N.Z. FINANCES

Grey River Argus, 9 November 1939, Page 9

N.Z. FINANCES

REVENUE HIGHER Better Than Estimates [ Per Press Association. 1 WELLINGTON, November 8. 'Plie Minister of Finance (Hon. W. Nash) to-day released details of the j public finances for the first half of the I current financial year. The .usual audited statement will appeal' as a supplement to this week’s Gazette. The comparative statement of revenue from April 1 to September 30, is as follows, with the figures for the corresponding period last year in par-

‘ entheses: Taxation. Customs £5,459,000 (£5,100,000). Beer duty £540,000 (£477,000). Sales tax £1,800.000 (£1,717,000). Highways £1,752.000 (£1,615,000). Stamp, and death duties £1,486,01 (£1,515,000). Other duties £1.820,000 (£1,462,000 Totals £12.857,000 (£11,886,000). The percentages of the above iten for the six months lo the total for tl year are 55 (48), 42 (44). 51 (48), f (53), 43 (44), and 40 (37). Totals 4 I (37). j The interest totals £960,000 (£589 1000 )and other receipts £986,000 (£25 000) mak'ng the grand totals £14,803 000) £13,400,000), and the respectiv percentages are 35 (28', 31 (43), wit the totals 39 (37). As shown by these results, Mr Nas said, a total revenue of £14,803,000 hai been received during the six month ended September 30, compared witl £13,400,000 received in the same perioi of the previous financial year, an in crease of £1,403,000. With the excep lion of stamp and death duties, al taxation headings indicate compara five increases. On a percentage basis where the results are compared with the Estimates in respect of the current financial year, and with the actual receipt? as regards the previous yea)’, it will be seen that 39 per cent, of the revenue has now been received, compared with the last year total of 37 per cent. The relative position, however, Mr Nash explained, is even more favourable than the percentage results would indicate, as the recent increases in taxation operate only for a portion of the financial year, whereas there was no variation in the rates of taxation last year. The comparative summary of net expenditure for the same period, with figures for the corresponding period of the previous year in parentheses, is as follows: — Permanent Appropriations. Debt services £3,550,001) <£3,545,000 >. Percentages for six months to total year 35 (38).

Highways £1,754,000 (£1.511,000). Percentages 54 (49). Exchange £792,000 (£774.000). Percentages 53 (54). -Other senices £834.000 (£90,000). Percentages 22 (17). Totals £6,930,000 (£5,920,000). Percentages 46 (41). Annual Appropriations. Social Services £4,208,000 (5,739,000). Percentages 40 (44). Other votes £4,952,000 (£3,467,000). Percentages 40 (41). Totals £9,160,000 (£9,206,000). Percentages 40 (43).

Grand totals £16,090,000 (£15,126,000). Percentages 42 (42). The expenditure for the half year ended September 30 thus totals £16,090,000 compared with £15.126,000 for the first half of the previous financial year. On a percentage basis, where allowance is made for the increased total of appropriations in respect of the current year, it is to be noted that in respect of both the six monthly periods the total expenditure is identical. Individual items show minor percentage variations, but in no case is a variation subject to other than a satisfactory explanation. In

the case of highways this item is of a self-balancin gnature, being offtset by an equivalent amount of revenue. As regards other services, it may be explained that the comparative increase is due to the temporary inclusion, under permanent appropriations, of payment to the Social Security Fund, during the period ended September 30 last, of a sum of £750,000. This amount is a portion of the current £2,000,000 appropriated in aid of the Social Security Fund for a year, and, in accordance with the recent Appropriations Act. will now be transferred from permanent appropriations to “annual votes for social services.” This adjustment, while in no way affecting the total expenditure, requires to be taken into account in comparing the permanent with the annual appropriations for expenditure during the periods under review. It is, of course, said Mr Nash, too car’y to forecast the position for the remainder of the year, but to date it is ev’dent that revenue is coming to hand somewhat in excess of Budeel estimates, while expenditure Is being maintained with the relative appropriations. The position, in fact is quite satisfactory.