THE NATIONAL FINANCES.

New Zealand Herald, 23 May 1921, Page 5

THE NATIONAL FINANCES.

DETAILS OF YEAR'S ACCOUNTS EXPENDITURE, £26,081,340. SURPLUS OF £6,192,232. The public accounts for the year ended March 31, 1921, are published in the Gazette. Receipts and expenditure, compared with the figures for the previous year, are as follow:— 1920-21. 1313-20. £ £ Revenue .. 54.260.562 26,081.340 Expenditure .. 28.068.750 23,781.924 Surplus .. £6.192,252 £2,299,416 Following are the details of revenue for ' the two years:— 1920-21. 1919-20. £ £ '. Customs .. .. 8,408,726 4,350.525 Stamp & death duties 3,745.902 3.344,955 I Post and Telegraph 2,640,158 2.096,757 ' I tar .. .. 1.688,973 1.557,905 tocome tax .. .. 8.248,945 6,369,765 j geer duty .. .. 360.525 355.405 Railways. .. .. 6,918,492 5,766,015 [ | Registration and other t I ■~ * ees • • ■ • 220.084 175,756 1 ; Marino ' .. .. 56.540 42,646 I Miscellaneous .. 1,584,995 1,204,866 i Territorial .. .. 219,195 218.757 I National endowment 100,448 112,840 • Other receipts .. 67,975 5,373 5 Totals .. .. £54,260,962 £26,081,340 The expenditure was as follows:— , 1920-21. 1910-20. Permanent Appropriations — £ £ Civil List .. .. 31.346 26,459 Interest & sinking fund 7,331,595 7,249,426 Subsidies— Local bodies . . . . 164,290 161,085 Hospital boards . . 400,030 327,069 ' Old age pensions .. 699,783 658.570 "Widows' pensions . . 187,101 136,730 Military pensions . . 40.198 45,000 Miners pensions .. 24453 12,687 War pensions . . .. 1,885,663 1,811,146 Other items .. .. 970.256 916,889 Total permanent. . £12,234.725 £11,389,061 Annual Appropriations— \ Legislative . . .. 65,462 44,500 Finance . . . . 633,784 183.062 Post and Telegraph 2,588,360 1,341,494 Working Railways . . 6,211,001 Public buildings and domains . . . . . 225,165 164442 , Cook Islands .. . . 13.789 16,498 Native 35,913 28.467 Justice / 725,972 571.492 ' Mines 39.634 36,637 c Internal Affairs . . 632.661 336.356 Mental Hospitals and Health .. . . 464,071 556,899 Tourist 93,619 68.858 Defence 531.042. 502,465 3 Customs and Marine. 292,041 227,474 Labour .. .. 44.540 40,016 ; Lands and Survey .. 292.542 238,365 " Valuation and Electoral . . .. .. 81,979 196^42 Agriculture . . . . 290,800 818.567 -> Education ... .. 2,460,116 2.031.825 Services not provided for .... .. ,-105,514 .77450 >. Total • annual . . £15,834.005 £13,392.464 f Grand total .. £ 28,068.730 £ 23,781,924

THE PUBLIC WORKS FUND. EXPENDITURE OF £3,141,197. There was a credit balance in the Public Works Fund at April 1, 1920, of £219,502, Receipts included £500,000 transferred from the Consolidated Fund, » £2,890,000 from loans, and,£21,184 from other sources. The expenditure amounted to £3,141,197 against £2,021,153 in 191920, the balance in the fund at March 31, 1921, bemg 1 £489,489. Details of the expenditure are as follow:— ii* :: ■ 1920-21 1913-20 £ - £.Z Departmental .. . . 143*55 , 121,435 Railways— Construction and Ad- ■> ■ ditions to Open Lines 1,365,466 748,648 Public Buildings "■"..* 502,211 469,195 Lighthouses.. Harbour Works, and Defences 4,838 ZA97 Tourist and Health BeßOrts .. .. 19,040 6.194 , Immigration .. .J , Cn. 7,803 r Or. 62^60 ~ Boads,' Bridges" and ' ; '"'" " Other Public Works 538.574 - 388,562 i Development o f Mining 2,153 1,173 Telegraph Extension 338,468 249,379 Contingent Defence -.. . 8,701 10J.87 Lands Improvement .:V '2,063 2,96-1 Irrigation and Water ' Supply ... . 55,345 . : 34,115 Plant, Material, and A Storea_ , ... '.'■■'■"... 169.911 -\Z 47,682 Other Expenditure -... 1,176. • -*>': 681 OPERATIONS. : PROCEEDS OF LAST TWO LOANS. , The of the two ■Bans , issued bythe Government last year are: | shown in" the gazetted ; accounts. '^Sub-: ' '•> scriptions to the 5 ;-per cent loan of . £2,500,000 fbr public works amounted to t £1,940,000. The actual result of the r compulsory loan of £6,000,000 at 5£ per . cent for discharged soldiers-* settlement.. ' '* l was apparently £4,239,304. • To meet the demands upon the Trea- . sury during the year,the Government ,' raised a large amount by -the issue; of' Treasury Bills. In the June quarter, it [ obtained £600,000! by this means for the . financing of \the ! Nauru,- Island purchase; s in the September quarter £500,000•: for . 5 ordinary requirementSj and £400,000 for , public works; in the December:'quarter\" 3 £250,000 for .ordinary ; .'account . and f £270,000 for public : works; and. in the t ' March quarter £500,000 for the ordinary I account; a total of £2,520,000/ The floatj ing debt was reduced in the December .quarter by £1,200,000,; and in the last j quarter, all outstanding Bills were / xev deemed. .