SMALL SURPLUS

Gisborne Herald, Volume LXVII, Issue 20257, 27 May 1940, Page 11

SMALL SURPLUS

NATIONAL ACCOUNTS LAST YEAR’S FIGURES DECLINE IN REVENUE SAVING ON EXPENDITURE (Per Press Association.) WELLINGTON, this day. Though the revenue fell short of the Budget estimate by £286,000, the public accounts for the year ended March 31 show a surplus of £319,000. The expenditure showed a saving of £388,000. The results generally are very satisfactory and are evidence of the sound state of the public finances, commented the Finance Minister, the Hon. W. Nash, in making available a summary of the accounts. The total revenue was £37,974,000 and the expenditure £37,655.000. A reduction of £250,000 in the highways revenue was the result of the imposition of the petrol restrictions. Compared with the Budget estimates in the case of the revenue and with appropriations as regards expenditure, the main items are as follows: Revenue

The increase under the heading other items of permanent appropriations, which is largely offset by the reduction under the heading of other votes, Mr. Nash explains, is due to the transfer of the unexpected portion of amounts- voted for the army, navy, and air services to the special war expenses account.

Estimates Actual Results £ £ Customs 10,000,000 9,947,000 Beer duty 1,300,000 1,379,000 Sales tax 3,500,000 3,510,000 Highways 3,250,000 3,001,000 Stamp duties .. 3,480,000 3,469,000 Land tax 1,000,000 1,019,000 Income tax .. 9,600,000 10,271,000 Expenditure Debt services . 10,022,000 10,466,000 Exchange 1,500,000 1,705,000 Highways transfers .. 3,233,000 3,000,000 Other items .. 376,000 2,672,000 Social services 10,014,000 9,431,000 Other votes 12,298,000 10,381,000