DOMINION FINANCES.

Otago Daily Times, Issue 19497, 4 June 1925, Page 8

DOMINION FINANCES.

THE YEAR’S RETURNS. STATEMENT BY MINISTER OF FINANCE. Jr the course of a conversation with a representative of the Otago Daily Times last evening the Hon. W. Nosworthy (Minister of Finance) referred to the revenue aiid expenditure returns for the past year. ‘The finance of the country, as disclosed in the accounts just gazetted for the year ended March 31 last,” said Mr Nosworthy, “show an excellent position,—the revenue for the year being £28,643,000 —an increase cf £682,529-over that of the preceding year. Of this increase Customs accounted for £331,174. There was loss collected by way of land and income tax by £486,692. but this is due to the remissions and concession:’ granted by tho Government affecting last year’s taxes. “Tlie expenditure was £27,399,200 —an increase of £1.251,195 over the previous year. It was expected that in order to provide for the regrading in salaries and wages of public employees, teachers, and railway servants' salaries, that an increase in this connection would be shown and a large portion of that, increase is due to that cause as well as to adjustment of railway hours per week. “file position is therefore, that the operations of the year show a surplus of £.1,243,809. PUBLIC WORKS. “The net. expenditure for the year, out of Public 'Works Fund, including railway construction and additions, and telegraph extension amounted to £4,131,440. In addition tho sum of £226,000 was transferred to Main Highways Account. There was also expended out of Railway Improvement .Authorisation £255,874; hydro-electrio £1,061.941: education (loans for school buildings) £462,212. These figures indicate the r regressive policy followed by the Government in developing the country’s resources. and meeting its requirements in the directions indicated. STATE ADVANCES. During the last two years large additions have been made to the capital of this office. The amount of £6,725,000 having been raised for its purposes (exclusive of charges and expenses) as follows: — Advances to settlers ... £5,925,000 Advances to workers ... 2.800,000 HOUSING. “During the three years ended March 31 last, tho capital provided by the Government for the purchase and erection of dwellings amounted to approximately £8,000,000. representing 10,980 applicants, for whom homes were provided, by the State Advances Office, Discharged Soldiers’ Sett lenient Account. Advances to Local Authorities and oilier departments.”