HALF-YEARLY ACCOUNTS

Otago Daily Times, Issue 20870, 9 November 1929, Page 13

HALF-YEARLY ACCOUNTS

REVENUE AND EXPENDITURE COMPARATIVE FIGURES. STATEMENT BY MR G. it. FORBES. (Pgb United Pkkss Issocution.) WELLINGTON, November 8. The Acting-Leader of the House (Mr G, W. Forbes), made a statement in Parliament to-day ■on the half-yearly ; «e- - counts. He said: “The revenue for the six months was £10,169,347, compared with £0.183,309 for the corresponding period of the previous year, an increase of £080,038. After at towing for fluctuations of the dates of accounting for various sums and, the increase in petrol and other duties, fees, and licenses collected fop the Main Highways Board, the actual increase is . £710,417, which- is not quite half of the increase in revenue required for the year to balance the Budget. The Customs revenue for the six months shows an increase of £596,662 oyer' that of the same period of the previous year. This is mainly due to the increase in imports by approximately £3,093,320, on which duty hns > been collected. as follows:—Motor vehicles, £270,000; iwiaes, spirits, etc, £110,000; r other g00d5,,£98,000; • primage,' - £29,00(3. 'Phe extra one per cent, primage duty since it hag been' in operation accounts for £76,500 of the, increase. During the six months nearly twice as many motor vehicles were imported as was Hie case at the same period last , year, but it ir not expected that the increase will continue for the remainder of the year. On the contrary, a decrease over the last year is anticipated. The revenue from Customs* last year amounted to £7,850,000, but the Budget estimate for this year is £8,400,000 —an increase of £450,000, of. which the extra primage is estimated to produce £300,000. The estimate is exEected to be exceeded by about £60,000, ut as against this must be set off the concessions in the Land Tax Bill, which will reduce the estimated land tax by about £75,000. Although: the collections so' far show an increase it is not, expected that the original estimate of £8,400,000 for the whole year will be exceeded by more than £60,000. The increase in motor vehicles’ duties and licenses, including petrol tax, is £227,622, but as this amount is payable to the Hain, Highways account it has . no effect on . the consolidated revenue. Stamp and death duties, after deducting the amount of £90,000 due to the change in the period of accounting for duty stamps by the post office from half yearly to quarterly, show an increase of £61,104 over the corresponding period of last year, but in comparison with the estimate for the current year the item is short to the extent of £IOO,OOO for the proportionate part,of the year. The expenditure for the six months compared with' that; for the corresponding - period of the pre- . vious year was:— Permanent appropriations:— 1029. 1928. . Increase. £8,157,534 £69,317,706 £.1,225,828 Annual appropriations:^ / ‘Total 1929, 1928; Increase; increase. £3.688,766 £3,665,274 £23,492 £1,249,820 “ It will be seen that, the bulk of the ingrease : is in permanent 'appropriations. Some of. this. increase ■ is to - - payments this year and : items such at petrol tax which; following that increasein the revenue, make the corresponding increase on the expenditure side when transferred to the Main Highways Account. Eliminating. transactions" of' thia . nature the actual increase in the permanent appropriations is £543,428" . v l . - The Minister added; “On the baais'of six months’ figures, for the current yea# ’ as compared with the past year the • revenue has increased , by.r £710,000, and the expenditure by £567,000. the difference £143,000, being insufficient to wipe out one half of last year's deficiency— ‘ £577,000,” \ _ Dealing, with . the -loan, conversion; ; Mr 1 Forbes stated that the final operations in connection with the New Zealand Consolidated 4 per cent. Stock, amounting to £29,000,000. which matured on November. 1, had been practically completed. It would be remembered tnat the balance of £9,700,000 remained to be dealt with, and the conversion offer of £5,000,000 to holders was underwritten. In September over £3,500,000 was converted into 5 per cent, stock and the balance of , £5,000,000 was 'taken. up by the underwriters. The payment of £4,700,000 outstanding was made by the High Commissioner in cash.