Minister’s Review Of Pubic Accounts

Northern Advocate, 29 August 1947, Page 5

Minister’s Review Of Pubic Accounts

(P.A.) WELLINGTON. This Day. “Taxation revenue, at £20,963,000 is practically the same as for the corresponding quarter last year when the amount received was £20,661.000.” said the Minister of Finance (Mr Nash) today in a review of the public accounts for the June quarter. “Increases under several headings of taxation are offset by loss of revenue from the abolition of the National Security Tax in April of this year,” added Mr Nash.. “Total receipts are up to approximately £1.000,000 but this is the result of certain interest and departmental receipts coming to hand earlier than in the previous year. SOCIAL SERVICES

“On the expenditure side the total is up by £2,150,000, representing mainly armed services votes and stabilisation, which at the same time last year were still being charged to the War Expenses Account as adjustment in the accounts in this respect could not be made last year till after the Budget had been presented. “The Social Services group of votes appears at a lower figure for the period due to the fact that last yegr a larger proportion of the annual transfer to the Social Security Fund had to'be made in the early part of the year, but now, with an adequate working balance in the fund, only £3,000,000 has been transferred so far. “Votes other than the ones I have mentioned are only slightly in excess of the corresponding figure last year. “Revenue into the Social Security Fund reflects the point I explained on the expenditure side of the Consolidated Fund, the variation in the annual transfer between the two accounts. DEVELOPMENT LOANS “Expenditure out of the Social Security Fund is up by £1,900,000 for the quarter, representing the family benefit of 10/- a week, which was not reflected in full in the accounts in the June quarter last year. “Expenditure in the War Expenses Account is not comparable in any way with that of the previous year. “The amount which had come to charge for the June quarter this year was only £1,606,880, but considerable additional expenditure has been incurred through the imprest accounts, particularly regarding J Force in Japan. “This will be reflected in the accounts later in the year. “The National Development Loans Account now assumes greater importance, as we change from a war to a peacetime economy. “Expenditure for the quarter out of this account was £4,567,500, major items being hydro-electric works.

“The whole of the loan finance was provided through a ‘tap issue’ of 3 per cent. Government stock, maturing June 15, 1962-64. which is still open for subscription. *

The following table shows the position as disclosed by the accounts for the June quarter, 1947, with the corresponding figures for the previous year in parentheses: / consolidated fund Receipts from taxation. —Customs, £4,810,000 (£3.221,000); beer duty, £879.090 (£940,000); sales tax, £2,754,COO (£3,373,000); film hire tax, £24,000 (£27,000); highways, £797,000 (£479,C0C); stamp and death duties, £2,030,CCO (£1,928,000); land tax, £29,000 (£11,000); income tax, £8,885,000 (£7,410,000); national security tax, £738.000 (£3,226,000); miscellaneous, £17.000 (£34,000). Total taxation: £20.963,000 (£20,661,000). Interest: £1,090,000 (£772.000). Profits fx-om trading undertakings: £533,000 (£547,000).

Departmental receipts: £1,030,000 (£027,000). Total revenue: £23,672,000 (£22,607,000). EXPENDITURE Permanent appropriations.— Debt services, £4,798,000 (£3,689,000); other special acts, £722,000 (£428,000). Total: £5,520,000 (£4,117,000). Annual appropriations, social services, £6,498,000 (£8,760,000); armed services, £658,000 (nil); stabilisation, £2,200,000 (nil); other votes, wool, £2,999,000 (£2,851,000). Total: £ 12,355,OCO (£11,611,000). Total expenditure: £17,874,000 (£15,728,000). SOCIAL SECURITY FUND

Receipts.—Social security charge, £5,413,000 (£4,546,000); miscellaneous receipts, £SOOO (£30,000); transfer from Consolidated Fund, £3,000,000 (£5,750,000. Total: £6,418,000 (£lO,326,000).

Expenditure. Monetary benefits, £2,740,000 (£2,579,000); family benefits, £2,236,000 (£644,000); medical benefits, £1,289,000 (£1,145,000); administered expenses and emergency benefits, £138,000 (£142,000). Total: £6,403,000 (£4,510,000).