THE PELORUS GUARDIAN and Miners' Advocate. TUESDAY, MARCH 12, 1918. NEW ZEALAND FINANCES.

Pelorus Guardian and Miners' Advocate., Volume 30, Issue 20, 12 March 1918, Page 2

THE PELORUS GUARDIAN and Miners' Advocate. TUESDAY, MARCH 12, 1918. NEW ZEALAND FINANCES.

The announcement just made by the Minister of Finance (Sir Joseph Ward) that no further increased taxation would be necessary during the year 1918-19 will be received with surprise and not a little relief by those who predicted a substantial rise in the demands from the Exchequer. The statement also indicates briefly that the increased revenue for the previous year has been sufficient to meet requirements, and that the country generally is in a prosperous condition. This argues well for the success of the third internal Dominion War Loan of 91- millions, which, in a few days, will be placed before the public. “As compared with the twelve mouths ended February 28th, 1917, the revenue in the corresponding period ended February 28th, .1918, shows an increase of £5,797,879. The decreases totalled £483,931. The increases were: Posts and Telegraphs £112,058, land-tax £66,859, income-tax £4,710,944, beer duty £41,198, miscellaneous £240,598, National Endowment revenue The decreases are: —Customs £390,467, stamp and death duties £46,549, railways £14,416, registration fees £5997, Marine £4OBI, territorial £11,784, minor receipts £10,637. That shows a net increase of £5,313,948. On the other hand the expenditure for the eleven months ended February 28th was compared with the corresponding period of 1917 shows a net increase of £771,398. One of the chief items of increase is interest and sinking fund. £372,988. The total increase in eleven departments of £496,536, added to the £372,988 increased interest and sinking fund, gives a total increase of expenditure of £869, 524.”

The Finance Minister points out that the full amount of income had not been brought to bock on February 28th. Consequently at the end of the year a still further increase from the source of revenue may be expected. A good idea of the operation of both land-tax and income-tax revenue can be gathered from a comparison made of the twelve months ended February 28th, 1918, with the similar period of the

year previously. The total increase for the period is £7,583,650. Comparisons for either of the periods show a larger amount than has previously been produced in cur history from these two sources of revenue. This indication of what the finance of the country during the war period is—that is, in connection with ordinary revenue and expenditure —shows clearly that there has been a most careful administration of the Public Works expenditure, which has been essentia' and most valuable in Peiping this country to finance for war requirements, as obviously the less the money that is drawn from the public by that department is, the greater is the amount that will be available for assisting Avar loans, which are imperative for the purpose of enabling the country to do its part in helping to win the war.