NATIONAL FINANCES

Gisborne Times, Volume LXVIII, Issue 10733, 2 November 1928, Page 2

NATIONAL FINANCES

DECREASE IN NET .REVENUE SLIGHT INCREASE IN EXPENDITURE. (Press Association.) WELLINGTON, Nov. 1. The public accounts for the six months ended September 30 appear in a special Gazette. The following summary of the transactions in the ordinary reveuue account (Consolidated Fund) has been issued by the Minister for Finance : The gross receipts for s>x months amounted to £9,153,309. Owing to alterations in the accounting methods of the Post Office and collection of petrol tax, a comparison of the total revenue with that of the corresponding period for last year cannot be made, except by eliminating the items which do not appear in both of the six monthly periods. Excluding these from both sides, and. allowing for earlier receipts this year in the Public Debt Redemption Fund to tlie extent of £150,000, the net revenue amounts to £8,180,6-10, as against £8,702,258 last vear-t-a decrease of £515,618. The principal decreases are: Customs £451.18/ and stamp and death duties £162.082, while -the principal increase is one of £67,859 in interest on the capital liability of working railways. Tile expenditure under permanent appropriations for the six months was £6,931,705, hut this figure also includes new items for motor and petrol taxes on account of main hmhways amounting to £443,951. Excluding this amoupt and an amount of £IOO,OOO for an earlier payment under the re-payment of the Public Debt Act,. 1925, the expenditure amounts to "£6,-3.87;754 as against £6,336,020 last' year, an increase of £51,73-1. The principal increases are: In subsidies to local bodies and hospital boards £23,943, old age pensions £19,121, and family allowances £13,380. The expenditure under annual appropriations amounts to £3,665,274, as compared with £3,698.766, ap increase of £56,508 due to the coming elections and to the normal increase in education expenditure. The total increase in expenditure is thus £105,242.