WHAT FIGURES SHOW

Evening Post, Volume CXXVI, Issue 77, 28 September 1938, Page 21

WHAT FIGURES SHOW

DECLINE IN REVENUE

If the Socialist Party had been wise, said Mr. W. Appleton, National candidate for Wellington Central, speaking at Roseneath last night, they would have set aside some resources during the past two years, for all the indications were that difficul* times were ahead. The tension in Europe and the disturbed world economics were today being reflected in New Zealand. Up to the end of March there was nothing to cause alarm, but since then conditions had changed rapidly. The Government must have been aware of what was happening and no doubt was fully advised from London. . '

The trade figures for the Dominion for the four months to the end of July were enlightening, said Mr. Appleton. Exports last year were £24,644,000, whereas for the same period this year they fell to £20,515,000, a drop of 16 per cent. New production for the year began badly, with exports for July about a million down. Imports were also aown, by about 4 per cent. "Adverse overseas figures quickly affect the local economic position," he said. "The national revenue for % the June quarter enows a decline oi £154,000, compared with last year To enable the Government to carry on the issue of Treasury bills was increased by £250,000, and now stands at £750,000. For the lour months, April to July, there was a decrease in Customs tax of £77,000, in sales tax of £20,170, and of interest on capital liabilities of £ 165,000, while other receipts fell away by £89,000. The aggregate decrease in revenue amounted to no less than £472,000. • "Perhaps the best barometer of all is the Post Office Savings Bank. Ther« was a decrease in deposits of £307,000, while withdrawals showed an increase of £644,000, so that the ;net position was £952,000 worse off than for the same period last year. The withdrawals were more than double the amount of deposit's, as compared with last year." „, __ The unfavourable trend, said Mr. Appleton, had bee it largely the result of the policy of lavish expenditure. "They claim Jhat they have put purchasing power into the pockets of the people," he said, "but this does noc seem to have be.a borne out by the decline in the sales tax revenue and the large amount of withdrawals from the Savings Bank shows that the people lack confidence in the Government and that even the small investor has become nervous."