THE DOMINION’S FINANCES

Otago Witness, Issue 3183, 17 March 1915, Page 31

THE DOMINION’S FINANCES

RETURNS FOR ELEVEN MONTHS. DECREASE IN CUSTOMS REVENUE. On Shturday morning the Hon. Mr Allen (Minister of Finance) received from Wellington a statement of tho revenue for tho 11 months ended February 28, 1915. as compared with tho 11 months ended February 28, 1894, as follows:

Increases: Postal and Telegraph, £52,581; land tax, £30,020; income tax, £4794; beer tax, £2647; railways, £90,716; registration and other fees, £530; mescellaneous, 1 655: territorial, £49,320; national endownment fund, £6368. Decreases: Customs, £210,766; stamps, £30,667; marine, £2240; other receipts, £538. Total increases, £281,541; total decreases, £244,2l2—leaving an excess of £37,329 over the amount received for the nine months ended February, 1914. Commenting on the returns to a representative of tho Otago Daily Times, the Minister said: “ The decrease in the customs has been brought about by the war. Nearly the whole of it has happened in tho last two months—£loo.ooo in January and £74.000 in February—and I think there will also be a decrease in March, the last month of the financial year. As for the falling-off in stamps T think we are likely to make up some of it this month. Railways certainly show an increase of £90.716 for tho 1.1 months’ period, but we had anticipated a considerably larger increase. The war has also affected this branch of the revenue. During February the decrease was £41.169, as compared with February of last vear. The imports are less, and consequently there is not so much distributing trade. There is also the fact, which I have noticed myself, that fewer people arc travelling, and that many who have to travel now patronise second-class instead of firstclass. Tho railway revenue may recover to some extent, however, in March. Tho increase in the 11 months, as compared with tho 11 months ended February, 1914. is £37.329. hut it would have been a much larger amount if there had not been tho drop in customs and the falling-off in tho returns looked for from the railways. PROSPECTIVE LOANS. A SATISFACTORY OUTLOOK. (Fbom Urn Owv C’nnßssrovn'EST ? WELLINGTON, March 11. A brief statement about prospective loans for expenditure in New Zealand was mada by the Minister of E'inance to a reporter to-day. Mr Allen explained that all the moneys required for war expenditure had been arranged for with the assistance of the Home authorities. “ For public works that are actually in progress,” he said, “I have no doubt that we shall also be s®de to make satisfactory arrangements. For new works it may be necessary to go on the London market, and if wc do we shall, of course, have to pay a high rate for the money because of the enormous demands upon the British resources for war and other purposes. I have done the best I can, and if we must have the money wo must face the higher rate. At the same time I am happy to 'say that our finances are so strong that we should be able to avoid going on the open market for some time. As long as we husband our resources and are not extravagant wo should he able to carry on for a long time without going en the market for new public works. It is extremely fortunate for New Zealand that our finances have been so carefully watched that .we are in an exceptionally strong position in regard to our loan money funds.”

Eleven Eleven months months ended Feb. ended Feb. 28,1915. 23. 1914. Customs £2,857.710 £3.068,476 H tamps 1,074,556 l,105,2£o Post and Telegraph 1.044,974 992.593 Land tax 781,178 751.158 Income tax 514.954 510.160 Beer tax 114,735 112,088 Railways 3.565,900 3,476,184 Registration, etc.... 82,110 81.470 Marine 44,575 46.813 Miscellaneous 352,492 307,827 Territorial National Endow201,584 152*64 ment Fund 78,770 72,402 Other receipts 4.758 5,297 Totals £10,719,284 £10,681,955