Finances For Quarter

Manawatu Times, Volume 63, Issue 179, 1 August 1938, Page 8

Finances For Quarter

Revenue Less POSITION “MOST SATISFACTORY' * SAYS MR. NASH Per Pre«s Association. WELLINGTON, July 30. The Minister ©X Finance, the Hon. .•alter Nash, announced to-day that the accounts for the first quarter of the financial year are completed and that after the audit examination the usual details will be published in the Gazette. The results are satisfactory and showed that the Budget estimates are being closely adhered to. The total revenue is £6,562,000, against £6,716,000 of the first quarter of last financial year, being 18 per cent, of the estimated revenue for the year. The figures for the first quarter a year ago were 19 per cent, of the actual revenue. Customs for the quarter returned £2,423,000 against £2.500.000 a year c/». Sales tax realised £845,000 against £387,000, highways £873,000 against £BBB.OOO, stamp and death duties £731,000 against £BII,OOO, land and income tax £633.000 against £355,000, interest £265,000 against £431.000. Taxation revenue Is £5,798,000 compared with £5.696,000 for the first quarter of last year, an Increase of £102,000. Mr. Nash remarks that the figures Indicate that taxation Is coming to hand In a satisfactory manner. The total expenditure is £7,426,000 compared with £6,731,000, being £695,000 more, of which permanent appropriations, Mr Nash says, account for £175,000 and annual appropriations £520,000. Highways, however, which account for £386,000 of the increase is a self-balancing item, and as shown in the Budget is offset by an equivalent amount of revenue. Debt services show an increase of £IIO,OOO, and it will be noted from the Budget estimate that an increase of only £IOO,OOO has been provided for the whole i ear. The greater portion of this excess expenditure is due partly to a variation in interest-payment dates and partly to ordinary accounting fluctuations. Mr Nash also remarks on items Indicating an excess of expenditure of £343,000 on social services and on other votes of £177,000, the increase in the first being due principally to education it 217,000) and pensions (£135,000) offset by sundry savings. As mentioned in the Budget, additional provision is made under Education to cover the cost of providing additional teachers consequent upon both the increase in the number of pupils attending State schools and the reduction of the size of classes, also additional grants to university colleges, etc. In regard to pensions, additional provision was made this year arising principally in respect to invalidity and old-age pensions. The former was introduced for the first time in 1936, while in the case of old age the residential qualification was reduced last year, and In both cases new applications are still coming to hand. , Mr Nash adds that the financial Oosition generally Is most satisfactory.