DECREASES IN THE REVENUE

Taranaki Daily News, 31 July 1931, Page 9

DECREASES IN THE REVENUE

EXPERIENCES OF LAST YEAR. SHORTAGES IN MANY ITEMS. The total revenue of New Zealand for the year ended March 31 last was £23,--068,931, of which taxation produced £lB/ 599,980. As the taxation revenue included £1,840,590 for main highways, the sum available for general purposes was £21,228,341, which was £2,610,730 lessthan the previous year’s revenue. The Financial Statement gives details of the decreases in revenue. The shortage in, Customs revenue — namely, £924,024 —is the result of .the heavy decline in' imports. The principal items concerned in .the shortage were apparel, and textiles (£465,316), and motor vehicles and parts (£579,132). _ The revenue received on account of interest on railway capital amounted to £685,900, compared with a Budget estimate of £1,380,000. In spite of certain increases in fares and freights, the 4®“". wavs failed to meet the*estimate for the year to the extent to £695,000. The interest due to the Consolidated Fund on railway capital ■ amounted to approximately £2,255,000, but £1,570,000, or more than two-thirds of .it, had to.be pro* vided out. of taxation.. The revenue from stamp and fteato duties was £3,387,335, which fell short of the estimate by £392,665.. Qf this amount, stamp duty on instruments accounted for a shortage- of £104,479, as a result of the general falling-off in property transactions, while, duties payable ■by racing clubs accounted for,a further shortage of £85,857, due to a substantial reduction in the amount passing through the totalisator. Death duty contributed a total of £1,744,697, compared with an estimate of £1,830,000— a shortage of £85,303. As showing the fluctuation in the rate at which death duty revenue is received, the .earlier halt of the year produced £991,785, whereas the revenue of thd latter half fell to £752 912. . * Land tax contributed a total revenue of £1 145.617, compared with an estimate of £1,240,000— a shortage of £94,383. This shortage was due to the nonreceipt of tax as a result of the prevailing economic conditions, together with extensive revaluations. of rural lands during the yeS,r. Ab an offsetto some extent against the shortage in land tax, the income tax for the year totalled £4,003,606, which was £43,606 in excess of the amount estimated.. - The only other item of importance ™ which the revenue fell materially snort of the estimate was in respect of interest on the Public Debt Redemption Fund, the deficiency being £126,107. A largo portion of this fund is invested m die* charged soldier settlement and on account of the prevailing £°n* ditions it has not been possible to collet the‘whole of the interest due.