IMPROVED POSITION

Evening Post, Volume CV, Issue 123, 25 May 1923, Page 7

IMPROVED POSITION

FINANCIAL STATEMENT

INCREASE IN CUSTOMS

SUBSTANTIAL DECREASE IN EX. PENDITURE.

A statement of the Dominion's finances, for the year ended 31st March, 1923, was issued last night. The figures show i marked improvement compared with the position last year. The position in regard to the total revenue and expenditure at the close of the financial year, compared with the previous twelve months, is as follows:— 1922-23. 1921-22. £ £ Eevenue 27,579,443 28,127,007 Expenditure ... 26,263,760 28,466,837. Surplus 1,315,683 Decrease 339,830 The principal increases of revenue were: Customs, £936,856; departmental, £416,009; beer duty, £153,230. Land tax shows a decrease of £96,314, and income tax £2,171,055. There was a decrease in the expenditure of £2,203,077, compared with the previous financial year, the principal decreases being: Railways, £1,527,053; .Postal, £336,145; and Defence, £222,----629. ORDINARY EEVENUE. Under the heading of ordinary revenue, the principal receipts were "(omitting shillings and pence), the amounts foi last year being shown in parentheses:— Customs, £6,032,292 (£5,095,435); railways, '£6,719,864 (£6,683,235); stamp and death duties, £3,58i;290 (£3,444.----504); Postal and Telegraph'revenue, £2.----705,029 (£2,74ff,480); land tax. £1,541,----502 (£1,637,816); income tax, £3,831,931 (£6,002,986). The total revenue for 1922-23, £27,579,442; 1921-22, £28,127,----007. The principal items of expenditure were : Interest and sinking fund, £8,758,----735 (£8,442,277)- War Pensions Act, 1915, £1,471,531 (£1,722,595). The chief amounts under annual appropriations were: Working, railways, £4,946,180 (£6,473,233); Post and Telegraph, £2,112,543 (£2,448.687); Education Department, £2,514,991 (£2.580.----552). ACCUMULATED SURPLUSES. The accumulated surpluses have been disposed of as follow:—Accumulated surplus at 31st March, 1922, £23,671,----209; add surplus for financial year, 1922----23, £1,315,683; total accumulated surplus, £24,986,892. The transfers were: To Discharged Soldiers' Settlement Account, 1920-21, £13,330,000; 1921-22, £170,000; total, £13,500,000. The sum of £500,000 was transferred to Public Works Fund, 1920-21, whilst three sums of £50,000 were transferred to the Discharged Soldiers' Settlement Depreciation Fund Account from 1920 to 1923. In 1920-21, £1,200,000 was transferred to i the Reserve Fund Securities Account: Loan Redemption Account • reduction of securities, £3,159.960; balance at 31et i March, 1923, £5,637,090.

, During the last quarter the revenue from Customs increased by £614,000. compared with the corresponding quarte>' of last year, and the railway revenues increased by £130 ; 000. Decreases, as indicated above, occurred in stamp and death duties, land tax, income tax, and post and telegraphs, those reductions following the" remission of taxation.