DOMINION'S FINANCES.

New Zealand Herald, Volume LX, Issue 18322, 12 February 1923, Page 8

DOMINION'S FINANCES.

TEN MONTHS' 'FIGURES. ■ ... \ ' _ ■ ; • INCREASE IN REVENUE.. EXPENDITURE DECREASING. PUBLIC DEBT TOTALS £220,527,688. [BY TELEGRAPH.—SPECIAL REPORTER.] v * WELLINGTON. Saturday. A substantial increase in tho revenue of the State for 10 months of the current financial year has been recorded. The expansion of income is nearly equal to £1,500,00Q over the total for the coiresponding period of tho . previous financial year. There has been a decrease of almost £2,000,000 in expenditure. These improved conditions of national finance will bo among the most appreciable features of the financial memorandum to bo placed before the House of Representatives on Monday night by the Minister for Finance, Mr. Massey.

The statement will review the revenue and expenditure of the Consolidated Fund and the ordinary revenue account for the 10 months ended January 31 last, compared with the same 10 months of 1921-22. It will also show the position of the public debt and the Public Works Fund on January 31, 1923.

The revenue collected under different leadings during the period amounted to 095,670, as compared with £17,649,722, in increase of £1,445,948. ■ The interesting variations in tho principal- items of revenue may be tabulated as follows, the comparison being, of course with tho revenue for the corresponding period of tho last financial year:— J

Revenue. Increase. Customs .. .. £4.686,229 £480,387 Beer duty .. . . 488,727 148,243 Stamp and death duties .... 2,£75,313 884,269 Post and Telegraphs 2,373,679 194.960 Land tax .. ~ 1,453,506 66,836* Income tax .. . . 355,573 '25,381 Railways .. . . 5,272,333 31,770 Registration and other fees ~ 120,817 15,098 Marino . . .... 38,221 2.568* Miscellaneous . .. 1,002,330 106,476 < Territorial .. .. 123,481 3,725* Nations! Endowment 95,157 7,324* Departmental .. 210,304 139,317 Totals .. . . £19,095,670 £1,445,918 •Decrease. The > departmental total includes £144,589 printing office receipts presumably credited to the vote. ' ' Details of Expenditure.

-The expenditure for the 10 months amounted to £21,166,766, as against £23,134,328 for the corresponding period last year, a decrease of £1,967,562. Under the heading, "permanent charges," the total expenditure was £10,662,351, as compared with £10,418,738, tho heaviest item being ordinary debt £3,686,157 (an increase of £433,501), war debt interest £3,763,690 (an increase of £195,368), pensions £1,823,897 (a decrease of £99,745). The expenditure under "annual appropriations" totalled £10,504,415, as against £12,715,590. . Working railway expenditure amounted to £4,047,144 (a decrease of £1,308,083), post and telegraphs work ing expenses to £1,551,354 (a decrease of £350,059) and Education Department expenditure to £2,104,047 (a decrease \of £84,373). 4 There were decreases in 29 appropriations and increases ,in 11. The sinking fund payments totalled £297,886 (a decrease of > £102,114). These payments included £141,171 paid o the Imperial Government for repayment of loans under the war loans funding scheme. It is : to be -noted that the comparative increase in the Treasury expenditure is of a temporary character And is due to sundry ' credits. which are now being credited to revenue instead of to the vote.

As regards the apparently-increased expenditure of the Pensions Department and the Department of Health, there are credits outstanding which uhould reduce the excess. •' The fact that printing office receipts are now credited to revenue instead of to the vote, must also be taken into accovfnt. -

A portion of the decrease in the-.ex-penditure of the industries and commerce vote is nominal, owing to the reccipt of advances on account of wheat which were previously outstanding.

j ; ;i: Accumulated Surpluses. Of ,the accumulated surpluses, totalling £23,671,209, the transfers . to" accounts amount to £20,735,743, leaving a balance on January 31 of £2,935,466. The main transfers are to discharged soldiers settlej ment account in 1920, £13,500,000, to ! discharged soldiers' settlement depreciation fund account £100,000, to public works fund £1,500,000 (including £1,000,000 transferred • during the past 10 months), to electric supply account 192223 £250,000, to reserve fund securities £2,000 000 (including £800,000 for redemptions during the current year), to loans redemption' account for redemption and cancellation of securities £976,492 (including £416,481 for the period under review), to balance, of revenue and expenditure 1921-22 £279,831, and to relieve ordinary revenue account 1922-23 £2,129,420. In order to place the reserve fund in London upon a sound basis, the debentures issued to the Post Office have been repurchased and cancelled, thus reducing the public debt and effecting a saving of sinking fund charges of £1600 per annum. The fund now shows a clear £2,000,000, of a : nominal value of £2,148,075, of which £1,283,158 is represented by 5 per cent. British war loan stock.

The grass public debt at January 31 was £220.527,688. the increase for the 10 months being £1,473,303.

State Advances and Works.

• Loans authorised by the State Advances Board during the 10 months amounted to £2,104,190, of which £1,804,489 was paid to borrowers. ;• '' '

The total expenditure in respect of the üblic works funcb.for tho 10 months was 727,647, leaving a balance on January 31 of £1,604,182. At the present rate of expenditure this balance should not be exhausted before June 30. The unexhausted authorities for raising loans for public works were on January 31, £4,000,920.