REVENUE AND EXPENDITURE

Evening Star, Issue 18048, 16 August 1922, Page 2

REVENUE AND EXPENDITURE

THE TREASURER’S FORECAST. Mr Massev, in the course of his Statement last night, referred in the following terms to the prospects for tho current financial year: The causes which reduced the revenue of the last financial year will continue to bo felt during the current year, especially as regards the land and income tax. I estimate the revenue under the main heads of each of the important departments at: Customs £5,100,000 Beer dutv 650,000 Railways 7,200,000 Stamp and death duties 2,726,000 Post and telegraph 2,766,000 Land tax 1,500,000 Income tax 4,100,000 Registration and other fees ... 147,000 Marino 62,000 Miscellaneous 1,400,000 Territorial 202,000 National endowment 105,000 Departmental and: other receipts 242.000 fetal £26,250,000 The expenditure for the year is estimated at £27,938,215, showing a nominal increase of £203,000, representing Printing Office receipt.', now credited to the Revenue Account instead of to the relative vote, and which for purposes of comparison with previous expenditure should be set off against tho estimate for the current year. To* the estimated revenue I propose to add £2,000,000 of the excess Customs revenue of 1920-21 specially reserved for the purpose of meeting the inevitable effect upon the revenue of the years immediately succeeding the period of over-importation. Tho net surplus brought forward from last year was £7,531,367, including excess Customs revenue. Securities representing £1,000,000 temporarily invested in the Railway Authorisation Improvement Account are also included. 1 propose to transfer £1',250,000 to public works and other developmental accounts, thus reducing our loan requirements for tho year and at the same time making substantial provision for unemployment. The surplus estimated on March 31 next is £4,343,152.

This balance will Ire available during the ensuing year to cover tho margin between expenditure and revenue, and to meet with regularity the dominion’s commitments without incurring heavy interest charges prior to the receipt of •'the land and income tax receipts