THE PUBLIC ACCOUNTS.

Otago Witness, Issue 2914, 19 January 1910, Page 45

THE PUBLIC ACCOUNTS.

INCREASE OF CONSOLIDATED REVENUE. STATEMENT BY THE PRIME MINISTER. Sir Joseph Ward recently informed a reporter mat the total revenue received ior the December quarter was £2,647,073, or £55,685 more than in the December quarter of last year. It was pointed out mat the revenue ior the nine months of the financial year ending on December 31 was £6,455,211, which was. £24,283 or an increase over the corresponding period of 1908. To this had to be added £67,142 from national endowments, which gave an increase' for the mine months of £91,425., , The Prime Minister, when speaking with an Otago Daily Times reporter on the 11th was asked if ‘he had anything more to say about the public accounts .or the period referred to, or whether the figures he had already made public fully co.erea the subject. “ Yes,” said Sir Joseph Ward, ‘ I think that they pretty 'well cover it. From various standpoints the results must be regarded as satisfactory. The shrinkage in Customs revenue, which up to a certain point was very heavy, has been more than compensated for by an accumulation in other departments. The increase for the December quarter shows that for that particular period it is higher than the average for the. whole nine months, which, in xny opinion, is a good sign. It -Shows gratifying commercial activity, and that the business world is moving forward in a satisfactory way, and if one is right in the assumption that we can maintain anything like that average for the next three months, then I think that the readjustment of our revenue, which was made by legislation last year, should begin, aided by normal increase of revenue, to make provision for the necessarily large demands upon consolidated revenue during the next financial year that is, the financial year commencing on April 1 next. This means, of course looking ahead, that we will require to borrow less money to the extent that we are able to transfer from consolidated revenue to the Public Works Fund. It is to be recognised that the interior development of the country by railways, roads, and bridges is as necessary now in some parts as it was 20 years ago, and the ability of the country to carry on this work in- a satisfactory manner is to a considerable extent dependent upon the amount of revenue that we will be able to transfer to the Public Works Fund and thereby enable us, by borrowing within reasonable figures, to keep our expenditure about equal to what we are now doing—though this year we have had to rely largely upon borrowed money for the necessary provision to carry on public works. Consequently, in- my opinion, our borrowing from outside the country is as heavy as it ought in any circumstances to be, and our efforts should be to supplement the moneys for public works by a large amount from the consolidated revenue, and, so far as my judgment goes, everything points to a satisfactory position of our public revenue, which will enable us to provide next year a possible halfmillion at least in this way. It is too far ahead to make estimates with anything approaching definiteness, but I feel satisfied with the results of the year’s operations so far as they have gone, indicating as they do -a-s improved condition of things so far as the public finances of the Dominion are concerned, and a more plentiful supply of money for the use of private enterprise.”