NATIONS’ FINANCES

Taranaki Daily News, 8 August 1930, Page 13

NATIONS’ FINANCES

FIRST QUARTER’S ACCOUNT. ' CUSTOMS REVENUE INFLATED. A summary of transactions in the ordinary revenue account of. the Consolidated Fund for the quarter ended June 30 was issued on Tuesday by the ■Prime Minister, Hon. G. W. Forbes. The revenue and expenditure compare as follows with those for the first quarter of last year;— Revenue. —1929, £4,665,928; 1930, £4,172,123; decrease, £-193,80'5. Expenditure. —Permanent: 1929, £4,669,164; 1930, £3,923,473; decrease, £745,691. Annual: 1929, £1,651,378; 1930, 1,639,742; decrease, £11,636. Total. —1929, £6,320,542; 1930, £5,563,215; decrease, £757,327. Excess.—l 929, £1,654,614; 1930, £1,391002; decrease, £263,522. The ■ Prime Minister eaid Customs duties showed an increase of £88,576 for the three months. The increase of £153,149 in June alone was partly offset by a decrease during the first two months. As was pointed out in the Budget, it is quite clear that the receipts for June have been considerably inflated by excessive clearances from bond, due to fear of tariff’ increases. Stamp and death duties show a comparative decline of £226,115 and interest on capital liabilities of the railways a decline of £380,069. The decrease in expenditure under permanent appropriations includes large nominal decreases as follows: —Interest, £94,158, due to alteration in the dates of,.payment consequent on conversion operations; £462,400 under Repayment of the Public Debt Act, due to earlier ..payments made, last year; motor vehicles duties and licenses, £92,039, due to accounting fluctuation. The decrease under annual appropriations is only £11,636, but the. economy measures taken by the Government became effective only toward the end of the quarter and a large decrease will be shown for the balance of the financial year. To sum up the position, allowing for the inflation of the Customs receipts, the . revenue shows a comparative fall-ing-off of about £650,000 and the expenditure, allowing for nominal reductions, a decrease of about £lOO,OOO.