£650,000 Fall in Revenue

Manawatu Times, Volume LV, Issue 7297, 6 August 1930, Page 7

£650,000 Fall in Revenue

PUBLIC ACCOUNTS FOR JUNE QUARTER. The Public Accounts for the first three months of the financial year show that the revenue for the period, amounted to £1,172,123, compared with £4,803,928 for the corresponding period of last year—a decrease of £493,805. Customs duties showed an increase ot £55,576 for three months. This increase is made up of an increase of £153,149 for the month of June, partly offset by a decrease during the first two months. As was pointed out in the Budget, it is quite clear that the receipts for June have been considerably inflated by excessive clearances from bond due to fear of tariff increases. Stamp and death duties show a comparative decline of £226,115, and interest on capital liabilities of the Railways a decline of £350,000. The expenditure for the three months compares with that for tho same period of last year as follows: — Permanent appropriations, 1929, £4,669,164; 1930, £3,923,473. Decrease, £745,691. Annual Appropriations, 1929, £1,651,378; 19-30, £1,639,742. Decrease, £11,636. Total appropriations for 1929, £6,320,542; total for 1980, £3,563,215. Total decrease, £757,327.

The decrease under Permanent Appropriation's includes large nominal decreases as follows: Interest £94,158, duo to alteration in dates of payment consequent on conversion operations; £482,400 under Repayment of Public Debt due to earlier payments made last year; motor vehicles duties and licenses £92,039, due to accounting fluctuation. The decrease under Annual Appropriations is only £11,636, but the economy measures taken by tho Government only became effective towards the end of the quarter, and a larger decrease will be shown for the balance of the financial year. To sum up the position, allowing for the inflation of the Customs receipts, the revenue shows a comparative falling off of about £650,000, and the expenditure, allowing for nominal reductions, a decrease of about £IOO,OOO.