Big Decline in Revenue

Manawatu Times, Volume LIV, Issue 6622, 7 August 1931, Page 6

Big Decline in Revenue

For First Quarter 1931-32 SOME IMPRESSIVE FIGURES Per Press Association. WELLINGTON, Last Night. The public accounts for the first three months of the financial year were published to-day in a supplementary Gazette. Commenting on them, Mr. Forbes stated it would be seen that the revenue of tho Consolidated Fund for the period amounted to £3,514,724, compared with £4,172,123 for the corresponding period of the last financial year, a decrease of £357,399. Receipts from taxation showed a comparative net decline of approximately £597,000. Customs receipts were £770,000 less than for tho corresponding period last year, but this was partly offset by an increase of £160,000 under the heading of motor vehicles duties and licenses, partly due to tho earlier receipt of license fees and partly to the fact that the petrol tax was only 4d a gallon during the first quarter of last year. As pointed out in the Budget a considerable’ shrinkage in revenue is anticipated for this financial year and the receipts for tho three months, while not altogether an accurate guide to the position for the financial year, certainly indicate that the estimates of heavy reductions in revenue are justified. Apart from the estimated yield from the recent tariff increases the Customs receipts arc approximately £390,000 short of their proportion of the estimate for the year, but it is hoped the leeway will be made up in the remaining portion of tho year. The position in regard to tlic Land and Income Tax will not be known until towards the. close of the year, but receipts from stamp and death duties and boor duty are in accord with their relative proportion of the cst.i. mate after due allowance is made for proposed increases in taxation. Of revenue apart from taxation the interest receipts show a comparative increase of £160,000 due largely to tho fact that £IOO,OOO on account of interest was received from the railways, whereas nothing was received under this heading during the first threo months of the last financial year. The expenditure for the three months, continued the Prime Minister, compares with that of last year as follows: Permanent appropriations: (1930) £3,923,473; (1931) £4,089,435; inereaso £163,965. Annual votes: (1930) £1,639,742; (1931) £1,460,624; decrease £179,118. Total: (1930) £5,563,215; (1931) £5.550,062; decrease £13,153. Under permanent appropriation!, debt charges showed a comparative increast of £66,000, pensions an increase of £62,000 and other grants and subsidies an increase of £95,000, due to a new item of £115,000 for subsidy to the Unemployment Fund. These increases were partly offset by decreases under other items, leaving a net in. crease of approximately £166,090. Tho comparative decrease of £179,000 under the annual votes is spread over practically all the votes and reflects reductions in salaries and other economies effected. In general, concluded the Prime Minister, tlic expenditure ifl within the relative proportion of the' estimates.