N.Z. FINANCE

Hokitika Guardian, 2 November 1932, Page 5

N.Z. FINANCE

LITTLE CHANGE

IN THE HALF YEARLY FIGURES.

(Per Freer .Association- Copyright .j

WELLINGTON, Nov. 1

The public accounts for the first half of the -financial year, which- ended on 30th September, were made available by Mr Forbes to-day. He said that the revenue for the n penod amounted to £7,317,231, as . compared with £7,347,379 receiyqd, ,jn. (l i;h<p corresponding period of last fipapciaf, year. There was thus a' comparative decrease of approximately £30,000. “A more important comparison, however, is with the Budget for a full year,” lie said, “ and in this respect I am ple'ased to say that, on a, proportionate basis, the various items of taxation, apart from the land and income tax, which are not due for payment until later, are generally well up to expectations. The customs > re-' oeipts show an excess of £130,000, with the best of the importation period still to come j but as-against this, allowance has to be made for the- loss of £250,000 of revenue arising out of the concessio: *s made - under the Ottawa Agreement, The stamp and death duties are, approximately, £IBO,000 behind on a proportionate basis, but this iter i is normally subject to fluctuations £rom month to month. The duties and licenses .from motor vehicles are £109,000 ahead, but this is largely due to the license fees being payable in the earlier part of the year.

“The interest receipts from the Railways, the Post and TeLegrapUs, and the Public Debt Redemption Fund, etc., were £250,000 less than -for the same six months of .last year, and were £390,000 behind on the proportionate part of the Budget estimates; but no significance attaches to- this, as the receipts are not spread evenly over the year. There is no reason ro believe that the Budget Estimates for these items will not be reached. In regard to “other .-receipts,” (under which is grouped' departmental receipts and various miscellaneous items of revenue), the amount credited during the six months, apart from Post Office profits, which will come to hand later, is in total equal to that for the same period of 1931.

“The position may, therefore, be regarded as satisfactory. "On the .other side of th'e account, the exped'iture for the six months amounted to £9,534,570, as compared with £11,463,796 for the corresponding period of 1931. 'there was thus -At satisfactory decrease of £1,929,226, Compared with the proportionate part of the Estimates for the year, the expenditure for the period compares as follows The debt charges were £870,000 below the proportionate part of the estimate, but this is purely nominal,- being due to the fact that the amount provided for debt repayment has not yet been utilised. . Under "other permanent appropriations” expenditure is £148,000 behind the estimates, but this also is largely due to accounting rl\ ctuations. /Under the annual votes, the expenditure was approximately £700,000 less than the proportionate part of the estimate, and, even when allowance is made for outstanding imprests,! amounting to £634,000, largely representing expenditure incurred but not yet brought to charge, it will be seen that the expenditure is being kept within the estimates.

“To sum up the whole'position, the more stable tendency in revenues is maintained, while the expenditure has been kept under close control, and continues to reflect economics made. “The estimates both of revenue and expenditure submitted in the Budget can, therefore, be accepted with confidence' as there is every indication that the results 1 for the year will be fairly closely in touch with the forecasts mnde m die Budget. I may say. however, Lhat the position in regard to income tax will not be known until towards the close of ttie year.”