“Finances. Quite Good” Nash Says Revenue Million Up

Northern Advocate, 31 January 1940, Page 7

“Finances. Quite Good” Nash Says Revenue Million Up

WELLINGTON, This Day.

The Minister of Finance (Mr' Nash) yesterday released details of the Public Account for the first nine months of the current financial year. “I be position generally is quite satisfactory,” Mr Nash said.

"Tne revenue is adhering in its total very closely to the Budget estimates, and, allowing for nominal increases in expenditure, the 1 totals are being maintained within their proportionate part of the year’s appropriations, “With one of the principal headings on revenue, income tax, still to come, n is, of course, too early to attempt any forecast of the position at the end of the year, but it can be said with confidence that, based on the results to date, there appears every possibility of the Budget estimates oeing realised.” Revenue Increases £1,038,000.

The revenue credited to the Consolidated Fund for the nine months amounted to £22,309,000, compared with £21,271,000 during the same period of the previous financial year, an increase ox £1,038,000. Expenditure amounted to £25,665,000, an increase of £2,430,000. A comparison in tabular form is as follows: Nine

Grand totals 22,310,000 21,271,000 1,038.000 ° Decrease. Even Better Result. Mr Nash said the results for the current year were even more favourable than the percentage of the estimates would indicate, as the last increases in taxation operate only for a portion of the financial year, whereas there was no variation in the rates of taxation last year. Comparative Summary. A comparative summary of the not expenditure to date is as follows:

Grand totals 25,665,000 23,235,000 2,430,000 * Decrease. Expenditure Two Per Cent Up. “On a percentage basis, whei-e allowance is made for increased total appropriations for the current year, the total expendituer for the nine months ended December 31 is two per cent above that of last year,” said Mr Nash.

“The only item calling for particular comment is ‘other votes.’ where an increase of 14 per cent is shown. “This increase is nominal only, and is the result of a transfer to the WarExpenses Account in terms of Section 2 of the War Expenses Act, 1939, of the unexpended balance of moneys appropriated by Parliament for the defence services, and of minor variations caused by the incidence of payment. War Expenses Account. “There is one account to which I would draw special attention when the Gazette Supplement is published, and that is the War Expenses Account. “In that account will be found all the expenditure on the fighting services since the passing of the War Expenses Act, and on the revenue side receipts from special taxes imposed by that Act for war purposes, together with special receipts and the unexpended balances of appropriations transferred from the votes for the Navy, Army and Air Force in the Consolidated Fund. Loans Free of Interest. “In that account, also, under the heading of ‘stock issued’ is a sum of £SO, repx-esenting moneys loaned to the Government free of interest for the duration of the war. “Since December 31 a further £12,000 has been received on similar terms. The public-spirited .action of the citizens concerned is greatly appreciated by the Government, and it is hoped the example so set will be followed by others with funds to spare.”

months. 1939-40. 1938-39. Increase £ £ £ Revenue 22,309,000 21,271,000 1,038,000 Expenditure 25.605,000 23,235,000 2,430,000

Deficit . 3,350,000 1,904,000 1,392,000 Receipts under the principal headings of revenue compare as follows: 1939-40. 1938-39. Increase. £ £ £ Customs 7,060,000 8,058,000 392.000Beer duty 972,000 795,000 177,000 Sales tax 2,712,000 2,602,000 50,000 Highways 2,320,000 2,310,000 10,000 Stamps, etc. . 2.512,000 2.507,000 5,000 Other . 3,353.000 2,585,000 768,000 Total taxation 19,535,000 18.917,000 018,000 Interest 1,492,000 1,509,000 433,000 Other receipts 1,283,000 1,295,000 11,000*

PERMANENT APPROPRIATION. 1939-40. 1938-39. Increase. £ £ £ Debt Services 5,442,000 5,169.000 273,000 Highways 2,273,000 2,276,000 3,000* Exchange 1,266,000 Other 1,148,000 118,000 Services 132,000 379,000 247,000* Total Permanent 9.113,000 8,972,000 141,000 ANNUAL APPROPRIATION. Social Services 7,113,000 Other 8,909.000 1,796.000* Services 9,439,000 5.354,000 4.085.000 Total annual 16.552,000 14,263.000 2,289.000