DOMINION FINANCE.

New Zealand Herald, Volume LIII, Issue 16169, 4 March 1916, Page 9

DOMINION FINANCE.

TWELVE MONTHS' RETURNS.

INCREASED REVENUE.

EXPENDITURE DECREASED.

[BT TELEQRAr/H.—PRESS ASSOCIATION] Wellington, Friday. A statement regarding the financial position of the Dominion was made to-night by the Minister for Finance. The Minister's figures showed that the revenue for the 11 expired months of the current financial year exceeded by £1,474,641 the revenue for the corresponding period ot the preceding year, while the expedituro had decreased by £164,772. , " The public revenue for the 12 months ended February 29, 1916, as compared with that for the- 12 months ended February 28, 1915, shows an increase of £1,659,596," said Sir Joseph Ward. "The increases in the various Departments totalled £1,723,756, and three accountsmarine, miscellaneous, and territorialhad decreases totalling £64,160, leaving the net increase as stated above. The j revenue for the month of February, 1916, was greater by £550,381 than the revenue for February of last year. That is due principally to the increase of £325,366 in tho income tax, £100,247 in Customs, and £90,800 in railways. The expenditure for tho 11 months shows a jiott decreaso of £164,772. Eight Departments show an increase of expenditure. Tho growth of the expenditure of the Education Department, duo to increased payments to teachers, accounts for £133,850 of that increase. There is also an increase of £102,667 in the charge for interest and sinking limd. Treasury bills, which stood at £1,000,000 on February 28, 1915, have been reduced by repayments until they stood, at the end of last month, at £484,951. ' Public Works Fund. " The net increase of expenditure on the public works account for eleven mouths," continued Sir Joseph, "is £21,202. The position of the Public Works Fund, as on February 29, is exceedingly satisfactory. There is a balance of £1,668,206 available for future expenditure. The whole of that sum is represented by cash, with the exception of the investment of £214,546 made in Imperial Government Treasury bills, Ming dne in March and May of the present year. The Minister for Public Works anticipates no difficulty in keeping down expenditure, as the reduction has been gradually prepared for. Money will be required to pay off the balance of the Treasury bills prior to March 31, and there will be a charge, which I cannot state definitely at the moment, for payment of interest due in London before the end of the month. Future Liabilities. "It is not possible for me to state with any certainty what the receipts and expenditure for the current month will be," said the Minister, "but I have no doubt that, after making necessary provision for the payment of all current liabilities with Treasury bills and interest due in London, there will be a surplus at the end of the financial rear. As against that surplus there are large prospective liabilities for the vear 1916-17 to be provided for. There will be a large charge for soldiers' pensions, and the amounts required for interest and sinking fund must show at large increase owing to borrowing in connection with the war. The position, on the whole, is very satisfactory."