STATE REVENUE

Gisborne Herald, Volume LXVIII, Issue 20625, 5 August 1941, Page 9

STATE REVENUE

FIRST THREE MONTHS SATISFACTORY RETURNS KEEPING TO ESTIMATES (Ter Proas Association.) WELLINGTON, this day. Details of the ordinary revenue account of the consolidated fund, the social security fund and the war expenses account for the first three months of the current financial, year, were released to-day by the Minister of Finance, the Hon. W, Flash. The revenue for the quarter in the ordinary revenue account of the consolidated fund, totalled £7.035,000. compared with £8.385.000 in the same oeriod last year, and the expenditure amounted to £0,280,000, compared with £7,282,020.

Mr. Nash stated that 18 per cent cf the estimated revenue from taxation for the year had been received, compared with 21 per cent last year, and the total revenue figures showed a similar result. It was too early for any real indication to be obtained as to the probability of the estimated receipts being realised but, allowing for variations from quarter to quarter. j he figures on the whole were quite satisfactory. Transfer to War Expenses Discussing expenditure, the Minister pointed out that the amount of £55.000 under the heading “other ser■ices,” represented a very small pronortion of the year’s estimated expenditure which included provision 'or the transfer of £1,500,000 to the war expenses account to be effected ater in the year. Dealing with the annual appropriaions, Mr. Nash, said that the reduction from £2,209.000 last year tc £1,702,000 in the group votes, “soc.ia 1 services.” was occasioned by the trnnsCer of £400,000 to the social security fund in the June quarter last year, .vherens this year no moneys had yet been transferred to this-fund from the consolidated fund. The total revenue of the socia' security fund for the last quartei amounted to £2.894,000, compared with £2,939,000 in the same period last year. The social security charge realised £2,620,000, compared wit! £2.345,000 in the same period last year, but the registration levy increased from £89,000 to £268,000. Decrease in Expenditure The total expenditure of this func fell from £1.958,000 in the first quartei of last year to £1.314.000. the decrease being due principally to the rcductioi in the payments of monetary benefit: from £1*523,000 to £862,00. Thif ipparent reduction was occasioned b\ the detailed accounts not having comt ,o hand from the imprestees in sufficient time for inclusion in las' quarter’s accounts and was more thar. offset by the increase in imprests- outtanding at the end of the quarter from £872,000 to £1,682,000. Receipts of the war expenses account totalled £7.144,000. compared with £2,323,000 in the corresponding quarter of last year. Loan receipt? totalled £2,424,000 compared with £1,617.000. Whereas last year the Treasury bills were Issued by the account to the extent of £780,000, nc. bills this year have yet been issued. Proceeds from the national savings amounting lo £677,000 and loans under memorandum of security arrangements with the United Kingdom, amounting to £1,356,000 were item: lot appearing in the first quarter’s accounts last year. Taxation revenue increased from £678.000 to £4,656,000 due to the additional taxation imposed last year, but which was not reflected in the first quarter accounts of 1940. Expenditure increased from £2,098.000 to £5,353,000 which, Mr. Nash said, was an indication of the steadily increasing momentum of our war effort. "Generally speaking, the results to date are satisfactory and in accordance with the Budget estimates.”