Public Accounts: Figures Satisfactory, Nash Says

Northern Advocate, 22 December 1948, Page 4

Public Accounts: Figures Satisfactory, Nash Says

WELLINGTON, Wed. (Sp.)—The half-yearly position shovhi by the Public Accounts was “satisfactory and generally m line with the Budget estimates,” the Minister of Finance (Mr Nash) said yesterday.

The following figures show half of the Budget estimate of Consolidated Fund receipts compared with actual income for the six months ended September 30:—

RECEIPTS Taxation— Estimate Actual

The Minister said that both revenue and expenditure were less than the proportionate comparison of the Budget figures. This was normal as a considerable portion of the revenue, notably income tax, was not collected until toward the end of the year, while there was invariably a time lag in expenditure being brought to charge.

CUSTOMS, SALES TAX DECLINE

Both customs and sales tax revenue showed a decline. Mr Nash recalled that he had indicated in the Budget a reduction in customs revenue should be anticipated this year due to concessions under the general agreement on tariffs and trade and to the diversion of imports from foreign countries.

This trend, for which allowance was made and which was reflected in the accounts, might possibly be accentuated.

The fall in sales tax was due to the alteration in the exchange rate and the allowance for a reduction of £1,250,000 for the full year was made in the adjusted figures shown in the supplementary estimates. Revenue from income tax included collections from late payments £rom the last financial year.

The bulk of this tax fell due in the last quarter of the year.

EXPENDITURE LOSS The expenditure out of the Consolidated Fund under the heading of permanent appropriations was less than the proportionate amount of the Budget estimate by £1,945,000. This was due to the fact that the greater part of the annual contribution toward debt redemption would not be used until the December quarter for the repayment of a loan maturing on November 30. Expenditure under the annual appropriations amounted -to £34,779,000 which was approximately 79 per cent of the half year’s estimate of £43,874,000. For the six months ended September 30, 1947, the comparative proportion was 81 per cent, which indicated that the position was usual for this time of the year. SOCIAL SECURITY FUND The figures for the Social Security Fund are:— RECEIPTS

SOUND TOSITION Mr Nash stated that both receipts from social security charge and expenditure on benefits reflected a similar position to that which existed in the Consolidated Fund. ;

The cash balance at the end of September, including uncleared imprest advances of £2,772.149, amounted to £9,896,657, so that’ the fund was in a sound financial position.

Transactions in the War Expenses Account were now relatively small and related mainly to Rehabilitation, J Force costs \ and the clearing up of miscellaneous claims and adjustments.

£ £ Customs 11,000,000 9,228.000 Beer duty 2,188,000 2,000,000 Sales tax 7.875,000 6.518,000 Film hire , 05,000 49,000 Highways 1,502,000 1,388,000 Stamp duties .... •1,600,000 4,500,000 Land tax 450,000 102,000 Income tax 20,400,000 16,347,000 Miscellaneous .... 33,000 37,000 48.173.000 40,169,000 Interest '.... 2,562,000 2,271,000 Profits 'of tracing undertakings . 1,088,000 865,000 Dept. Receipts 5,611,000 4,019,000 Total revenue tsix months) 57.43-1,000 47,324,000 EXPENDITURE Permanent appropriations . 12,913,000 10,968,000 Annual approprra lions— Social security .. 7.500.000 7,500,000 Other soc. servs. 10,895.000 10,564,000 Armed services . 5,833,000 2,471,000 Stabilisation .... 5,807,000 3,945,000 Other votes 13,839,000 10,299,000 43,874,000 34,779,000 Total expenditure 56,787,000 45,747,000

Estimate Actual S. Security charge £ £ 15,000,000 13,513,000 Miscellaneous 33,000 27,000 From Consol. Fund 7,500,000 7,500,000 Totals (6 mths.) 22.533.000 21,040,000 EXPENDITURE Money benefits 10,136,000 8,374,000 Family benefits .. 6,921,000 5,857,000 Medical benefits Administration and 3,781,000 3,718,000 emerg. benefits 515,000 ,436,000 Totals (6 mths.) 21,353,000 18,385,000