BRITISH FINANCE

New Zealand Herald, Volume LXX, Issue 21457, 3 April 1933, Page 9

BRITISH FINANCE

TREASURY RETURNS DETAILS OF REVENUE ESTIMATE NOT REACHED YIELD FROM TAXATION By Telegraph—Press Association—Copyright (Received April 2. 5.5 p.m.) British Wireless RUGBY, April 1 Britain's financial year ended yesterday. The Treasury has issued returns showing that the revenue in the 12 months amounted to £744,791,000. Excluding the payment to the United States of the instalment of the war debt on December 15, 1932, the expenditure amounted to £748,114,000. A deficit of £3,323,000 was reached after providing £17,250,000 for sinking fund. The payment to the United States was £28,956,000, making a total deficit of £32,279,000. As against the payment to the United States, there has been normally received since July, 1932, £30)250,000 from Allied war debts and reparations, also a further £7,250,000 from tho Dominions' war debts, relief debts, etc., making £37,500,000 in all. The Budget, which made no provision for receipts or outgoings for reparations and war debts forecast a total revenue of £766,800,000 and a total expenditure, including provision for sinking fund (£32,500,000) of £766,000,000. Income tax and surtax yielded £312,200,000, which was £13,750,000 less than tho estimate. Estate duties yielded £66,000,000, or £1,000,000 more than the estimate. Customs exciso yielded £288,000,000, against the estimate of £300,000,000. Sundry loans and miscellaneous provided a surplus over the estimate of £6,250,000. Payment to the United States On the expenditure side fixed debt charges were fixed for the year at £276,000,000 for interest and management of debt and £32,500,000 for sinking fund. The payment to the United States is shown in the Ex chequer return as a separato and single item within the year's Budget expenditure. This is done to mark its special character, for in making the payment the Government reserved tho right to treat the whole sum as a capital payment, of which account would be taken in any final settlement. Excluding the payment, to the United States, the Government's payments from the fixed debt charge for interest, etc., amounted to £262,250,000 and for sinking fund to £17,250,000. An additional' sum of £2,655,000, representing interest on savings certificates, has been met from borrowed moneys. Sinking Fund Payments Reduced Tho reduction of the sinking fund payments below tho amount anticipated in the Budget was duo to tho effect of the riso in tho prico of gilt-edged securities following tho war loan conversion operation on statutory and contractual sinking fund requirements. The Budget estimate for the supply services was £447,204,000. Since then supplementary estimates have been presented amounting to £21,614,000. Actual expenditure amounted to £458,250,000, representing a saving of £10,500,000. The floating debt stands at £810,455,000 compared with £611,955,000 a year ago and made up' of Treasury bills, £775,905,000, and ways and means borrowings from public departments, £34,550,000. CONVERSION OPERATION FURTHER TENDERS OPENED SATISFACTORY APPLICATIONS (Received April 2, 5.5 p.m.) British Wireless RUGBY, April 1 Tenders for £45,000,000 of the per cent conversion loan 1944-49 and Treasury bills wero opened to-day. The total amount applied for exceeded £79,000,000. Tho amount of conversion loan allotted was £9,165,000. Applicants at £94 2s 6d and above that figure will receive their requirements in full.