BRITAIN’S FINANCES

Greymouth Evening Star, 9 March 1939, Page 7

BRITAIN’S FINANCES

REDUCTION IN DEFICIT [BRITISH OFFICIAL WIRELESS] RUGBY, March 8. With 27 days of the financial year to go, the Exchequer returns show that the deficit has been reduced to £44,467,503. Last week, income tax yielded £22,098,000, compared with £17,158,000 in the previous -week. Total ordinary revenue amounts to £834,356,251, compared with £792.023,676 a year ago. The only serious disappointment of Budget expectations is in respect of death duties, which, at £70,210,000, are £12,000,000 less than a year ago, and £18,000,000 short of the estimate. Revenue from stamps is also behind at £18,820,000, compared with £19.410,000 this time last year, and the estimate of £24,000,000. On the other hand, income tax and surtax together brought in nearly £35,000,000 more, and customs and excise duties nearly £3,000,000 more than a year ago. Total expenditure, less self-balanc-ing items and sinking funds, is £868,680,628, compared with £794,328,332 at the corresponding date in 1938. The floating debt outstanding is £902,060,000, a net increase of £60,305,0.00 since the beginning of the financial year.

SURTAX TOTAL INCREASED RUGBY, March 7. The report of the Commissioners of Inland Revenue for the last financial year reveals that the number of persons liable for surtax rose from 91,392 to 95,750 during the year. Those who could be classed as millionaires —that is those with incomes above £40,000 a year—rose from 529 to 539. The total net surtax assessed rose from £53,781,053 to £57,361,475.