Buoyant National Finances

Northern Advocate, 31 October 1936, Page 8

Buoyant National Finances

Half-Yearly Figures

Expendt lure Be lo w Estimate

[Special to ”Northern Advocate WELLINGTON, This Day. The Prime Minister, Mr Savage, in his capacity of Acting-Minister of Finance, has released the preliminary figures of the national accounts for the half-year ended September 30. A buoyant state is disclosed. Summarised, the figures show: Revenue, £11 ; 475,000, an increase of £1,258,000 over the amount received for the same period last year. Expenditure, £ 13,645,000, or £1,486,000 below the proportionate amount for the year’s appropriation, but £1,906,000 more than expenditure for the first halfof last year.

The total revenue for the six months this year is equal to 36.87 per cent., of the estimated revenue for the full year. The figure for the first six months of last financial year was 38.96 per cent, of the total revenue for the year. Expectations Fulfilled. The Prime Minister, in a statement, says that the Budget for the current year was based on an ex- * pectation of an expansion in revenue, and the figures for the halfyear showed that these expectations were being fulfilled in the case of beer duty, sales tax, highways revenue, and stamp and death duty. The indications were that, if anything, the revenue was running ahead of expectations. “Other taxation” includes land and, income tax, but as_ the date for the payment of these was in the second half of the financial year, the amounts received to date were no indication of the amount that would be eventually collected. The half-year’s expenditure has amounted to £13,645,000, and compared with the proportionate part of the estimates for the year as below: — EXPENDITURE.

The Prime Miinster’s statement added:—

“An analysis of the figures shows that expenditure is being kept within the apropriations, while the revenue appears to be running e. little ahead of expectations. The result in respect of land and income tax will not be known, of course, until later in the year, but generally the position of the accounts is satisfactory and gives every promise that the year will close with a balanced Budget,”

Following are comparative figures:— Six Months .... 1936-37 1935-36 £ £ Revenue 11,457,000 10,199,000 Increase: £1,258,000. Expenditure . 1936-37 1935-36 Permanent .... 7,685,000 6,719,000 Increase: £966.000. Annual 5,960,000 5,020,000 Increase: £940,000. Total 13,645,000 11,739,000 Increase: £1,906,000. Excess 2,188,000 1,540,000 Increase: £648,000. Details , of the receipts for the halfyear, compared with the figures for the corresponding period last year, are as follows: — Revenue .... 1936-37 1935-36 £ £ £ £ Customs .... 4,583,000 3,767,000 Increase: £816,000. Beer duty 366,000 312,000 Increase: £54,000. Sales Tax .... 1,446,000 1,171,000 Increase: £275,000. Highways ... 1,297,000 985,000 Increase: £312,000. Stamp & death duties 1,553,000 1,302,000 Increase: £251,000. Other taxation 742,000 863,000 Decrease; £120,000. Total taxation 9 $87,000 8,400,000 Increase: £1,587,000. Interest .... 802,000 928,000 Decrease: £126,000. Other receipts 668,000 871,000 Decrease: £203,000. Total revenue 11,457,000 10,199,000 Increase: £1,258,000.

Actual. Proportion. £ , £ Debt service 5,294,000 Difference: £665,000. 4,629,000 Exchange .... * 893,000 Difference: £165,000. 728,000 Highways . 1,229,000 Difference; £27,000. 1,256,000 Other services 269,000 Difference: £41,000. 310,000 Total Perman. 7,685,000 Difference: £762,000. 6,923,000 Social services 3,919,000 Difference: £923,000. 4,842,000 Other services 2,041,000 Difference; £1,325,000. 3,366,000 Total annual 5,960,000 Difference: £2,248,000. 8,208,000 Grand Totols 13.645,000 Difference: £1,486,000. 15,131,000