STATEMENT OF FINANCE.

Colonist, Volume LIV, Issue 13465, 10 July 1912, Page 6

STATEMENT OF FINANCE.

POINTS TO A RECORD REVENUE.

PRAISE FROM SIR JOSEPH WARD.

Tho Hon. A. M. Myers, Minister of Finance, laid on the table of the House-to-day a statement. showing the state of the country's finances as on June 30th, 1912. Jt pointed to a record revenue of £11,032,544, and the saving on th o appropriations of £264,309. The balance on hand at 31st March, 1912, was £807,276. Since the close of the financial year the revenue had % be-en still increasing, as the following figures demonstrated: Consolidated revenue account: Balance on March 31st, £807,----276 ; revenue from Ist April to June 81)ch, ordinary revenue £2,388,387, Territorial £29,696, national endowment £59,413, total £2,477,497 ; grand total £3,284,773. Expenditure: Permanent appropriations £1,199,407, annual appropriations £1,302,818; grand total £2,502.226. This leaves a balance on Juno 30th of £782,548. It was a pleasure to point out there had been no necessity to issue a Treasury bill this quarter.' The Minister estimated the revenue for the present financial year at £11,014,909, made up as follows: Customs, £3,200,00; railways, £3,745,000; stamps, £898,800 ; post and telegraph, £] ,141,000; land tax, £650,000 ; income tax, £450,000; beer duty, £119,000; registration, £95,165; marine, £47,000; miscellaneous, £369,530; Territorial revenue, £240,000; endowment revenue £59,414. Tho expenditure was "estimated at £10,737.958, compared with the actual expenditure of £10,340,368 during last year. There would be an increase of £158,387 in permanent charges, and £239,204 in departmental charges. The position at the end of the year was estimated as follows: Balance from last year £8Q7,276, estimated revenue £11,014,909; total £11,822,185. The estimated expenditure was £10,----137,958. A surplus of £1,084,227 from the last amount must be deducted from tho amount to bo voted on the Supplementary Estimates. This will allow the transfer of £800,000 to the public works fund. They had every reason, the Minister said, to congratulate themselves upon .the buoyant state of the affairs of the county. His successor would rejoice- in the satisfactory state of matters. He did not consider it would b© necessary to go on the London market for some time. He regretted that it had not been his privilege to present to the House the Financial Statement indicating the thoroughly satisfactory and flourishing conditions existing in the country. Sir Joseph Ward congratulated Mr. Myers on the very interesting news just presented by him. The satisfactory conditions ehould fill Mr Myers' successor with confidence. He would look forward to see what items would be reduced by their successors in office. Tho statement was indicative of -the healthy prosperity of the Dominion, and he would defy anyone to produce anything like tho state of affairs aioiy existing in matters financial of the Dominion. He called ;:iic*::tion to the fact that the incornin/j Trrj-r.sure-r was starting. <ra a "msguiiic-c-iifc wicket." He "'A'a-s certain they v/qiiki find that the altered political coixUti'tiis would not deter sumo members from asking for a full supply for the b.?.deblocks. The statement should enthuse the worst pessimist inside, or outside, tho House. ■He- congratulated the Minister especially in connection with the figures relativa to tho first quarter of tho year.