NEW ZEALAND FINANCES

Otago Daily Times, Issue 16592, 15 January 1916, Page 8

NEW ZEALAND FINANCES

A HIGHLY-SATISFACTORY POSITION. STATEMENT BY SIR J. G. WARD. (Feb United Peess Association.) WELLINGTON, January 14. Sir Joseph Ward to-day mad© a statement regarding the finances ot the dominion. He explained, at tho aamo time, what ho bad done, and what he proposed to do, in connection with war expenditure and loans maturing during tho period of tho war. Sir Joseph Waird said that the position at tho completion of nine months for _t|>e financial your, up to December 31, 1915, was, upon tho whole, exceedingly satisfactory. The revenue for the nine months exceeded that for the nino months of the previous year by £795,520; and for the month of December, 1913, as against December, 1914, there was an increaso of £333,899. Tho Minister gave tho following statement for the nine months of 1914 and of 1915, covering tho position of the whole of tho revenue branches in full:-— •g "g 6 S f. . as 0s | ag I lap Izso M Customs _. £2,455,307 £2,427,550 £27,757 Stamp and • cbeafli duties ._ ... 967,369 850,839 116,480 P. and T. 1416,309 1,013,483 92,820 Land tax ... .„ 980,125 637,732 342,393 Income tax ... 62,355 19,035 43,320 Boar duty ... ... 103,511 94,543 8,968 Railways ... ... 3,083,775 2,888,870 194,905 Begistration and other fees ... 69,073 65,059 4,004 Marine 33,853 37,396 *3,544 Miscellaneous ... 204,321 278,099 *37,778 Territorial ... ... 121,627 149,626 *24,999 National endowment rerenno ... 92,655 78,770 13,885 Other receipts _ 12,607 4,758 7,309 Totals ._ „ £0,341,346 £8,546,826 £795,520 * Signifies decrease. Sir Joseph Ward said: —"The financial position of the ordinary revenue account on December 31 was satisfactory, with a credit balance of £1,194,000. Treasury bills have been paid off to the extent of £750,000, and there will bo a further largo amount of Treasury bills paid off at tho end of the present month. The Public Works Fund on Dooembor 31 was in a strong position. The expenditure for publio worucs for the nine months ended December 31 was £1,752,637, all of which has been paid, and there remains a credit for the public works expenditure of £1,801,412. "So far as tho war loan expenditure for New Zealand is concerned, I am glad to be alble to say that this is definitely fixed until the end of December, 1916. Provision has been made for the amount of £8,340,000, spread over monthly payments, for this purpose. The whole amount comes from London, through the British Government. This should be regarded as highly satisfactory by all those who realise the position of a country with a limited population. With the was expenditure provided for, cash in hand for public works until well on in 1917, and the conversion of debentures falling due up to 1924, for a period of 25 years, the financial position of this oountry should inspire confidence in our people; and they snould be able to concentrate their energies more whole--heartedly upon the war when they feel that there is no need for general uneasiness as to our future finanoial position, when enormous additional sums have to be, and aa-e being, raised to meet expenditure, much of it of a permanent character. The amounts paid to settlers, workers, and local authorities for the nine months up to December 31 was £1.055.940, mado up as follows: — i Settlers, £625.000; workers, £241,795; local ! authorities, £189,145. I raiv mention that. • the total amount paid sinoe the inception of ■ tho department is £21.704.690, of which ' settlers received £16.015,015, workers i £3,080,120, and local authorities, £2,609,555.