MEW ZEALAND'S FINANCES.

Colonist, Volume LX, Issue 14656, 9 March 1918, Page 5

MEW ZEALAND'S FINANCES.

[United Press Association. 1

- Wellington, March 7. bir Joseph Ward made a statement this evening concerning the finances of the country. "The revenue for the eleven months .ended February 28th," he- said, "shows U1 seven departments of £d,0db,115 over the corresponding period of last -year. Six departments show decreases of £520,977,'1eaving a net increase of £2,575,138. The increases are:—Stamp and death duties fnf !&Df' f°, Sis and '^legraphs £120,----li WSf^ f 570 '540' income-tax £1,937,865 beer duty £41,870, miscellaneous £205,120, National .Endowment revenue £14,522. The decreases areCustoms £438,093 railways £53,209, registration fees £5722, Marine £4£26 territorial £8671, minor receipts £10----650.

As compared with the twelve months ended February 28th, 1917, the revenue m the corresponding period ended Feb1918, shows an increase of Jffl 7 „ c decrease* totalled ,"V, , Jlie mci "eases were:—Posts and ielegraphs £112,058, land-tax £66,S'^™^ £4,710,944, beer duty £41,198, miscellaneous £240,598 National Endowment revenue £14 522 Ihc decreases are:—Customs £390,----407 stamp and death duties £46 549 y\r 14 '416 ? registration -fees a^yy'i Marine £4081, territorial £11 - /84, minor receipts £10,637. That snows a net increase of £5,313,948 'ifle expenditure for the eleven months ended February 28th was compared with the corresponding period of 191/ shows a net increase of £771,398 One of the chief ;tems of increase is interest and sinking fund, £372,988. Ihe increases in several departments were as follows:—Railways £208,538, Education £102,773. Posts and Telegraphs £46,858, Internal Affairs £45,198 Agriculture £39,209, Financial £24 812' Justice £8317, Defence £6492, Legislative £6693, Land and Survey' £3870, Public Buildings £3776. 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. i There were decreases in seven depart-j ments amounting to £98,126. which, deducted from the increase of £869,524 j §^i S ononetr increase in expenditure of! £7/1,398. The decreases were—'Under' special Act £42,600, services not pro-! ™Jfd f°r £31,733 Customs and Marine] £6462, Mines £2270, civil list. £2293 I Labour £1656, Native £332. I "The position of the Public Works' Sft ?SX? A£ ril>' 1917 > *° Jfebra*y| 28th, 1918, shows an expenditure -under appropriation of £852,286, and there is a total of ways and means as at Feb-' ruary 28th- of £287,962 to carry on Pub-1 he Works expenditure till June 30th I next. Ihere haive been decreases in expenditure in all branches of the Public Works Department excepting three, lhe decrease amounts to £250,302, and the increase to £25,288, leaving a netj decrease of £225,014. The expenditures shows decreases as follows:—.Railways £117,622, roads and bridges £88,249, departmental £11,090, public buildings £10,324, contingent-defence £4039, irrigation and water supply £5344, plant, material and stores £4919, development of mining £4319 lighthouses and harbour works £1055 immigration £2342, miscellaneous £999. The increases are: Tourist and health resorts £439, telegraph extension £21,735. (This in reality is not an increase, as amounts for! expenditure tinder this head were previously provided for under separate account.) I "The full amount of income had not been brought to book on February 28th Consequently at the end of the "year a still further increase from this "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 twelve1 months ended February 28th, 1918, with! the similar period of The year previously. I The total increase for the period is i £7,583,650. Comparisons for either of the periods show a larger amount than has previously been produced in our, history from these Wo sources of reve-i niie. .-•...

"The increases which I have given in connection with departments give an indication of what the finance of the country during the war period is—that is, in connection with ordinary revenue and expenditure, excepting the Public Works Department. It shows clearly that there has been a most careful administration of ths Public Works expenditure, which has been essential and most valuable in helping 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 war loans, whkh are imperative for the purpose of enabling the country to do. its part in helping to win the war." As already reported, Sir Joseph Ward concluded by saying that no further increased taxation would be necessary during the year 1918-19.