£10,399,000 FOR WAR

New Zealand Herald, Volume 78, Issue 24101, 21 October 1941, Page 6

£10,399,000 FOR WAR

SIX MONTHS' REVENUE

EXPENDITURE £14,999,000

£13,458,000 RAISED IN LOANS [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Monday

Revenue amounting to £10,399,000 for the six months ended September 30 was received into the War Expenses Account, compared with £4.076.000 in the same period last year, according to a statement made by the Minister of Finance, the Hon. Walter Nash, tonight.. This large difference, the Minister explained, was due to the special war taxes having been in operation for the full six months of the current financial year, whereas last year they were not imposed until toward the end of the period. Classes of Borrowing Loans raised amounted to £13,458,000 for the period, as against £3,826,000 last year. Of the total of £13,458,000, war Joan stock issued amounted to C 9.225.000 and national savings accounts and investments aggregated C 1.728.000. A toal of £2.425.000 was raised under the memorandum of security arrangement with the United Kingdom Government, and £39,000 was lent interest-free during the period.

The expenditure for war purposes during the past six months amounted to £14.999,000, compared with £6,333,000 for the same period la«t year. Mr. Nash explained that this large comparative increase was an indication of the greatly accelerating rate of the Dominion's war effort, and reflected the necessity for heavy calls being made on the financial resources of tlie community. Meeting Overseas Costs In addition to the expenditure of £14,999.000, the whole of the balance owing to the United Kingdom Government at March 31 last, consisting of memorandum of security £4.516.000 sterling, representing war expenditure overseas, and Treasury notes £II.OOO sterling, representing import credits, was repaid during the past six months in accordance with the Budget undertaking. Thus the whole of the amount which had been brought to charge overseas against the Dominion in respect of war at March 31 had been repaid. This repayment must be regarded as a very creditable effort and reflected the Government's decision to restrict to an absolute minimum the demands on the United Kingdom Government's financial resources.