PUBLIC ACCOUNTS

Manawatu Standard, Volume LXV, Issue 256, 27 September 1945, Page 4

PUBLIC ACCOUNTS

MINISTER’S REVIEW. THREE MAIN FUNDS. (Press Assn) WELLINGTON, Sept. 26 a statement of receipts and payments Sr "L Consolidated Fund, 1 Fund and War Expenses Account'for the quarter ended June 30 last, was given by the Minister of Finance (Mr Nash). “While the June figures do not give an accurate guide to the final results, particularly with the Mar Expenses Account, where claims are expected to be received later in the rear the figures are generally m accordance with our anticipations and reveal a satisfactory position, the M r‘«he details of the accounts the amounts for June, 1940, quarter are given first and those for Tune 1944, quarter in parentheses.— J > CONSOLIDATED FUND. Receipts : From taxation,—Total, £8 335 UUO (£9,158,000), ipcluding Custofns *£l 728,000 (£1,830,000); beer duty,’ £508,0U0 (£572,000); sales tax £«£000 (£775,000); fdm h: me £22,000 (£30,U00); highways, £436,000 (£29J,m) ; - land t£f £20,000 (£27,000); miscellaneous, £IB,OOO (£17,000). I terest recoveries from trading activities • £1,063,000 (£985, (DO). Other receipts • £847,000 (£1,206,000). Total receipts: £10,245,000 (£11,349,000). . Expenditure—Permanent appropriations, ’£4,005,000 (£5,027,000), including debt services £3 1 43 £OO (£4,733,000); other social Acts, £26-,-000 (£294,000),- annual appropriations £4 694 000 (£4,169,000); including sMial services £2, 872(000 (£2,433,000);. other votes £1,822,000 (£1,7 Total expenditure: £8,699,000 (£9,196,000). ... ; ~ Commenting on the position of the Consolidated Fund, the Minister said that, as the figures related to such a short period, they could not be taken as an indication of the., final budgetary position for the full year. The most satisfactory comparison at this stage was against the figures for the same period last year This showed that, after allowing for certain purely accounting fluctuations m income tax receipts and “other receipts” for the similar period last vear the revenue was up to expectations’. A satisfactory feature was that the receipts had been sufficient to meet the outgoings. SOCIAL SECURITY FUND. Total receipts. —£3,576,000 (£3,631,Total expenditure. (£2,906,000), including monetary benefits £1,575,000 (£1.825,000); administration of medical, hospital, etc., benefits, £1,441,000 (£1,081,000). The Minister said the receipts and expenditure showed only slight variations from the same period last year. He pointed out that, as the Budget estimate allowed for increases in age, widows’, invalidity, sickness and other benefits from October 1, the estimated . amount being £1,844.000 for the half-year, a comparison at present with the proportionate Budget figures to June last did not reflect the true position. WAR, EXPENSES ACCOUNT.

Receipts.—lncome tax, £1,382,000 (£1,620,000; stamp duty, £790,000 (£oyy,OUo);. Customs duties, £631,000 (£656,000;; beer duty, £274,000 (£245,000); sales tax, £1,848,000 (£1,76/,UUO) postage. £150,000 (£150,000); national security tax, £4,963,000 (£5,045,000); miscellaneous, £26,000 (£24,000) ; Lend-Lease and Canadian Mutual Aid £2,230,000 (£1,598,000); memorandum of security, £3,538,000 (£2,012,000); New Zealand borrowing (advance subscriptions), £1,792,000 (£2,491,000); National Savings, £5,597,000 (£1,391,000); stock, £9,400,000 (£4,928,000); disposal of surplus Jissets, £410,000 (nil);, miscellaneous, £55,000 (£16,000). Total receipts : £33,056,000 (£22,842,000). Expenditure. Navy, £411.000 (£591,000); Army, £601,000 ’ (£3,950,000); Air Force, £5,063,000 (£2,759,000); -ancillary, £1,963,000 (£2,582,000); rehabilitation, £423,000 (£IOO,000); reverse Lend-Lease, £5,274,000 (£4,645,000). Total expenditure: £13,735,000 (£14,627,000).

The Minister said the increased receipts in the War Expenses Account were due to the earlier flotation of this year’s war loan and from credits under mutual aid and the disposal of surplus assets which did not appear last year. On the other hand, the expenditure was £890,000 less than for the comparative quarter last year. The net Army expenditure was down by £3,349,000 as a result of the transfer of arms, equipment and munitions from New Zealand to Britain. The increase of £2,304,000 in the Air Force expenditure was due to Ihe final cash settlement of commitments under the Empire Air Training Scheme.