NINE MONTHS' FIGURES

New Zealand Times, Volume XXXII, Issue 7023, 11 January 1910, Page 4

NINE MONTHS' FIGURES

Tho chief point about tho Treasury figures furnished by Sir Joseph Ward to a reporter at Invcrcargill is that they disclose a steadying 'of the revenue. The net result on nine months' working appears to bo an increase of £24,283, a position brought about by the satisfactory increment during tho last throo months. If in the current quarter the expansion is maintained the Minister for Finance should havo a very presentable bal-ance-sheet at March 31st, for the year's Budget was framed on the supposition that the income would only increase by £18,815. Tins, it will bo seem, is already exceeded. The decrease of Customs revenue had, of course, been anticipated in consequence of .the shrinkage in imports which forms so agreeable a. feature of recent trade returns. Tho Minister, in his financial statement on November 10th, said ho looked for a fall in this form of revenue of £171,000, and, apparently, his forecast is going to turn out approximately correct, the decrease already being £142,071. Tho railways, on tho other hand, show a gratifying expansion of revenue, tho receipts for nine months having advanced by £185,753. Railway traffic is always a reliable barometer of internal trade, and, so far as these figures aro informative, give proof of increased 'commercial .activity. The Minister for Railways had estimated an income for the year of £3,050,000, or £120,474 in excess of tho preceding twelve months. The surplus is already £185,753. The land and income tax shows an unexpected increase—£ss,365 —due in some measure, perhaps, to the 25 per cent, additional graduation on laTge estates, but not to any great extent, as there have been numerous subdivisions and many evasions. The decrease in " registration and other fees " may be accounted for by tho almost total exclusion of Chinese by the education test. Last year £23,500 was received in poll-tax. On the whole, it is not unlikely that ait the close of the financial year tho revenue will have recovered the leeway it made during the comparative depression, and notwithstanding many concessions, Customs and others, made in the interval go beyond the point reached in 1908. As expenditure has been closely guarded during the year it may be confidently expected that the accounts will be decidedly encouraging. After all, the test of the revenue is the expenditure which has to be met, and as we do not yet know how that compares with the previous year the significance of the Tevonuo figures is to some extent lost. If tile estimated expenditure is not being exceeded the national account looks very well indeed.