PUBLIC ACCOUNTS

Evening Post, Volume CXXVI, Issue 26, 30 July 1938, Page 10

PUBLIC ACCOUNTS

QUARTER'S FIGURES

SATISFACTORY RESULTS

DETAILS ANNOUNCED

Details of the Public Accounts for the first quarter of the current financial year were released today by the Minis-, ter of Finance (the Hon. W. Nash), who stated that the results were satisfactory and showed that the Budget estimates were being closely adhered to. The accounts had now been completed, and after audit examination, which was now in progress, the usual details would be published in the Gazette. Details are as follows:— REVENUE. Percentage of revenue to June 30. To To Bevenue April 1 actual estimated to June 30. revenue revenue 1937. 1938. for for Taxation. £ & 1937-38.1938-39. Customs . 2,500,000 2,423,000 23 .24 Beer duty 212,000 251,000 22 25 Sales-tax 887,000 845,000 25 25 Highways 888,000 873,000 31 27 Stamp and death duties . 811,000 731,000 25 22 Land and Income tax .. 355,000 633,000 4 6 Other ... 43,000 42,000 18 IS 5,696,000 5,798,000 18 18 Interest . 431,000 265,000 20 14 Other receipts . 589,000 499,000 26 23 Total . 6,716,000 6,562,000 19 18 COLLECTION OF TAXATION. "It will be noted ,from the foregoing figures," Mr. Nash explained, "that the taxation revenue for the first quarter of this financial year totals £5,798,000, compared with £5^696,000 for the first quarter of last year, an increase of £102,000. A more satisfactory basis of comparison," however, is the percentage of revenue re« ceived to date compared with the estimated revenue in respect of the current financial year, and with the actual revenue as regards last year. On this basis it will be seen that the percentage is 18 in both cases, while the individual items show comparatively little variation, thus indicating- that taxation is coming to hand in a satisfactory manner. It will also be noted that the other headings of revenue indicate a slight percentage reduction, but this is purely an accounting fluctuation of no significance at the moment." EXPENDITURE. The following are the main headings of expenditure compared with the same period of the last financial year:— ' Permanent April 1, June 30, Appropriations. 1937. to 1938. Excess. £ £ £ Debt services .. 1,554,000 1,664,000 110,000 Highways . ... 436,000 804,000, 368,000 Exchange .... 359,000 202,000*157,000 Other services . 189,000 43,000*146,000 2,538,000 2,713,000 175,000 •Saving. Annual Appropriations. Social services 2,672,000 3,015,000 343,000 Other votes ... 1,521,000 1,698,000 .177,000 '4,193,000 4,713,000 520,000 Total expendl- . ture 6,731,000 7,426,000 695,000 "The total expenditure to June 30; 1938, exceeds that of the first quarter of last financial year by £695,000, of which Permanent Appropriations account fon £175,000 and Annual Appropriations for £520,000," Mi*. Nash continued. "Highways, however, which accounts for £368,000 of the increase, is a 'self-balancing' item and as shown in the Budget is offset by an equivalent amount of revenue. Consequently this item is no burden on vthe Consolidated Fund. Debt services show an increase of £110,000, and it will be noted from the Budget estimate that an increase of only £100,000 has been provided for the whole year. The greater portion of the excess expenditure in this case is due partly to a variation in interest payment dates and partly to ordinary accounting fluctuations. SOCIAL SERVICES. "In regard to Annual Appropriations, 'Social Services' indicate an excess expenditure of £343,000 and 'Other Votes' an excess of £177,000. The increase in respect of Social Services arises principally from vote 'Education' (£217,000) and vote ' 'Pensions' (£135,000) offset b// sundry sayings. As stated in the Budget, additional provision has been made this financial year under vote 'Education' to cover 'the cost of providing additional teachers consequent upon both the increase in the -number of pupils attending the State schools and the reduction in the size of the classes, also additional grants to University Colleges, etc. As regards pensions, too, additional provision has been made in this year's Estimates, arising principally in respect of invalidity and old age pensions. Invalidity pensions were introduced for the first time in 1936, while in the case of old age pensions the residential qualification was reduced last year and in both cases^new applications are still coming to hand and require to be met. "Eliminating the accounting fluctuations," Mr. Nash concluded, "both revenue and expenditure are adhering very closely to the Budget estimates and the financial position generally is most satisfactory." ,