THE STATE ACCOUNTS

Manawatu Standard, Volume LIV, Issue 110, 9 April 1934, Page 6

THE STATE ACCOUNTS

The remarkable alacrity with which the public accounts in Britain again have been presented, almost within twenty-four hours of the closing of the financial year, has drawn attention once again to the system under which the accounts are finalised in New Zealand, and the consequent delay in their publication to the country. When the attention of the Prime Minister (Bt, Hon. G. W. Forbes) was drawn to the subject, last week, he l-eplied that the reason for the delay in New Zealand was the difference between the systems -of auditing followed in this country and in Britain. It is evident from Mr Foi'bes’s brief statement that Cabinet is not altogether satisfied with the existing- state of affairs, since he says that it has often discussed the question. It goes without saying that the delay in the presentation of the accounts is undesirable, and there ax-e many advocates of a chang-e in the system to pei-mit of a speeding up. It is stated that the sum involved under all heads in New Zealand’s case is but a trifle compai-ed with the Mother Country’s finances, and it has yet to be shown that the difficulties of earlier presentation are insuperable. If the system of bookkeeping is too old, then steps should be taken to remedy the position, for it would be of considerable benefit to the industrial and trading community to know precisely liow the year has turned out at an early date after its close. The Minister of Finance (Rt. Hon. J. G. Coates) has announced that the expected deficit for the year just.ended has been reduced to some extent, but the figux-es will not be available for several weeks. This is not so satisfactory as the precise figures would be. Last year it was not until July that the returns were made public. Again, eaidy px-esentation of the accounts would facilitate earlier budgeting, and on this score the speeding up would be even more welcome, for the chances of a bi-ighter taxation year would have a welcome stimulus on business generally. Many business houses, also, hesitate to embark upon policy measures until the taxation position is known. For budgeting purposes, of course, a meeting of Parliament is required, and as Parliament usually does not sit until mid-June, and after that takes some weeks to reach the Budget, the advantage of earlier presentation of the past year’s accounts would partly be lost. But critics of the system say, and there is much to support their contention, that Parliament should meet earlier, in conjunction with the all-round speeding up. It would appear that there is no insurmountable difficulty against the electors being acquainted sooner of the country’s finances.