FINANCES OF THE STATE.

Otago Witness, Issue 3033, 1 May 1912, Page 9

FINANCES OF THE STATE.

THE YEAR’S RETURNS. A RECORD PERIOD. SURPLUS OF £807,094. SPEECH BY THE PRIME MINISTER. AUCKLAND, April 25. A statement regarding the Dominion’s revenue was made by the Prime Minister at the reception to the Hon, Mr Myers tonight. *- The Prime Minister said that financially the year had been a record one The revenue from all sources amounted to £11,061,160, and the expenditure to , £10,341,000. leaving a net surplus of £507,094. There had been an increase in every department except in territorial revenues. The financial position was shown in summarised form as follows: — Balance April 1, 1911 £586,453 Receipts during the year— Revenue £10,970,178 j National endowment revenue 62,365 | Other receipts 28,617 Total £11,061,160 Expenditure during the year— Appropriations ... £10,340,549 Excess 720,611 Total £1,307,094 Transfer to Public Works Fund 500,000 Balance March 31, 1912 £807,094 Tiio balance was made up as follows: Cash in public account, £770,161; and advances in the hands of officers of the Government. £36,934. The following are the details of the revenue and of the increase above that of the previous financial year / Ordinary revenue. Increase. Customs £3,279,012 £251,183 Stamps (Stamp Department 943,188 123.349 Stamps (Postal) 857,118 40,814 Post and Telegraph cash receipts ... 232,689 21.428 Land lax 647.015 1&.292 Income tax 448,935 41,700 Beer duty' ... 119,131 1.031 Railways 3,665,613 181,853 Registration and other fees 108.495 8,469 Marino 48,322 2,359 Miscellaneous 571,868 44’,745 t Territorial icvenuc — Cash land sales ... 65,936 2,041 Deferred payment ... scales 568( ?) 611 Pastoral rents, etc. 182,286 7,761 ! Totals ... £10.970 179 £729,017 Total increase, £737,299; loss deficiency, £8282. The national endowment revenue is not included in tho above table. It amounted to £62,365 —an increase of £6504. “ Financially both from a revenue and expenditure point of view and from borrowing and expenditure point of view, said Mr Mackenzie, “tho country is in an excellent position. You are never told what is tho credit side of our public expenditure. Let mo say that at the present time w© are obtaining from Government investments a sura of money in excess of 1 all we require to pay interest on all our borrowed money in this country and abroad, and in addition we are carrying on the development of the Dominion. This is a source of deep and great gratification.’’ 1 The Prime Minister added that during the last few years every one of tho Treasury Bills, amounting to £700,000, which were for years regarded as part of the ■ public debt, had been paid off out of j revenue. Altogether £8,000,000 had been I transferred from surplus revenues to the E' üblic works account. Had that amount een borrowed at 3i per cent, the interest j would have amounted to £2,000,000. “ There is no country that occupies a I stronger position,” continued Mr Mao--1 kenzie. “ Alarmists point to the fact that ' there is at the present moment a closeness i between imports and exports, and declare , that it indicates an unwholesome condition, j but consideration must also be given to I the internal developments. During the ! last 20 years the excess of exports over I imports has been £61,500,000, and in the same period the increase in internal wealth j has been £210,000,000. I believe, no matter what may be said against it, that there | is no more God-gifted country than New I Zealand, in which ©very man and woman I can do well, and in my experience there | has never been a better opportunity than lat the present time Prices for our pro- | duce, with tho exception, perhaps, of dairy ! prodixe, were never more assured, and I j look forward to the future with confidence.”