PUBLIC ACCOUNTS

Manawatu Standard, Volume LX, Issue 210, 3 August 1940, Page 8

PUBLIC ACCOUNTS

FIGURES FOR QUARTER. RELATION TO~ESTIMATES. Per Press Association. WELLINGTON, Aug. 3. Details of the finances of the Consolidated Fund for the first quarter of the current financial year were announced by the Minister ol' Finance (Hon. W. Nash), to-day. The revenue for the quarter totalled £8,385,058, an increase of £998,174 compared with the corresponding period of the last financial .year, while the expenditure, amounting to £7,282,306, was £257,578 less than for the same period in 1939. These results, of course, are subject to the qualification that the whole of the expenditure on defence is now, in terms of the War Expenses Act, 1939, paid out of a separate account, namely, the War Expenses Account, whereas during the first quarter of the last financial year expenditure totalling £321,701 was met out of the Consolidated Fund.

REVENUE

A comparative statement of the revenue is as follows:

On a percentage basis, Mr Nash explained, it would he seen from the foregoing results that for the first quarter of this financial year 24 per cent, of the estimated revenue from taxation for the whole year had now been received, compared with 20 per cent, for the corresponding period of tho last financial year, while a similar margin, namely, 23 per cent, as against 19 per cent., applies in respect of the total revenue. The substantial variation in Customs duty is duo to tho imposition of the additional fourpcuce a gallon duty oil motor spirits imposed in September last, while the other variations arc on the whole normal.

EXPENDITURE. A comparative summary of the net expenditure to date is as follows: April Ito April Ito June 30. J une 30. 1939-40. 1940-41.

It will he seen from these returns, said Mr Nash, that on a comparative basis the results to date approximate very closely to the position last year, which, it will he recalled, closed with a satisfactory surplus. The percentage of variation in regard to the item “exchange” is due to the fact that substantial remittances were made to the High Commissioner- for New Zealand in the early part of last year in anticipation of requirements, whereas similar advance remittances had not been made this year. The comparative reduction in regard to the item “other services” is due almost entirely to tlie fact that for the first quarter of_the last financial year the sum of £750,000 was transferred from. permanent appropriations to the Social Security Fund, whereas this year a similar transfer, hut of £400,000 was charged against annual appropriations (social services). These adjustments also effect the comparison in regard to the last-mentioned heading as between the two quarters. The net position to date is thus a surplus in the Consolidated Fund levemie over the expenditure of £1,103.000. hut Air Nash explained that it is too early to forecast the results for the whole year. The present indications, however, he concluded, are entirely satisfactory and indicate that, the Budget estimates are being closely adhered to. The usual details, which will include also the transactions of the War Expenses Account and the Social Security Fund, will he published as a supplement to this week’s gazette.

April 1 to April 1 to June 30. June 30 1939-40. 1940-41. £ £ Taxation— £ £ Customs 2,562.000 2,827,000 Beer duty 256. OCK) 374,000 Sales Tax 958,000 943,000 Highways 1,075,000 827,000 Stamp duties .. 830,000 875,000 Land Tax 29,000 25,000 Income tax 696.000 1,538,000 Miscellaneous .. 45,000 44,000 Totals . 6,451,000 7,453,000 Interest 401,000 314,000 Other receipts 535,000 618,000 Total revenue .7,387,000 8,385,000 Percentage for Three Months to Total for Year. 1939-40 1940-41 Customs . 26 33 Beer duty 19 27 Sales Tax ... °7 31 Highways ... 36 32 Stamp duties 24 53 Land tax 3 3 Income tax 11 Miscellaneous 20 19 Totals 20 24 Interest 14 11 Other receipts 24 IS Total revenue 19 23

_ £ Permanent appropriations— £ Debt services 1,712,000 1,978,000 Highways 813,000 736, (XX) Exchange 417,000 219,000 Other services 801,000 67,000

Totals 3,740,003 Annual Appropriations— Social services 1,968,000 Other votes . 1,826,000 3,030,003 2,269.000 2,013,003 ■ Total expenditure 7,540.000 7.282,000 Percentage for Three Months to Total for Year. 1939-40 1940-41 Permanent Appropriations— Debt Services — Highways 27 29 Exchange 24 15 Other services 30 18 Totals 21 20 Annual Appropriations— Social services 21 19 Other votes IS . 21 Total expenditure ... 20 20