DOMINION FINANCES

Otago Witness, Issue 3331, 16 January 1918, Page 36

DOMINION FINANCES

RETURNS FOR NINE MONTHS. AN INCREASE OF £164,024. CHRISTCHURCH, January 10. iSir Joseph Wa*d (Minister of Finance) stated this morning that the returns of the revenue and expenditure for the nine months ended December 31, 1917, were now available." They would have been out sooner but for the difficulty experienced in obtaining final figures from several of the departments during the holiday season just completed. The decrease of revenue for the nine months, as compared with the corresponding quarter last year, had been £829,252. in six departments, as follows: - Customs •' £498,850 Stamps and death duties ... 5,319 Railways .' •• 302,127 Registration and other fees ... 8,688 Marine ••• 5,269 Territorial 8,990 Seven departments showed increases totalling £993,276, as follows:

Post and Telegraph £69,261 Land Tax 460,161 Income Tax 229,687 Beer duty 27,490 Miscellaneous 184,297 National Endowment revenue 14,152 Other receipts 7,858 For the nine months referred to there was, therefore, an increase of £164,024, when compared . with the eorireaponding period of last financial year. The falling off in the customs and Tailway revenue ■was proportionate to and. consistent with the decrease shown in the monthly returns. A comparison of revenue for the 12 months ended December 31, 1917, and December 31, 1916, showed a decrease in six departments of £921,290, but the increase in seven departments amounted to £3,899,591, made up as follows: —Post and Telegraph, £59,633; Land Tax, £451,153; Income Tax, £3,079,360; beer duty, £25,459; miscellaneous, £231,665: national endowment revenue, £14,522; other receipts, £37,799. Deducting the decrease, there is an increase of £2,978,301, represented principally by payments of land tax and income tax, during the period. The expenditure for the nine months ended December 31. 1917, by comparison with the corresponding period for 1916, shows a net increaee of £240,137, which is divided mainly between the votes for -post and telegraphs, railways, agriculture, and education. Of the total amount of those increases, agriculture represents £177,339, education £92,267, post and telegraphs £56,374, and railways £38,785. Six other departments represent increases of £26,409, giving a' total increase of £391,174, and there are decreases in rune departments amounting to £151,037. leaving a net increase of £240,137. The increase in the Agriculture Department is largely due to the moneys paid for the purchase of wheat and in tho ordinary course of things. Later on this will be reduced, or repaid in full.

In the Public Works Fund the expenditure under " appropriations" for the nine months ended December 31, 1917-, compared with tho corresponding period last year, showed a satisfactory decrease of £213,269. The total expenditure for that period amounted to £722,302, as against £937,571 for the previous year. "This," said the Minister, "is in accordapce with tho policy laid down some time' ago of a decrease in the expenditure in this branch of the public service to enable as much of tho loan moneys as possible to be devoted to the war expenditure of the country. The general position, on the whole, is very satisfactory."

Sir Joseph Ward added: "There will, of course, during the next quarter be largo payments from both land tax and income tax, and I am quite satisfied that upon the completion of the- current quarter's revenuo and expenditure the consolidated revenuo will be in a strong and healthy position. There is, happily, a greater certainty at present of relief being given by a considerable increase of shipping for the conveyance of products that have been largelv held in the dominion for some time,'*