THE PUBLIC ACCOUNTS

Otago Witness, Issue 4039, 11 August 1931, Page 68

THE PUBLIC ACCOUNTS

FIGURES FOR FIRST QUARTER HEAVY DECLINE IN CUSTOMS REVENUE EXPENDITURE SLIGHTLY REDUCED. WELLINGTON, August 6. The Public Accounts for the first three months of the financial year were published to-day in a supplementary gazette. Commenting on the figures the Prime Minister (Mr G. W. Forbes) said it would be seen that the revenue of the Consolidated Fund for the period amounted to £3,814,724, compared with £4,172,123 for the corresponding period of last financial year, a decrease of £357,399. The receipts from taxation showed a comparative net decline of approximately £597,000. Customs receipts were £770,000 less than for the corresponding period of last year, but this was partly offset by an increase of £160,000 under the heading of motor vehicles duties and licenses, partly due to the earlier receipt of license fees, and partly to the fact that the petrol tax was only 4d a gallon during the first quarter of last' year. As was pointed out in the Budget, a considerable shrinkage in revenue is anticipated for this financial year, and the receipts for three months, while not an altogether accurate guide to the position for the financial year, certainly indicate that the heavy reductions in the revenue estimates are justified. Apart from the estimated yield from the recent tariff increases the Customs receipts are approximately £390.000 short of the proportion of the estimate for the year, but it is hoped that the leeway will be made up in the remaining portion of the year. The position in regard to land and income tax will not be known until towards the close of the year, but the receipts from stamp and "death duties and beer duty are in accord with the relative proportion of the estimate, after due allowance is made for the proposed increases in taxation. Of revenue, apart from taxation, interest receipts show a comparative increase of £160,000, due largely to the fact that £lOO,OOO on account of interest was received from the railways;whereas nothing was received under this heading during the first three months of last financial year. The expenditure for three months, continued the Prime Minister, compares with that of last year as follows:— 1930. 1931. £ £ Permanent appro- • priations .. .. 3,923,473 4,089,438 Annual votes .. 1,639,742 1.460,624 Totals . . .. 5,563,215 5,550,062 These figures show that there has been an increase of £165,965 in the permanent appropriations and a decrease of £179,118 in the annual votes, making a total decrease in expenditure of £13,153. Under permanent appropriations, debt charges showed a comparative increase of £66,000, pensions an increase of £62.000, and other grants and subsidies an increase of £95.000, due to a new item of £115,000 for subsidy to the Unemployment Fund. These increases were partly offset by decreases under other items, leaving a net increase of approximately £166,000. The comparative decrease of £179,000 under the annual votes ‘as spread over practically all the votes, and reflects the reductions in salaries and other economies effected. In general, concluded the Prime Minister, the expenditure is within the relative proportion of the estimates.