REDUCTION OF DEFICIT

Poverty Bay Herald, Volume LXVI, Issue 19883, 9 March 1939, Page 5

REDUCTION OF DEFICIT

BRITISH BUDGET INCOME TAX REVENUE (British Oflirml Wireless.) Reed. 9 a.m. RUGBY. March 7. With 27 days of the financial year to go, the Exchequer returns show that the deficit has been reduced to £44,467,503. Last week income tax yielded £22,098.000, compared with £17,158,000 in the previous week, and £2,667,000 in the corresponding week last year. The total ordinary revenue amounts to £834,356,251, compared with £792,023,676 a year ago.

The only serious disappointment of the Budget expectations is in respect of death duties, which, at £70,210,000, are £12,000,000 less than a year ago and £18,000,000 short of the estimate. The revenue from stamps is also behind at £18,820,000, compared with £19,410,000 at this time last year and the estimate of £24,000,000. On the Vther hand, income tax and surtax together brought in nearly £35,000,000' more and customs and excise nearly £3,000,000 more than a year ago. •

The total expenditure, less selfbalancing items and sinking funds, s £368,680,628, compared with £794.323,332 at the corresponding date in 1938. The floating debt outstanding is £902,060,000 net, an increase of £'60,305,000 since the beginning of the financial year.