STATE FINANCES

New Zealand Herald, Volume LXXIII, Issue 22580, 19 November 1936, Page 12

STATE FINANCES

SIX MONTHS' ACCOUNTS DETAILS OF TAXATION CUSTOMS £815,000 HIGHER [liv TELEGRAPH —PRESS ASSOCIATION] AVELLINUTON, Wednesday The public accounts for the half-year ended September 30, concerning whicha preliminary statement was made by tho Prime Minister on October 30. were published in the Gazette to-day. The revenue for tho period totalled £ll,-156,510, compared with £10,198,828 for tho corresponding period of the previous year. The expenditure was £13,645,469, compared with £11,738,427 for the corresponding period last year. A comparison of revenue items in tabular form is as follows: — REVENUE 1030-37 1 035-36 Variation £ £ £ Taxation 0,087,110 8,400,102 +1,587,008 Interest. 801,510 027,730 -120,220 Other roc'ts 007,890 870,l>!)0 ] 1,-150,510 10,108,8-8 +1,257,082 The yield of taxation, under the various headings, compared with the figures for tho same portion of last financial year was as follows: 1036-37 1 035-36 Increase £ £ £ Customs . 4,582,758 8,707,300 815,'140 Beer duty . 305,807 3 I r>:{,ri i Hales tax . 1,440,500 1,170,820 '-'75,(18:1 Film iiiro tax 33,308 20,722 3,580 Gold duty 5(1,002 5.1,074 3,228 Highways 1,200,750 084,027 312,120 Stamp 4 duties.. 1,552,036 1,301,507 251,120 Land tax . 21,030 22,814 1,775* Income tax 610,474 730,806 120,4'J2 Miscellaneous 20,827 20,375 452 0,087,110 8,400,102 1,587,008 * Docrease. Three of the principal items on the expenditure sido, additional to those given in Mr. Savage's statement, are shown in the following table, compared with the corresponding items in the first half of last year:— EXPENDITURE 1036-37 1035-36 Variation £ £ £ Interest . 3,G00,810 4,343,500 -646,600 Repayment Bel) l t Ubll< J ,585,201 180,000 +1,300,201 Highways 1,228,035 868,618 +360,317 The controller, and auditor-general says that during the half-year the State Advances Corporation paid to istcr of Finance a sum of £655,054, being profits and interest on stock issued. The bulk of this amount is shown in the accounts as a credit in reduction of interest. In the opinion of tho Audit Office the whole of the amount should be shown as receipts in tho ordinary revenue account. The Secretary to the Treasury in a note says tjje amount in question is credited to the ordinary revenue account, but not as receipts. Interest and profits arise from mortgages transferred from the State Advances Account. For the most part, in accordance with the budget and the estimates for the year that have been laid before Parliament they are treated as a credit in reduction of interest on that portion of the public debt, raised for State advances purposes.