N.Z. FINANCES

Greymouth Evening Star, 21 September 1923, Page 3

N.Z. FINANCES

SATISFACTORY DEAELOPAIENTS. (Per Press Association.) CHRISTCHURCH, Sept. 20. Speaking at a social of the Canterbury Industrial Association to-night, the lion. Downie Stewart, ActingAl.'uister of Finance, announced the latest Dominion revenue and expenditure figures. He said the revenue for 'he live months ending in August shows a net increase of £848,574, compared with the similar period last year. I’he principal increases are: —■

Customs, £715,701; land and income tax, £148,926; railways, £45,603. The principal decrease is in stamp and death duties, £91,751.

The expenditure for the live months just ended under the permanent c.larges and annual appropriations amounts to £9,688,922, compared with £9,700,075 for the same live months of 1922. After eliminating certain entries from the two periods, as they do net affect the comparison, the result is a reduced expenditure in the annual appropriations for the five months just ended amounting to £363,188. As regards the permanent chaiges, the net result is actually an increase of about £120,000 as the decreases under special Acts are principally due to some of the accounts falling within the period last year, but they were outstanding at the end of the five months of this year.

The net reduction in expenditure over all is therefore in round numbers, £250,000 for the five months, as compared with last year. The reductions are common to almost every Departmental vote, the principal ones showing as follows: —Railways, £290,546; Dost and Telegraph, £48,259; Police, £15,408; Health, £42,408; Defence, Agriculture, £13,007; services not provided for, £38,249. The principal increases are in the following : —Pensions, £29,555; Naval Defence, £25,109; Education, £69,542. The result, on the whole, he said, is satisfactory, and indicates the revenue is increasing, while the policy of economy is still evidenced by the expenditure figures.

All 1 Downie Stewart added that notwithstanding the satisfactory state of our finances, it was necessary that the utmost caution should be exercised with reference to the Dominion’s public expenditure. New Zealand was one of the few' countries which had lately been able to balance its Budget, and “square the yard arms of its finance.” Some time ago, he said, he had visited several of the country districts, and the farmers whom he had met stated they were now beginning to see day light, and were becoming more hopeful of the future. The i'rdustrialists, however, did not seem to be in such a happy position. Some, time ago he had formed the conclusion that the industrialists of New Zealand wore going to have a very difficult time, and he was afraid that his then conviction was coming true. In New Zealand the Dominion manufacturers were experiencing such overseas competition as they had never experienced before, and some of them undoubtedly thought it was the duly of the Government to help them out of their difficulties. Ihe Government had done this. If had reduced the national expenditure considerably, and thus had been able to reduce taxation. If had reduced the import duly on tea. and the amusement, fax, and though these items did not tippear to affect, manufacturers to any great extent. Hie taxation was nevertheless reduced with a resultant benefit to the manufacturers. It helped to free them of some of Hie burdens which were handicapping those engaged in secondary industries.