PUBLIC ACCOUNTS

Hokitika Guardian, 1 May 1939, Page 5

PUBLIC ACCOUNTS

YEAR’S FINANCE

A SURPLUS OF £BOO,OOO.

(Per Press Association.—Copyright.)

WELLINGTON, April 29

“I have pleasure in announcing that the Public; Accounts- fdr the last financial year have more than fulfilled the Government’s expectations, with the Hie: surjilus twill;'be in th|-yjciiipy said- the ! Mmister,. :; for Ho'ii; W. Nash) 'to-day, in. a preliminary, statement on the financial outcome for the year ended March 31.

“This amount is, of course, a preliminary estimate of the /position., and is subject to tile completion of the accounts and to the usual audit verification. The detailed results will be published in the Gazette at a later date, as in previous years.” The revenue for the year totalled approximately £36,600,000 and exceeded the Budget estimate by approximately £700,000, of which taxation alone was responsible for £6oo,ooo,'the' Minister said.

Thus customs taxation, beer duty, and sales tax together constituted a surplus of approximately £900,000, and death duties £IOO,OOO, which increases were offset to the extent- of £200,000 by a falling off in income mainly responsible for the balance of £200,000. .' “The reduction in income tax revenue is attributable to the disorganisation caused by the recent transfer of the Department to more coVnmodious premises and the consequent late issue of numbers of income tax demands,” explained Mr Nash. “In such cases, of course, the current year’s revenue will receive the benefit.

“The other items of revenue, namely, interest recoveries and miscellaneous receipts, adhered -very closely to the Budget estimates.

“In regard to permanent appropriations accounted for £14,400,000, ; and annual votes for £21,400,000, a total of £35,800,000, which corresponds with the total amount appropriated for the: year, namely,£3s,Boo,ooo. “as regards the individual items comprising the main heading of expenditure, a saving of approximately £200,000 was. effected in debt- services and £400,000 in exchange, .which savings were offset by additional expenditure under annual votes to the extent of £700,000. ’ “included in the excess' expenditure under annual votes, however,’ is a transfer of £272,000 to the Dairy Industry Account to cancel the Indebtedness in the account resulting from the deficit in the guaranteed price for dairy produce during the 1936-37 season. ' \ , . • • ■

“In brief,” Air Nash said, “the surplus arises mainly from additional revenue which indicates in turn the ) prosperous condition of the Dominion during the last year. It is particularly gratifying to me that each of the three Budgets for which the present Government is responsible has : produced a satisfactory surplus at the close of the year’s operations.” .