State Finances; Figures For Nine Months

Greymouth Evening Star, 26 February 1949, Page 3

State Finances; Figures For Nine Months

(P.A.) AUCKLAND, February 25. j The position of State finances for , the nine months of the financial year i are disclosed in the public accounts ■ which will be gazetted this week. , “Consequent upon the alteration of j the exchange rate,” said the Minister - of Finance (Mr W. Nash), “adjust-,' ments were made in the Budget esti- <, mates and as the effect of the new ■ ■ exchange rate is now becoming ap-p parent, the revised Budget figures >, as shown in the Supplementary Esti- ' mates are included as a comparison of revenue and expenditure. I, “The following is a summary of \ the figures for the Consolidated Fund for the nine months to Decern- ' ber 31, 1948: (all figures are in thousands): CONSOLIDATED FUND Receipts I

Grand totals .. 113,790 73,673 “The revenue received amounted to £69,366,000 and expenditure to ; £73,673,000, being 81 per cent, and 86 pei’ cent, respectively of the proportionate Budget estimate, that is for > nine months, as compared with 89 per cent, and 86 per cent, for last year. “It will be noted,” said the Minister, . “that customs revenue shows a sub- i stantial decline. In my review of the September accounts, I indicated that the trend in the anticipated reduction , under this revenue heading might be I accentuated, and this is borne out, but in the December figures it appears unlikely that the Budget estimate of i £22 000,000 for customs revenue for the i full year will be realised. The bulk of , collections of income tax do not fall due ' until February and March. Land tax collections are small, as the due date for the payment of land tax by individuals was fixed in January instead of the normal date in October or Novem- , ber. Expenditure by the armed services is less than anticipated, due partly to accounts having not yet come to charge, and partly to inability to carry out some I ci* ihe work planned for the year. The i savings in expenditure will to some extent off-set the loss of customs revenue. “Expenditure generally is well within the Estimates, but outstanding imprest advances and the usual heavier i expenditure in the March quarter will yet have to be taken into account m the final figures for the year. SOCIAL SECURITY FUND Receipts Budget for 12 months Actual

Totals .. 42,705 29,234 “The smaller collections of the Social Security charge of £17,195,000 representing 37.3 per cent, of the actual Budget estimate, as compared with the 71.6 per cent, of the preceding year, are much lower proportionately than last year, but it is anticipated tnat tne Budget estimate of £30,000,000 will be tealised. The payments side shows a normal position for this time of the year, as with the Consolidated Fund uncleared, imprests have yet to be brought into account. The major expenditure out of the War Expenses Account continues to be in respect of rehabilitation, the gross figure to date being £3,448,300 against the estimate for tlie full year of £4,900,000. “The final accounts for the costs of J Force in Japan have not yet been received. Although it is a little early to forecast what the position may be at' the end of March, the budgetary position is satisfactory.”

Taxation. — Revised budget for 12 Actual months. figures. £000 £000 Customs 22,000 14,186 Beer duty 4,375 3,286 Sales tax 14,500 10,127 Film hire 130 '68 Highways . . 3,125 2,797 Stamp duty 9,200 7,300 Land tax 900 431 Income tax 41,300 19,783 Miscellaneous 65 37 Totals 95,595 58,015 Other Receipts.— Interest 5,123 3,152 Profits from trading undertakings 2,177 2,197 Departmental re ceipts . 10,972 6,001 Totals . 113,867 69,366 Expenditure Permanent appro priations . 25,260 18,845 Annual appropriations.— Social Security . 15,000 11,250 Other social services 22,256 16,005 Stabilisation . 11,468 6,841 Other votes . 28,570 16,851

£000 £000 Social security charge budget for 12 months 30,000 17,195 Miscellaneous receipts 65 49 Transfer from Consohdated Fund 15,500 11,250 Totals 45,565 28,494 Expenditur e Monetary benefits 20,271 13,276 Family benefits 13,843 9,448 Medical benefits 7,562 5,825 Administration expenses and emergency benefits 1,029 685