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FINANCIAL STATEMENT

A SUMMARY MAIN ITEMS MALT WITH (By Telegraph) (From “The Mail’s*’ Parliamentary Reporter). WELLINGTON, 7th August, The following is a brief summary of the Financial Statement for the 1927-28 year, which was brought -down in the House of Representatives to-night ; ” Consolidated FundOrdinary Revenue Account— £ Revenue 25,123,980 Expenditure 24,944,904 Surplus, 1927-28 £179,076 , Balance brought forward, Ist April, 1927 3,681,466 AddSurplus, 1927-28 7. 179,076 Temporary transfers to other accounts repaid 26,000 £3,886,542 Less— Used for reduction of debt ... 95,979 Instalments of purchase, price of “C” long-term mortgage shares in Bank of New Zealand 117,188 Transfer to Public Works Fund —General Purposes Account. ‘ 250,000 Advance to State Forests Account '45,000 Sundry charges and expenses , of renewing loans- 1,037 Subsidies to local' bodies for relief of unemployment. 75,106 £584,310 Balance, 31st'..March, 1928 £3,302,232 Comparisons with previous year—- £ Total revenue, comparative decrease 188,245 IncomedaX, decrease 148,487 Land-tax, decrease 74,588 Beer duty, decrease 12,189 Customs, decrease 309,986 ’Stamp and death duties, increase 125,351 Total expenditure, comparative net increase ......... 231,166 Subsidies tq Hospital Boards, increase 72,651 Pensions, increase 90,526 Railways (increased losses on 1 isolated sections and branch lines) - 55,591 Contribution to Singapore Naval Base (new item) . 125,000 Revenue other than from taxation, increase ....... 231,654 Agriculture, carriage of fer- . tilizers for farmers, in- v. crease 43,540 Capital expenditure on public works—- ' £ Railway-construction, additions and improvements 2,573,252 Main highways and roads ... 1,297,141 Hydro-electric supply 1,272,575 Telegraphs and telephones ... 625,540 Public buildings (including i 'schools) ........605,747 Irrigation, land and river improvement ............... 273,452 Other public works 177,983 £6,825,690 Gross public debt as at 31st March, 1923 ' £ Ordinary 139,329,644 War ; 71,970,636 State Advances 31,081,966 Discharged soldiers 9,014,006 £251,396,252 New loans raised during year 8,022,499 Loans paid off during year 2,477,136 Net increase for year £5,545,363 Net increase in debt — £ 1925-26 11,000,000 1926- . 7 >°QO,ooo 1927- 5,500,000 •/" ;• ■ t . —„ Local debt reduction £1,960,620 German reparation-moneys 1 ' applied solely ’in reduction of war debt, 1927-28 £366,370 War deht-Repayments in ' six years £/y,oo/,opi War-debt charges show de- ' ' * crease during year ...... £50,000 The ordinary debt is two-and-a.-iia.lf V timeS as great as the War -debt, but costs taxpayers-annually £1,250,000 less than the Wav debt. ' ' London Loan, 1928 — ' ,u '£S,pOQ,(X)O, rai.sed for — * Public Works Fund (railway construction/' telegraph, and telephone exten- ■ sitm, etc.) .................. Hydro-electric-power works 1,000,000 Railways improvement 1,000,000 £5,000,000 The loan was very favourably received' and heavily over-subscrjbed. The success of the loan is a striking indication of the Dominion’s financial reputation. In addition, £5,000,000 of Consolidated Stock was converted on lav ourable terms. State Advances Office— £ Paid over to borrowers in last five years 26,692,969 Additional loan-moneys mado ' 'available during the year amounted to Rural advances bonds sold ... 543,3UU Rural-advances to farmers ... 751,900 Discharged soldiers settlement — Further revaluations of property and writings-off of principal and interest totalling ‘A55,164,636 were made for the purpose of establishing the settlers on a sounder footing. Railways— Revenue compared with previous year showed increase of 45,50 i Working expenses compared with previous year show- • ed increase of 194.243 Postal and TelegraphNet profit for year 2U,UUU Post-office accounts now separate from 'the Consolidated Fund. Sales of Post Office Investment Certificates 541,(98 Unemployment relief— Expenditure' during year on public works, including tree-planting 397,000 Subsidies earned on works undertaken by local authorities 113,000 Total cost- to SI all 1 £510,000

Adminislraiiou expenses decreased by £90,000 last- year. Revenue from taxation per bead of population, £ll 8s sd. ESTIMATES FOR 1928-29 Consolidated Fund — Ordinary Re,venue Account — £ Estimated revenue 23,868,250 Estimated expenditure 23,693,10*1 Available , for supplementary estimates and contingencies £260,146 £ Estimated Customs revenue 8,261,000 Estimated stamp and death duties 3,500,000 Estimated land and income tax 4,550,000

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https://paperspast.natlib.govt.nz/newspapers/NEM19280808.2.61

Bibliographic details

Nelson Evening Mail, Volume LXI, 8 August 1928, Page 6

Word Count
593

FINANCIAL STATEMENT Nelson Evening Mail, Volume LXI, 8 August 1928, Page 6

FINANCIAL STATEMENT Nelson Evening Mail, Volume LXI, 8 August 1928, Page 6