FINANCIAL ANALYSIS

Evening Star, Issue 18048, 16 August 1922, Page 5

FINANCIAL ANALYSIS

A YEAR’S FIGURES. RESULTS AND ESTIMATES. The Financial Statement submitted last night by Mr Massey contained the following figures : Consolidated Fund receipts, £28,127,007; expenditure, £28,465,838. The expenditure upon public works amounted to £5,461,407, or £2,320,210 over the expenditure for the year 1020-21. Customs revenue and excise, £5,554,334. The net receipts in the Land and Income Tax Department for the past year amounted to £7,64,803 (land tax £1,637,815, income tax £6,002,987), which, compared with those, for collection for the previous year, show a. decrease of £2,297,121. The stamp duty revenue for the year amounted to £3,444,504. ps compared with £3,745,902 for the previous year, the decrease being duo almost entirely to the reduced collections from duty on instruments.

The amount of revenue collected by the P. and T. Department during the year was £2,748,481. The principal items ■were postages, £1,410.251; telegrams, £585,855; telephone exchange receipts, £614j367. The net expenditure was £2,448,688, a decrease of £139,572 when compared with that of the previous year. Railway revenue, £6,500,000. Pavings Bank deposits, £29,125,907. Total war loan certificates sold, £4.619,983. Total Post Office investment certificates sold. £229,673. Advances authorised to 20,392 discharged soldiers, £20,409,571. £3,000,000 represents increased value of drained swamp lands. Total value for year of exports £43,704.883, including agricultural products, £39,236,528.

Financial assistance granted by the Repatriation Denartment to 58,622 men, amounting to £2,197,956.

Expenditure on education services, £3,526,000. Saving of £50,000 per annum in contract for supply of small arms ammunition.

War pensions paid since 1915, £7,335,044. Cost of living allowance to Public Service annuitants, £137,451. Native lands purchased by Crown totalling 1.089.084 acres. State advances to settlers, workers, and local authorities during the year, £1.921.965.

Subsidies to hospital boards paid, 192 F 22. £471,711.

£5,000,000 5 per cent, loan floated at par. Total dividend from Bank of New Zealand for year 1921-22, £112,500, or 12 6-7 per cent, on amount (£875,000) invested. Savings and economies effected in department? and under special Acts, £2,352,853.

ESTIMATES AND WORKS PROPOSED. Consolidated Fund: Estimated revenue, £26.250,000; estimated expenditure-, £27,938.215. Revenue to bo supplemented by £2,000,000 excess Customs duty reserve.

£1,250,000 to be transferred to works and development capital accounts. Expenditure to be further reduced. Loan for public works. Continued provision for unemployment. Backblocks to bo developed. Hydro-electric development to be accelerated.

Land settlement to be actively promoted. Primary and secondary industries to be stimulated.

Further extension of telephone system. Additional wireless telegraph facilities to be provided. Estimated savings as a result of improved control of stores and supplies, £200,000.

Conversion of free of income tax securities.

Improvement in the system of sinking funds in connection with the public debt. Provision for additional post office accommodation.

Cost of departmental printing; and Government publications to be reduced. £350,000 to be provided for school build-

ings. Transfer of £3,000,000 to War Loans Redemption Account. Increased contribution for naval defence. Investigation of pension systems in general. Stabilisation of superannuation funds. Redemption of death duty stock. Reduction of public debt by £5,000,000. Funding of Imperial advances during war, £27,532,164. Estimated cash balance at March 31, 1923, £4,343,152. Ravings and economies, £1,676,000. Establishment of rural credit associations. Development of reproductive irrigation schemes. Progressive work on important lines of railway now under construction. Further increase in value of national assets by swam]) drainage operations.