PUBLIC ACCOUNTS

New Zealand Herald, Volume 78, Issue 24101, 21 October 1941, Page 8

PUBLIC ACCOUNTS

HALF-YEAR'S RESULT

REVENUE £148,000 HIGHER

EXPENDITURE £557,000 GREATER [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Monday

The Minister of Finance, the Hon. Walter Nash, to-night released details of the ordinary revenue account of the Consolidated Fund, and the Social Security Fund for the first six months of the current financial year.

Mr. Nash said the revenue of the ordinary revenue account for the six months totalled £11.735.000. compared with £14.589,000 for the same period last year, while expenditure was £15.763.000, as against £15,206,000 last year. The results tabulated are as follows: —

3 911 3010 Variation £ £ Kevenua 14,735,000 34,559,000 +l4<>,oo(t Exp'ture 3 5,703,000 3- r >.2oo,'K)o +55<,000 Balance - 1,028,000 -til 7,000 Detailed items of revenue, compared with those for the corresponding half of last financial year, are:—■ 3041 3040 Variation £, £ £ Customs . 4,097,000 4,571,000 -474.000 Beer duty 771,000 711,000 +60,000 Sales tax 1,018,000 3,647,000 -29,000 Highways. 1,490.000 1.36(1,000 +130.000 Stamp duties 887,000 782,000 +105,000 Land tax 09,000 47,000 +22.000 Income tax 3,590,000 8,003,000 +533,000 Miscellaneous 307,'t00 95,000 +12.000 Taxation 32,035,000 12,270,000 +359,000 Interest . 3,008,000 1,197,000 -129.000 Other repts. 1,032,000 3,110,000 Totals 14,735,000 14,589,000 +140,000 "The statement shows," said Mr. Nash, "that revenue collections are being maintained, and that as far as can be judged at present the estimates for the year are likely to be During the first half of the year -57 per cent of the estimated revenue for the year has been received, compared with 36 per cent last year. "The corresponding taxation figures are 37 and 35 per cent respectively. The variations on the whole are relatively light, indicating close adherence to the Budget estimates." The expenditure for the six months is compared with that for the same period last year in the following tables: —

PERMANENT APPROPRIATIONS 19-11 1940 Variation £ .€ £ Debt service 4.201,000 4,51.*1.000 -312.000 Highways 1,'J55,000 1,291,000 -36,000 Exchange 7'1.1,000 700,000 -3,000 Other .. 153,000 100,000 +53,000 Totals 6,375,000 8,073,000 -298,000 ANNUAL appropriations Sor'l s'vices 4,111,000 4,474,000 -363,000 Other s'vices 5,277,000 4,060,000 +1,217,000 Totals 9,388,000 8,534,000 +854,000 Grand tls 15,763,000 15,206,000 +557,000 "The expenditure for the first six months of the year," said Mr. Nash, "is 40 per cent of the estimate for the year, showing close correspondence with last year's 39 per cent. The principal variation under permanent appropriations is in the item debt services, which shows a decrease of £312,000. This decrease is accounted for mainly by repayment of debt amounting to £718,000 during the period last year, although this was offset to the extent of £380.000 by increased interest payments this year." Greater Health Vote Under the heading social services, continued Mr. Nash, there was an increase of approximately £300,000 in expenditure under the health vote. This was due to increased subsidies to hospital boards. On the other hand, however. while a transfer of £400.000 to the Social Security Fund was effected during this period last year, no transfer to this fund had so far been made this vear. . l .

Expenditure under the vote "war and other pensions," amounting to £057,000, was £160,000 less than the corresponding figure last year, the decrease being due to the fact that the September expenditure for this year had not been charged to the vote when tlie accounts for the period closed. The amount so involved was £155,000.

.Mr. Nash said the group "other votes" showed a considerable increase in expenditure. This was partly accounted for Lv an increase in the expenditure under the agriculture vote from £662,000 for the first six months last, year to £1,001,000 for the same period this year, due to the payment of subsidies on raw materials used for the manufacture of superphosphate. The vote for the maintenance of public works and services increased from £570,000 to £1,400.000. but this variation would be adjusted when recoveries were effected later in the year from the War Expenses Account. Expenditure under the remaining votes showed little variation, and the total expenditure corresponded very closely to the Budget estimates. Social Security Fund Reviewing the Social Security Fund for the six months, Nash said the revenue totalled £5.787,000, the corresponding figure for this period last year being £6.040,000. The decrease of £253.000 mainly arose because £400.000 was transferred from the Consolidated Fund during the first six months last year, but this year no such transfer had been necessary to date. The social security charge collected during the period totalled £5,375,000, which was approximately £25,000 less than the amount for the same period last year. Registration fees amounted to £392,000, an increase of £179,000, but this was an accounting variation which would be adjusted later in the vear.

Expenditure from the fund for the first half of this year was £4,532,000. which was a substantial decrease compared with the total of £5,144.000 for the same period last year. This was accounted for by the fact that detailed accounts had not come to hand from imprestees in time for inclusion in the accounts. Imprests outstanding at September 30 amounted to £1.891.000, compared with £957.000 at the same date last year. If this adjustment was made, the comparable expenditure for this year would be £5,392,000, an increase of £248,000.