EXCHANGE ADJUSTMENT COMPLETED : DOMINION SAVINGS

Gisborne Herald, Volume LXXVI, Issue 23028, 19 August 1949, Page 6

EXCHANGE ADJUSTMENT COMPLETED : DOMINION SAVINGS

(P.A.)

WELLINGTON, Aug. 19

The estimated total expenditure from the Consolidated Fund for the year 19-19-50 is £120,720,016, compared with £138,893.153 actually spent last year. This decrease is largely due to the exchange adjustment of £20.576,207 which resulted when New Zealand currency was placed on a par with sterling a year ago, and is shown in the annual estimates of departmental expenditure which was tabled, together with the Budget, by the Minister of Finance, Mr. TV. Nash, in the House of Representatives last night.

The annual appropriations show an Increase when compared with last year’s figure—£95,049,832 against £57,003,412while the exchange adjustment is also reflected in the permanent appropriations—£2s,67o,lß4 against £51,761,941. The permanent appropriations comprise the Civil List of £100.510 (£98.922 last year); debt services totalling £22,365,041, compared with £26,029,077 last year, and expenditure under special Acts' £3,204,633, compared with £25,633.942 last year. Here too the exchange adjustment is also reflected.

The defence services are spending this year a total of £10.696,376, compared with £8,986,611 last year. As has already been indicated the additional expenditure which will arise when the compulsory military training scheme is put into operation will not come to charge until the next financial year. The votes for defence arms all show an increase. Wages and Salaries The recent wage pronouncement by the Arbitration Court is shown in increases in departmental estimates for salaries and wages, and in several instances this expenditure is a major item. The total amount voted for separate accounts is £16,433,197, which is an increase on the amount actually expended last year, £13,345,956. The amount voted for subsidies is approximately the same as for last year, with the exception that there is now no provision for meat and sugar subsidies. This being election year, there is consequently a much greater increase in the vote for the electoral department—£26l,ss3 compared with £20,094 last year. Included in this vote is a sum of £129,000 ■which it is estimated will coyer expenses in connection with the licensing and gaming polls and the military training referendum. The figures for the respective polls are not shown as separate items. Keserve For New Aircraft What last year was designated as the Air Defence Fund, to which the service arms made contributions for the purchase of modern aircraft for the R.N.Z.A.F. when they became available, is now known as the Defence Fund, which has been increased by £1,200,000, this sum being contributions from the Navy and Air Force. There is a considerable expansion shown in the vote for civil aviation and meteorological services, which is now a separate and distinctive vote, and considerable development in the South Pacific is shown by the votes for island stations and the installation of technical weather equipment, and the construction of the international airport at Nandi in Fiji. The sum of £500.000 is set aside for aerodrome-construction work in New Zealand,' and £85.000 for the purchase and installation of aeradio and other equipment which is estimated to cost £78,000 to maintain.

More Money For Kabbit Boards

Grants and subsidies to rabbit boards have increased, the total being £310,000 as against £157.993 expended last year in the campaign to destroy the pest. A new item in the Agriculture vote is that of £13,060 to provide bursaries for dairy-factory workers. All the votes for tourist resorts show an increase, and this is due to an extensive, re-buiiding ‘ and renovation programme undertaken in readiness for the oncoming and future tourist seasons. C-rants to education boards and controlling beards show increases which have been brought about by a revised system of financing those bodies. Provision for general expenses of schools also, shows an increase.

Increased expenditure is provided for in war pensions and in some portions of the votes under the Social Security Fund. There is provision too for higher expenditure in connection with the Labour and Employment Department, where the vote indicates a continuation of the immigration scheme, public works, highways maintenance, health, and education. The transfer from the Consolidated Fund for social security is £12,000,000 this'year, compared with £15,000,000 last year.