DOMINION FINANCES

Southland Times, Issue 17630, 15 January 1916, Page 6

DOMINION FINANCES

STATEMENT l!V SIR JOSEPH WARD. ! I SIT. EX’l >1 D REVENUE IX'GREASES, j FINANCIAL POSITION SATIS- \ FACTORY. | j (Per United Press Association.) j 1 WELLINGTON, January 11. I Sir Joseph Ward to-day made a state- j ment regarding the linances of the dominion. He explained at the same 1 time what lie had done, and what lie ! proposed to do in connection with war ; expenditure and loans maturing during I the period of the war. Sir Joseph Ward | said that tlie position at the completion | of nine months of tlie, financial year up - to December 21st, 3 01.7, was upon the 1 whole exceedingly satisfactory. The i revenue for the nine months exceeded j that for the. nine months of the previous 1 year by £70.7,520, and for the month of ■ December, 1015, as against December, ; 1011, there was an increase of £233,800. The Minister gave the following stale- : ment for the nine months of 1914 and of ; 191.7, covering the position of the whole of the revenue branches in full:— ! 9 months 9 months | ended ended ' Dec. 21, Dec. 31, 101.7. 1014. Increase, j £ £ £ I Customs . 2,455,307 2,427,550 27,757 S. & Death Duties.. 9(57,209 850,889 1 16,480, Post & Telegraph .. 1,1 16,300 1,H13,480 12,820 Land Tax . 980,120 637,732 342,293 In. Tax .. (12,357. 19,035 42,320 Beer dutv . 103,7.1 1 94,7.47 S.OBS Railways . 2,083,775 2,888,870 194,005 Registration and other fees . . . 69,073 65,069 4,004 Decrease Marine . 33,852 37,396 2,544 Miscellaneous .. 240,321 278,099 37,778 Territorial 124,627 149,626 24,999 National Endowment Revenue 92,67.5 78,770 1 3,885 Other Receipts . 12,067 4,758 7,309 Totals . 9,341i,346 8,545,826 795.7.20 Sir Joseph Ward said that the financial position of the ORDINARY REVENUE ACCOUNT on December 31 si last was in a satisfactory position, with a credit balance of £l,l 94,000. Treasury bills have been paid off to ihc extent of £710,000, and there will be a further large amount of Treasury bills paid off at the end of the present month. THE PUBLIC WORKS KIND on December 31st was in' a strong position. The expenditure for public works for the nine months ended December 31st was £1,77.2,637, all of which has been paid, and there remains a credit for public works expenditure 6f £1,801,41.2. So far as WAR LOAN EXPENDITURE fur New Zealand is concerned 1 am glad to be able to say that this is definitely fixed until tlie end of December, 1916. Provision has been made for an amount of £8,3 4 0,000, spread over monthly payments for this purpose. The whole amount comes from London through tlie British Government. This should tic rej gardes 1 as highly satisfactory by all I those who realised Uic position, j Wißi war expenditure provided for, cash in hand for public works until well on in 1917, and tlie conversion of debentures falling due up to 1924 for a period of twenty-five years, tlie financial position of tliis country should inspire confidence in our people, and they should he able to concentrate their energies | more whole-heartedly upon thy war when they feel that there is no need for general uneasiness as to our future financial position when enormous additional sums have to be and are being raised to meet expenditure, much of it of a permanent character. | The amount paid to ! SETTLERS, WORKERS, AX'D LOCAL AUTHORITIES I j for the nine months up to December 31st ! last, was £1055,940, made up as follows: ' Settlors, £625,000; workers, £241,795; ; local authorities, £189,145. 1 may men- ; tion that tiio total amount paid since tlie inception of the Department la £21,704,690, of which settlers received £16,015,015, workers £3,080,120, and local authorities £2,609,555.