£281,900 SURPLUS

Nelson Evening Mail, Volume LXX, 23 June 1936, Page 4

£281,900 SURPLUS

THE PUBLIC ACCOUNTS ! COMMENT BY FINANCE j MINISTER “DOMINION ON WAY TO COMPLETE RECOVERY” (United Press Association) WELLINGTON, This Day. A surplus of £281,000 is disclosed in the audited Public Accounts for the year ended 31st March, 1536, according to a “Gazette” notice issued yesterday. The Minister of Finance (the Hon. W. Nash), in commenting on the figures to-day, said that in his earlier survey of the position for the year, he had estimated the surplus at 1 approximately £270,000 subject, of course, to possible minor adjustments when the figures had been finalised. REVENUE The revenue for the year under main headings, compared with the Budget Estimates, was—

“It will be seen from the above table that the taxation items generally exceeded expectations, the principal increases being in Customs, stamp and death duties, and income tax,” said Mr Nash. In connection with the increase in taxation, the Minister added that, as pointed out in his preliminary statement of the position, subsequent to the Budget being brought down, a further review of the revenue estimates was made, and on the basis of that review, it was considered that the receipts would exceed the original estimate sufficiently to allow the 7£ per cent, increase'in salaries and the restoration in pensions to be back-dated to Ist August, instead of Ist October,, as was originally intended, the additional amount involved being approximately £140,000. ' Allowing for this, it would be seen, that the revenue exceeded expectations by some £290,000. . .. •• • y ■ ,v EXPENDITURE On the expenditure side, the year’s figures, compared with the appropriations, were as under: — PERMANENT APPROPRIATIONS

Debt services 9,440,949 9,345,954 94,995 Highways 2,041,000 2,107,406 66,406* Exchange 1,636,000 1,593,536 42,464

The principal decrease under Delft Services was in interest, a saving of nearly £BO,OOO being effected under this item. The increase under highways i was, of course, purely nominal, being the result of increased payments to the Main Highways Account as the result of the highways revenue, .received being in excess of the estimate as shown in the revenue figures set out above. IH A pleasing feature of the year’s operations was the saving effected in annual votes other than social services. Under the latter heading an increase was to be expected as the result of increased expenditure under pensions and education. “The outcome for the year is satisfactory,” added the Minister, “The surplus is the result of the buoyancy in the revenue, and this fact points to the Dominion being well on the way to a complete recovery.” PUBLIC ACCOUNT “TAGGED” BALANCES OVER-STATED (Bv Telegraph—Press Association) WELLINGTON, This Day. In connection with the Public Account the following “tag,” signed by the Controller and AuditorGeneral, appears in the “Gazette” tonight: ‘The foregoing accounts have been examined and are certified with the following exceptions:— 1. The total of balances as shown in individual sub-accounts, which constitute the Public Account, amounting to £10,422,822 16s 7d, is over-stated owing to tiie transfers made between sub-accounts being shown so as to increase the total balance of the borrowing sub-account without decreasing the total balance of the lending sub-account.

(2) An amount of £250,000 was paid during the year from the Public Works Fund General Purposes Account in respect of the purchase of 500,000 £1 shares of the Mortgage Corporation of New Zealand. Such payment is not shown as expenditure in the

account, the amount being shown as the balance of the account at the end of the year. The Secretary to Treasury, Mr Rodda explains that: (1) The balances of accounts amounting in the aggregate to £ 10,422,822 16s 7d are made up as follows: cast £3,871,823 17s 6d, imprests £335,087 7s 6d, investments £6,215,911 11s 7d total £10,422,822 16s 7d; (2) £250,000 for the purchase of shares in the Mortgage Corporation is not expenditure but investment, and has been treated in the accounts as such. ;

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Customs 7,900,000 8,161,161 261,161 Beer duty 675,000 715,042 40,042 Sales tax 2,475,000 2,462,601 *12,399 Highways 2,040,000 2,124,130 84,130 Stamp & death duties 2,710,000 2,841,766 131,766 Land tax 470,000 458,873 *11,127 Income . /- ■ tax .... 4,250,000 4,581,328 331,328 Other tax in il ation 200,000 211,514 11,514 Total taxation 20,720,000 21,556,415 836,415 Interest 2,614,000 2,721,446 107,446 Other receipts 2,408,000 1,894,506 *513,494 25,742,000 26,172,367 430,367

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Other services 635,889 701,552 65,663* £13,753,838 13,748,448 5,390 ANNUAL APPROPRIATIONS Social services Other services £ 7,661,353 4,423,247 ■ £ £ 7,756,213 94,860* 4,385,906 37,341i , £25,838,438 25,890,567 52,129% ♦Increase . , ?,yu'