Consolidated Fund

Grey River Argus, 19 August 1949, Page 8

Consolidated Fund

WELLINGTON, August 18. Rt. Hon. W. Nash, Minister of Finance, referred as follows to-night in his Budget speech to the Consolidated Fund: — The sound position of the public accounts for 1948-49, already tabled in thd House, is shown by the surplus of £2,631,000, which will be retained in the Consolidated Fund as part of the working balance. While the revenue from income tax was in excess of the original estimate, the revenue from Customs and sales tax did not reach the amount anticipated. On the expenditure side, excluding special transfers of £4,000,000 to the Loans Redemptions Account (representing the non-recurring tax receipts) and £2,000,000 to the Wai’ Expenses Account, th e final figures generally were close to the estimates. ESTIMATES FOR 1949-50 The estimated reve_nue of the Consolidated Fund for the current year is £121,397,000, and the estimated expenditure is £120,720,000. The balance of £677,000 will be required for the supplementary estimates and for contingencies. The detailed estimates of revenue show that taxation receipts should follow fairly closely the actual receipts for last year. The following sets out the estimated revenue for 1949-50:—

The total of permanent appropriations on the expenditure side should approximate that of last year. Annual appropriations, however, show an increase of £7,919,000 over last year’s expenditure. While full details will be found in the estimates, the following table shows the position for 1949-50 in summarised form:—

Taxation —- Customs Beer duty Sales tax Film-hire tax Highways 1949-50 Estimate £(000) . 19,250 . 4,525 . 13,750 190 . 3,880 9,616 900 Stamp duty Land tax Income tax . 49,000 101,111 Interest 5,712 Profits of trading under takings ®.. 2,175 . 12,399 Departmental receipts . £121,397

£(000) £(000) Debt services 22,365 Other permanent appropriations 3,305 25,670 Votes— Social security . 12,000 Other social services 25,411 Armed services 10,697 ..Stabilisation 13,947 Other votes .... 32,995 95,50a Total expenditure .... £120,720