DOMINION’S FINANCE

Otago Daily Times, Issue 18760, 13 January 1923, Page 10

DOMINION’S FINANCE

COMPARATIVE FIGURES. POSITION MUCH IMPROVED. (Pbb Ukitkd Press Association.! WELLINGTON, January 11. |( “The revenue figures for the past month," stated the Minister of Finance (Mr Massey), “show a great improvement as comparea with even six months ago, and a wonderful improvement as compared with 12 months ago. The financial situation has gradually been getting better, especially • during the last three months. I think we have reached a stage where we may consider the position very satisfactory. Ve nave still to remember, however, that there will lie a falling off hr the income tax collected during the month of February—as I have indicated on several occasions. Still wo can face that falling off now with conn dence, and wg can loolt forward to able to balance our accounts on March 31 The nosition is summarised by the Treasury Department as follows: The revenue collected during the montn of December last amounted to £3,426,31i, a gratifying increase of £413,036 when compared with the revenue collected during the same month last year. The principal ini Ort/V) 4 0(1 . hAfia

crocuses were: —Gust-oms, ■ £209.489; duty. £2213; Post and Telegraph, income tax. £11,981; railways, £IWJ36, departmental and other receipts, £7o,<ibo total. £565.301. The (principally in land tax) amounted to £149.265. Trio net increase for the month was For nine months the revenue amounted to £17,189 866, against £16,305,526 for the corresponding period of the -previous yeai, a net increase of £984,340. ' The expenditure for the nine months ended December 31, 1921, was £21,735,38i. and for the nine months ended December 51 1922, £19,189,457—a decrease of £2.545,950. , . Under the permanent charges there is an increase in interest and sinking fnnd ™ £lll 588 and a decrease under Special Acts and ’civil list of £444,644. The principal reductions in expenditure under Special Acte are ns follows: Appropriation Act, 1920, butter subsidies, £l2O 000; Hospital and Charitable Institutions Act, 1909, £71,000; Pensions Act,, 1913 Old Age Pensions, £20,000; Widows Pensions. £17,000; Military Pensions, £5000: War Pensions Act, 1916. £188,000; New Zealand University Amendment Act, 1914 £3500; Civil Service. -Act; 1908. £4000; Civil List Act, 1920, £5000; Lands' Act, 1908, national endowment residue, £7000; Education Act, 1914, £2OOO. The departmental expenditure for the months ended December 31. 1921, amounted to £11,917,732, and for the nine months ended December 31, 1922, £9,704,858 a decrease of £2,212,674. Tho principal decreases are: —Stamp duties, £28,911; work ing railways, £1,372,314; Postal and Telt- ° , *» ■ nrvtA . —.. l_ 1 •..

graph -working expenses. ,£290,387', public buildings, £25.572; Department of Industries and Commerce, £116,106; Mines Department, £10,633; Internal Affairs, £41,351; mental hospitals, £19,915; naval defence, £50,010; New Zealand military forces, £121,950; Customs Department, £20,106; Marine Department, £29,842; Lands and Survey .Department, £44,607; Valuation, £16,133; Agriculture, £52,814; Tourist, £22.714; Education, £82,788, The decrease in railway expenditure is due to the purchases of coal paid for last year, the bonus reduction, and the improved traffic.