FINANCIAL STATEMENT.

Ohinemuri Gazette, Volume XXIX, Issue 3999, 27 November 1918, Page 2

FINANCIAL STATEMENT.

The Financial Statement was delivered in Parliament by the Right Honourable Sir Joseph Ward, Bart. P.C., K.C.M.G., Minister of Finance.

The total revenue for the year ending March 31, 1918, notwithstanding the unavoidable drop in collections through the "Customs, showed a net increase of £1,838,674 over the figures for the previous year. The expenditure for the year 1917-18 also showed a considerable increase over the expenditure for the years 1916-17, amounting to £1,061,517. The special items of increased expenditure is under the headings of Interest and Sinking Fund Charges, Old-age Pensions, and War Pensions. The increase in interest and sinking-fund charges is, of course, due to the unprecedented raising of loans for war purposes, and the increase in war pensions is a natural consequence of the continuance of the war.

The surplus for the years 1917-18 is set out as being £11,560,788.

The expenditure upon public works amounts to £1,141,172. The balance to the credit of this fund on March 31 was £295,539.

The amount realised from beer duty was £237,075. The quantity of beer brewed during 1917-18 was 18?,----000 gallons less than during 1916-17. The net receipts of the Land' and Income Tax Department amounted to £7,005,269, being an increase of £4,----975,244 as compared with the previous year. Owing to the reduced number of racing/days the totalisator revenue received showed a small falling-off, the amount received being £213,932, as against £257,436 for 1916-17. " A summary of the most important items relating to the financial operations of the Treasury are :-—•

War-loan moneys raised in the Dominion, as at September 30, had reached a total of approximately £39,----250,000 since the war began ; approximate cost, on-half of 1 per (Sent.

Investments in-London increased to £17,869,912/ as at September 30, 1918.

Ordinary revenue reserve increased to £9,570,380, as at March.3l, 1918.

Redemptions and renewals effected amounting to £3,361,756.

Converted into long-dated securities, £1,930,950. r

Net surplus of year's revenue,- £5,----085,934.

Total accumulated surplus on March 31, 1918/ £11,560,788.

Total lodgments to Public Account, year 1917-18, £66,800,000, as compared with £17,000,000 for the year 1913-14.

Total disbursements from Public Account- £65,0*00,000 for 1917-18, as compared with £17,100,000 for the year 1913-14. '

Customs revenue, £434,308 above estimate.

Public-works expenditure reduced to. £1,141,172.

Income-tax receipts increased by £1,357,435.

Land-tax receipts increased by £672,590. Stamp revenue increased by £192,----979.. . ' ■ l ■

Excess of Post Office Savings-bank deposits over withdrawals, £2,645,360.

. Eighteen settlements purchased for discharged soldiers, making a total area of 394,219 acres thrown open and available for settlement. ;

Authorised for soldier settlers by way of financial assistance, £190,911.

17,117 war pensions granted to March. 31, 1918, representing an annual value of £1,122,052. '

Total payments to producers for' supplies purchased on behalf of the Imperial Government, £59,211,190.

War expenditure to September 30, 1918, £51,400,000. .

In his concluding remarks the Hon. Minister said that since he last had the honour of delivering a Financial Statement to members of the House many great changes had been brought about in the economic conditions of Europe, and, he would say, of the whole world, owing to the complete victory which our Empire and her Allies have achieved over the forces which stood for despotism and world domination. In this most momentous struggle for freedom and justice the military forces of this country have played no inconsiderable parti The British troops and those of our Allies have by their great services won a name that will never die. We are all proud that our own citizen soldiers should have been honourably associated with them in the greatest war. in the world's history. The country will, he hoped, ,ere long be welcoming the return to their homes of her gallant soldiers, and it will be our boun'den duty to make suitable provision not only for those who are about to return, but for those who have already returned, and for those who are incapacitated as a result of their military service, from performing their accustomed duties.

New Zealand has suffered an-irre-parable, loss by the death of those of her sons who have made the supreme sacrifice and have laid down their lives in the cause of freedom and righteousness. Our heartfelt sympathy will go out to the relatives of those gr,eat men. But if we consider for a momnet the immensity of the issues which were at stake and "for which we- fought, and the completeness of our victory, it cannot be said that our losses in men, and material will have been in vain. It is difficult to estimate the future effects of this great upheaval of the nations, but the enormous wastage caused by the devastation in Europe must be replaced, production will be stimulated, and trade increased. It is essential, therefore, that we should be prepared to take advantage of the increased activities in commercial and industrial pursuits, when the opportunity arrives, by encouraging to the utmost extent the productivity of this country and the extension of local'industries and land-settlement. This can only be attained, however, if all classes of the community will make up their minds to co-operate with one another and combine to work in harmony for their mutual benefit and for the advantage of the country. Let us go forward, therefore, filled with

thankfulness for our great victory, and with a cheerful and inflexible determination to work together for the advancement of peace arid for the promotion of industry, with the full knowledge that this remarkable country will respond to our efforts, and will, through the strength and energy of her people, and the natural advantages with which she has been endowed, continue to develop along lines which will eventually enable he to fulfil her high destiny and win a place of honour among the nations.