STATE FINANCES

New Zealand Herald, Volume LXXII, Issue 22179, 5 August 1935, Page 11

STATE FINANCES

IMPROVED POSITION TENDENCIES MAINTAINED COURSE OF EXPENDITURE [by TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Saturday In commenting upon the audited accounts for the first three months of the current year, published to-day as a supplement to the Gazette, the actingMinister of Finance, the Hon. A. Hamilton, said although it was as yet too early to draw definite conclusions it would appear that the improving tendencies shoAvn last year would be maintained. The revenue for the three months, countered with the same period last year, was:— 1931-35 1935-36 £ £, £ Taxation .. 3,920,383 3,895,916 30,473* la! crest .. 575.865 530, 083 45,182* Other receipts 202,185 495,176 232,9911' Totals .. 4,704,439 4,921,775 157,336t "Decrease. In the case of taxation both customs (£181,000) and sales tax (£8o,000) show marked increases over the previous year, but stamp and death duties are down £236,000. A decrease was expected in the esse of f he latter, however, as last year was. exceptional in that receipts were nearly £BOO,OOO in excess of the Budget estimate. The expenditure for the period, compared with that for the first three months of last year, was as under:— PERMANENT APPROPRIATIONS 1931-35 1935-36 £ £ £ Debt services . 2,342,613 2,205,196 137,417* Highways . . 33,912 322,851 288,939t Exchange .. 377,019 571,095 193-.476* Other services . 1G1.85G 5C.849 75,007* Totals .. 2,916,000 3,185,991 269,991t ANNUAL APPROPRIATIONS Social services . 1,372.173 1,470,930 98,757+ Other services . 715,816 734,858 19.012+ Totals . . 5,004,019 5,391,779 387,760 "Decrease. Under the debt services there is a decrease of £310,000 in interest, principally due to the fact that no interest has been paid in respect to Treasury bills. This year an increase of £186,000 is shown under Repayment of Public Debt Act, but this is merely nominal, as payments under this Act were not made until later last year. The increase in highways expenditure is almost wholly due to the earlier transfer of revenue to the main highways account, while the increase in exchange is the result of the earlier remittance of moneys to London this year. The. increases shown accordingly have no significance. There is a flight increase in most of the votes, the largest increase being £113,000 under the heading of education, but this also is nominal, as this year the transfer of £95,000 in national endowment revenue to the credit of this vote did not come through until after the close of the quarter. To sum up the position it will be seen that revenue continues to be buoyant, and that expenditure is being held in check.