INCOME OF STATE

New Zealand Herald, Volume LXXII, Issue 22030, 9 February 1935, Page 12

INCOME OF STATE

NINE MONTHS' FIGURES

INCREASE OF £4,000,000

BUOYANCY MAINTAINED

PROSPECT FOR FULL YEAR

A BALANCED BUDGET

[BY TELEGRAPH —PRESS ASSOCIATION'] WELLINGTON-, Friday An increase in revenue of £4,046.951. compared with that for the corresponding portion of the last financial year is shown by tho ordinary revenue account of the Consolidated Fund for the nine months ended December 31. The main features of the position were announced to-day. Expenditure for the same period shows an increase of £1,115,489. Following is a summary of the accounts in comparison with those for the previous financial year:— 1933-34 1934-35 Increase Revenue . . £13,311,511 £17,358,402 £4,040,951 Expenditure 16,807,458 17,982,947 1,115,489 Deficit .. £3,555.947 £024,485 £2,931,462* * Decrease'. Budget View Supported Commenting on the position disclosed by the accounts the Minister of Finance, Rt. Hon. J. G. Coates, stated that the upward tendency in the revenue returns apparent at the close of the half-year had continued during the third quarter. The Budget for the year was based on the expectation of a substantial increase in revenue. Mr. Coates said some had declared that the Budget was too optimistic, but the receipts for nine months were well up to expectations.

The total receipts for the period amounted to £17,358,462, which was approximately £1,000,000 in excess of the proportionate part of the Budget estimates. Interest and other receipts were not evenly spread over the year, and the taxation returns supplied the best indication of the position that had been reached. Even so, allowance must be made for the fact that land and income tax was payable on specified dates. Taxes Still to be Collected

Land tax receipts to December 31 totalled £465,000, compared with a Budget estimate of £480,000, but it was probable that payments before the end of the year would make up the present shortage against the estimate. The income-tax position would not be known until March. Other items of taxation receipts were approximately £SOQ/x)0 ahead of the proportionate part of the Budget estimate. The expenditure for the nine months was £17,982,947, which was approximately £50,000 under the proportionate part of the appropriations for the year.

In conclusion it could be said the figures for the nine months generally disclosed a favourable position, and if, as appeared reasonably certain, the revenue for the final three months of the year had a similar buoyancy, a balanced Budget waa assured.

The Budget forecast a surplus of £BOOO at the close of the financial year.