DOMINION FINANCES

Gisborne Times, Volume XLIX, Issue 5001, 16 October 1918, Page 5

DOMINION FINANCES

STATEMENT OF REVENUE- AND EXPENDITURE.

FINANCE MINISTER CONSIDERS POSITION SATISFACTORY.

Press Association Telegram. WELLINGTON, Oct. .15. Interviewed to-night Sir Josgph Ward said that the Consolidated revenue for the six months ended September 30, 1918, amounted to £7,056,998, as compared with £6,049,85S for the corresponding period of last year. The not increase was £1,007,-, 140.

The expenditure for the same period amounted to £8,252,781; as against £6,485,564 for the corresponding six months of last year. The increase of expenditure was thus £l,760,917. These figures show that the increased expenditure for the first six months of the current financial year exceeded the increased revenue for the same period by £,759,777. The heavy increase in expenditure is due to interest, sinking fund charges and war pensions. Under the heading revenue the increases for the six -months ended September 30 last are:—

Customs 191,641 Stamps and death duties ... 112,580 Postal and telegraph ... 166,124 Land tax 47,055 Income tax ... ... ... 75,563 Beer duty ... ... ... 30,522 Railways 234,244 Registration and other fees 2,063 Miscellaneous 143,226 National endowment ... 8331 Other receipts 3,006 The decreases of the revenue are: £ Marine ... ... ... 1,862 Territorial 5,353 This leaves a net increase of revonue for the period of £1,000,140. The expenditure increased in interest and sinking fund for the period amounted to £1,140,519. Other increases in expenditure were:— £ Under special Acts ... ... 120,231 Civil list ... ... ... 1,535 Finance department ... 18,917 Post and Telegraph ... 61,121 Railways ... ... ••• 207,708 Public buildings ... ... 5,552 Native department ... 1,655 Justice ... 12,931 Mines ... 9,560 Internal-Affairs ... 11,533 Customs and marine ... 7,836 Labor ... ... ... 1>758 Lands and survey ... ... • 19,977 Education ... ... ■ 39,884 The decreases in expenditure during the period were:—

Legislative ... ... ... 4,60 S Defence ... ••• 13,561 Agricultural t ••• ... 20,720 Services not provided for ... 26,849 Purchase of wheat ... ... 128,36^

The increases in expenditure make a total of £1,961,017. and the decreases a total of £194,100, leaving an increase in expenditure of £l,766,917. “If we contrast the ordinary departmental expenditure, exclusive of interest, sinking fund and other permanent charges,” stated Sir Joseph Ward, “it will be found that the expenditure for tlie six months ended September 30 exceeded that tor the corresponding period of 1917 by £332,994. In view of the fast that the better half of the financial yeai as regards revenue lias still to come, 1 think the position may bo considered satisfactory. The greatest increases of departmental expenditure are under the headings, railway, post and telegraph and education, in the case of the Railway Department the increased revenue for _ the six months is less than the increased expenditure. The increase of revenue in the Post and Telegraph Department is nearly double the increased expenditure. The Public Woik. Department sliows an increase ot £J4 689 in expenditure as compared witli tlie corresponding period ol last year. The expenditure put ot the Public Works Fund still continues to be well regulated, and no difficulty has been found to the Treasury in providing for the requirements of the Department. In the Public Works Fund the expenditure for the six months ended {September 30 shows an increase ot £7145 over the expenditure for the corresponding period of iJIT Q _J o e increases are —public buildmgs£Bs92. Souses etc!. £1774, .tourist and health resorts £ll7- immigration £96, roads and bridges £17,2b3, telegraph extension £89.213. contingent defence £BB9, irrigation and water supply £B2B, plant, material and stores £4893. Tlie decreases m the public works expenditure wererailway construction £81,908, developments of mining £4l, lands improvement £lß6,unauthorised £4006. The net increase m the Tiuhlic works expenditure was thus £44,680.