FINANCIAL RECOVERY.

New Zealand Herald, Volume LX, Issue 18297, 13 January 1923, Page 8

FINANCIAL RECOVERY.

ACCOUNTS FOR d MONTHS, REVENUE INCREASES £884,340. : SAVINGS TOTAL £2,545,930. BALANCE IN MARCH EXPECTED, : ; .|BX.J" MIEOBJUH. —PBESB ASSOCIATION.] ■''.' ._;V : WELLINGTON. Friday. '.' : '•" "'The revenue " figures for the past "'& month," stated the Minister for Finance, Mr. Massey, " show "a great improvement '■- as. compared, with even ; six months ago, ji arid a wonderful improvement as compared , '•= with 12 months ago. jThefinancial situa- < tion has gradually- \ been .getting better, .. v especially-during the last three months. , ' I think ;we have- reached the stage where " ; ; we may consider the position -very satis-" , i factory. We have still to remember, how. <■ ever, that there will be a falling off in the ■ income tax collected during February Still, we can face that falling-off now with confidence and look forward to being able .■ ~ to balance accounts on March 31 next." ;' jThe positionv is •■- summarised by the 'A; Treasury Department as follows:—The />/;.; revenue ' collected during December amounted to £3,426,317,: an increase of /' £413,036 compared with' December, 1921. .; : . The principal increases-were: Customs, .. .-;• £209,489; beer duty, £2213; postal and ; C. telegraph, £99,632; income tax,;£ll,9Bl _- railways, £168,736; departmental and „ other receipts, £70,250; total, £562,301,"?!||| Decreases, ' principally . in land-tax, '% amounted to £149,265. the ' net increase for the month thus being £413,036. ' ».', For • the nine months ended December 31 the revenue amounted to £17,289,866, -l against £16,305,526 for. the corresponding \ period of the previous year, a net'increase of £984,340. 0 ? V V . : > ' Expenditure for the nine months totalled ,-»-; £19,189,457, against £21,735,387 for the : corresponding period last year, a decrease . of £2,545,930. Under permanent charges there is an - increase in interest and' sinking fund of £111,588, and a decrease under j special Acts and the civil list of £444 644. . rhe r> •, I principal • 'reductions in expenditure, under special Acts ■ are, as follow Appro- : priation Act; 1920 (butter subsidy), ;r £120,000; Hospital : and Charitable in- y.l stitutions Act,. 1909,££7y000; , old-age ;, pensions, .£20,000; ! widows .pensions, _;. £17,000; military pensions, £SXK;; -war \ pensions,' £188,000; ": : : University _ Amend- ._:«) ment Act, £5500: Civil ,-, townee. ;Act, .-; £4000; civil list, £5000; Lands Act 1903 % (national endowment residue), ,±<7OOU; ; Education Act. £2COO. • . . : v '. ''■'■*> . Departmental iixpfihditure for the nine months totalled , £9,704,858, a- decrease of : : £2.212874. The .principal deceases are : , —Stamp duties; : £25,911 Working Railways,- £1,372,314; Post- : and, Telegraph■:-.-;.-working expenses, £290,387 public buildings, £25,572; -Department ■of Industries , and Commerce. £116;106 ; Mines Depart- : "■;. -i ment, £10 633 Internal Affairs, £41,351 j , ; Mental Hospitals, * £19,915 Naval De- ■% fence, £50,010; military ' forces, 2121.950; Customs Department, £20,106) ' '•■ .; Marine Department, £29 842; Lands and - -Survey Department, i £44.607 ; Valuation, -. £16,133;' Agriculture, £52.814; Tourist, '?.* £22.714;-Education, .£82,788; ;,-;..-•• # '-.;, ■'',. The decrease in railway expenditure is i due to the purchases of coal paid for , last year, the ; bonus ;' reduction, and im* ';';• proved traffic. ~_ >.