I think the whole country is entitled to have a full knowledge of how our finance* work out during the untoward times through which the' country is passing. '