THE DOMINION'S FINANCES.

Oamaru Mail, Volume XXXIX, Issue 10763, 10 May 1911, Page 1

THE DOMINION'S FINANCES.

A SURPLUS OF £586,483. (Per Press Association.) Du'nedin, May 9. The Hon. J. A. Millar addressed a ' large political meeting in the Garrison Hall to-night. Mr W. Burnett (Mayor of Duhedin.) presided. ; ' Dealing with, finance, Mr Millar stated thai; ' the surplus for the. year was £586,483. . The revenue for the year was £10,297,022, which was a record, showing an increase of £1,058,762 over ; the previous year's figures of £9,238,261, the latter being;the largest amount previously recorded in one year. The increase of reveriuej as compared with the previous year in respect of the following departments was: — Customs ... ... ... 356,708 Railways ... 225,492 Stamps ... ~.-. ... 289,328 Land and income tax ... 76,853 The revenue for. the year exceeded the estimate by £685,448. The transfer from revenue in aid of public works for the year was £BOO,OOO, equalling a record. Treasury bills to the value of £IOO,OOO had been redeemed, and Treasury bills to the value of £700,000, outstanding on March 31st, ,1906, and winch had practically become permanent debt,, had now been nlLpnid off. The- amount spent on public works during' the year, exclusive of separate accounts, was £1,963,569, and. the balance to ; credit of the Public Works Fund on March 31st was £1,140,045, and the loan money to be received, was^.£lßl,6so, making a

' total of £1,321,795 available to carry, on to next year,, which, with the .transfer ■ of, say, £500,000; from the L surplus, would'give £1,821,695. The balance brought forward on April Ist, 1910,, was £432,316, and the receipts for the year, were:— - , . ' £. Revenue ... ... 10,297,023 Other receipts .■,-'-.' 250 Total ... ...£10,297,273 . ' Expenditure.- , . Appropriations ... 9,343,106 Excess of receipts... £954,167 - This with the balance brought forward makes ... - 1,386,483. Transfer to Public ..*■-■. Works Fund .....= ... 800,000 i Leaving a balance at j March 31st, 1911 ... £586,483 | The revenue from the various Deipartments was as follows, the increases jfor the year also being shown : Revenue. Increase. ■ . £. .£.' Customs .... 3,027,829 356,708 Stamps (Stamp Department, £819,839; Postal Department, '■. , £816,306) ... 1,636,145 289,328 Postal Dept. ... 816,306 289,328 Post and Tele- ",-.'. graph (cash receipts) ... 211,261 20,726 Land tax ... 628,723 13,547* Income tax ... 407,235 90,400 ,Beer duty ... 118;100 ■ ?,731 Railways 3,483,755 220,4?2 Registration and , : other fees ... 100,026 11,721 Marine ... ... 45,933 3,015 /Miscellaneous ... 327,123 31,024 Territorial .... 255,032 52,445 Endowment. -..;■ 55,861 11,281 * Decrease. The expenditure compared as follows: • 1 1910-11. 1909-10. .-: £.: £.- Permanent charges 3,642,850 3,514,409 Annual apprbpria- ',„■.■,. . tions ... -•• 5,700,256 5,476,513- : Th'e gross public debt oii March 31st, including loans raised by the Ivew Zealand State Guaranteed. Advances Office was £81,078,122,'.0f which/ £42,247,7/2 had been raised since 1891. Of this amount £33,481,090, or 77 per cent., was reproductive. imf v The gross railwav revenuo tor 191U--11 was' £3.494,182, and the working expenses £2,303,272, leaving a net revenue of £1,190,910. The. percentage of working expenses to earnings was 65.92, a decrease of 0.84 as compared with the previous year. , The percentage, •of net-revenue to capital, invested m the liiips was £4 Is 3d, an increase Jss 3d per cent, as compared - with the preceding year. „ „„i, „™ Of the public debt. £50,701,090 was reproductive, and £30]376,132 non 7Teproductive, and the annual interest charge was £2,850,000. The interest received on interest earning loans was £1,982,091, showing a profit of £246,0/* over the interest payable. Mr Millar replied to: some of Mr Mas- ' sey's strictures on the Government, and showed ilib feproductiveness. of certain Government investments!' He spoke also of the great saving that might be effected by the levelling of the railways and reducing-the-curves. The spe'aker also went into the question of the settlement of Maori lands, and combated Mr Massey's statement that the recent loan of £5,000,000 had cost the Government 7- per cent.. He said the Government did ribt intend to increase the present taxation:,;; He .said :the interest paid oh the capital;-invested m the railwavs was the highest ever earned, and spoke of .the new rolling stock intended to-be added. : - . ■_; ... ; . .. Replying' to Mr Massey's statement, that 90 per cent, bf-.the public servants were appointed T>y political, influence, irrespective of ability, he said they had the finest body of publicservants. of any place in'the Avorlg. He concluded by enumerating the .busmess done dur- . ins last session. .... ..... ■ ,'\^Z' - PRESENTATION TO ;F: W. ISITT.

(TEli PRESS ; AsSOCTATipN.'V-' . r Nelson, May 9. Tlie Re'v-i F. W. Iritt was presented to-night,- at a : W.C.T.TT. - gathering,',with a clique for £ll3, privately .subscribed among the friends and co-workers in the no-license movement throughout. ;tlje Dominion ',".,- ' " -'■ "."'.",