PUBLIC ACCOUNTS

New Zealand Herald, Volume 81, Issue 25051, 15 November 1944, Page 7

PUBLIC ACCOUNTS

SIX MONTHS' FIGURES

"SATISFACTORY POSITION" WELLINGTON, Tuesday the accounts for the half-yearly period ended September 30 reveal a generally satisfactory position," said the Minister of Finance. Mr Nash, today in a statement on the Public Accounts.

"On the revenue side of the Consolidated Fund, apart from laud tax and income tax, the bulk of which is received later in the year, the figures are very close to the estimates," said the Minister. "As regards expenditure, debt services aud annual appropriations for votes other than social services are in keeping with the estimates. There is considerable variation in the remaining two items of expenditure, one under the heading of permanent appropriations, 'other special Acts,' and the other under the heading of annual appropriations, 'social services.' Variation Explained "In both these cases, however, the variation from tho Budget estimate is explained by tho fact that transfers provided in the t ßudget to tho War Expenses Account and Social Security Fund respectively will not be required until later in the financial year. "Receipts into the Social Security Fund are much as anticipated, with the exception of this transfer, which is not. required until later, as the fund in tho early stages lias available to it the opening cash and investment balances," added Mr Nash. "Expenditure at the moment is considerably less than the Budget estimate, but this is accounted lor by the fact that portion of the expenditure already incurred has not yet come to charge." War Effort Finance Discussing tho War Expenses Account. Mr Nash said war taxation had produced approximately what was anticipated, except that here again, as in the case of the Consolidated Fund, income tax receipts did not show a true comparison with the Budget estimate, as the major portion of these moneys came to hand later in the financial year.

Other items of receipts into the War Expenses Account were also not regular. Particularly was this so with war loan moneys, the receipt of which depended on the date of flotation of a loan. As this year's loan was later in tho year, full receipts did not appear in the accounts now under review. Case of "Civil" Expenditure

"Except in the case of 'civil' expenditure out of war expenses, tho account shows a reduction under all headings compared with tho Budget estimate," Mr Nash continued. "Hero again, however, expenditure throughout the year fluctuates considerably. "In the case of the subdivision 'civil' a considerable portion of this expenditure is incurred 011 behalf of the three service departments and will later be transferred to the appropriate heading. These threo major accounts, on which Budget stability depends, that the country's finances continue in a healthy state."

Mr Nash expressed gratification that the Victory Loan result was obtained without credit expansion. In other words, not a penny of the loan was subscribed bv the trading banks or the Reserve Bank, the whole sum being found bv public subscription. Thus the loan was filled in the soundest possible way, greatly assisting to curtail _ demand and help check increased prices. Details of the Accounts In tho following details, the first figures are for the six months ended September * 30, 19-14, and _ thoso in parentheses are for the six months ended September 30, 19-13: — CONSOLIDATED FUND Receipts.—Total taxation, £16,799,000 (£l-1.00:1.000): interest recoveries from trading activities, £'2,<>12,000 (£2,082,000); other receipts £1.(>67,000 (£1,12/,000); total receipts, £21,078,000 (£18,112,000). Taxation receipts included: Customs, £11,970,000 (£3,001,000); income tax, £7,80S),000 (£0,483,000); sales tax, £1,815),000 (£1,075,000); beer tax, £1,011.000 (£931,000); stamp duty, £1,037,000 (£1,051.000). Expenditure. Permanent appropriations, £ll 108 000 (£8,870,000); annual appropriations £9,220,000 (£7,099,000); total expenditure, £20,331,000 (£10,575,000): annual appropriations, including social services, £5,405,000 (£4,409,000). SOCIAL SECURITY FUND Receipts. Social security charge, £6,445,000 (£5,577,000); registration fees, £364 000 (£352,000): miscellaneous, £24,000 (£20,000); total, £0,833,000 (£5.949,000). Expenditure.—Monetary benefits, £4,663,000 (£1,005,000); administration, £258,000 (£257,000); medical, hospital, etc., benefits, £2,353.000 (£1,990,000); total. £7.274.000 (£0,312,000). WAR EXPENSES ACCOUNT Receipts.—War taxation, £20,877,000 (£17,727,000); transfers from Consolidated Fund), nil (£2,500,000); lend-lease, £11,410,000 (£20,572,000); Memorandum of Security, £3,850,000 (£6,870,000): New Zealand borrowing, £23,210,000 (£37,807,000); miscellaneous, £51,000 (£58,000); total, £59,407,000 (£85,534,000). Expenditure. Navy, £2,298,000 (£2.930,000); Army, £13,f)35,000 (£33,488,000); Air Force. £11,026,000 (£13,875,000); civil, £0,399,000 (£12,007,000); rehabilitation, £424,000 (£137,000); reverse lend-lease. £11,720,000 f'£5,024,000); loans redemption, nil £5,128,000); total, £40.402.000 £70,189,000).

LOSSES ON SERVICE TWO YOUNG AIRMEN Reported killed on active service. Flight-Sergeant M. A. Wilson was the eldest son of Mr and Mrs G. Wilson, of 22 Nikau Street. Mount Eden. He was aged 20 and was educated at the Hamilton West School and Hamilton Technical High School. He had been on service in the Pacific for some months.

Flight-Sergeant Colin R. Leslie, who lias been reported missing on air operalions, is the youngest son of Mr and Mrs W. I). Leslie, of Taupaki. He is aged 21 and was educated at the Taupaki and Brigham's Creek Schools and the Mount Albert Grammar School. He enlisted in the Royal New Zealand Air Force in 1941. qualified as a fighter pilot in Canada, and since Ins arrival in Britain has been with a iigiitei squadron.