BRITAIN’S FINANCES

Poverty Bay Herald, Volume LX, Issue 17977, 3 January 1933, Page 7

BRITAIN’S FINANCES

NATIONAL BALANCE SHEET POSITION ON DECEMBER 31 (British Official Wireless.) Rec. 11 a.m. RUGBY, Jan. 2. Details of the national balance sheet up to and including the third quarter of the financial year show that out of £760,800,000 of ordinary revenue estimated to lie received in a full year £404,332,000 has, so far, come to hand —an increase of £8,790,300 over the income up to I his time last year.

The expendilme, which had been reckoned ;tl £787,431,000 for 12 months, has, including the sinking fund allocation of £14,391,000, so far reached £58(1,4 10,(100.- Including I lie war debt payment of £19,500,00(1 in gold made to the United States on December 15; and which in sterling required £28,95(1,30(1, (he total of the outgoings was £009,000,000. This gives a deficit, on the period of £201,008,000. This compares with an excess of-ex-penditure over revenue for the corresponding period of 1931 of £203,752,903. As nearly three-fourths of the annual yield of income tax and surtax is received in the March quarter, a large excess of expenditure over revenue is always shown at December 31.

Disregarding the sinking fund and war debt payment, the ordinary revenue rose during the nine months by £9,790,323, while the expenditure receded bv £9,207,423.

An interesting feature of the nine months’ revenue returns lies in the increased yield of customs and excise revenues. The tariff has introduced new revenue and so far customs and excise revenues have yielded £29,699,000, against an estimated yield for this financial year of £44,000,000.

The sum of £1,500.000 has been raised from special duties imposed on the Irish Free State imports as a means of collecting moneys as from the Free State in connection with land annuities payments withheld by the. Free State. Death duties also show a big increase of £8,390.000 over last year’s figures, and so far have yielded £55,780,000, against the estimated yield for the full year of £77.000,000.