THE NATIONAL ACCOUNTS

New Zealand Herald, Volume LXXIII, Issue 22406, 30 April 1936, Page 10

THE NATIONAL ACCOUNTS

A surplus of £270,000 at the close of the financial year, on March 31, is a result to gratify any Minister of Finance. Mr. Nash, in a preliminary statement on the accounts, shows that he appreciates the position fully. The Government is to be congratulated on having inherited so soundly balanced a Budget—and on having succeeded to it with times definitely on the mend. Mr. Nash himself quotes the buoyancy of the revenue as evidence of continued progress in the recovery of the Dominion, an admission which discounts much that this Government has had to say about the administration of its predecessor. As the Minister tacitly admits this, it is to be hoped he will also recognise the factor which has contributed most to the outcome for the year. The yield from taxation is £836,000 more than the estimate and £1.378,000 higher than the figure for 1934-35. Interest has contributed £109,000 more than the estimate after allowance was made for increased railway salaries and wages; the item is £211,000 less than in the previous year. Under the heading "other receipts" the revenue is £513,000 under the estimate and £1,123,000 less than the corresponding figure in the previous year. Profits from the sale of Reserve Bank gold had helped to swell the total in 1934-35. The result can be summed up simply. The revenue exceeded that for the preceding year by £44,000, though a fall of £384,000 had been budgeted for : it exceeded the final estimate by £290,000 ; and to the taxpayer belongs the whole credit for this favourable outcome. So, in addition to congratulations on the healthy financial conditions it has inherited, the Government may be offered the suggestion that it should not forget the taxpayer who has been bearing a crushing burden in the days of depression. Relief for him now that skies are brightening should be in the forefront of the policy of any Government.