ACCOUNTS for half-year

Taranaki Daily News, 18 November 1933, Page 7

ACCOUNTS for half-year

NEW ZEALAND’S POSITION

LITTLE VARIATION SHOWN

EXPENDITURE SLIGHTLY UP REVIEW RY-THE MINISTER By Telegraph—Press Association. Wellington, Last Night. Comqienting on the public accounts for the first half of the current financial year the Minister of Finance (the Rt Hon. J. G. Coates) states that the revenue for the six months totalled £8,254,098, and it would be seen from the abridged summary of the accounts given below that when allowance was made for new items of taxation and normal accounting fluctuations the principal items of taxation disclosed very little variation from the receipts for the first half of the previous financial year. The decrease of £55,700 shown under stamp duties has been anticipated in the budgetary estimates and in the meantime is more than offset by improved returns under “other receipts” arising out of greater buoyancy from registration fees and land revenues generally. The het expenditure for the half-year amounting to £10,991,640 compares with that for the same period last year as follows:—For the half year ended on September 9, 1932, debt services cost £4,131,528, exchange £309,581, other special Acts and services £508,915; annual appropriations, social services, £3,089,639; other departmental services, £1,494,907; total, £9,534,570. For the half year ended on September 30, 1933, the figures ’ were £3,859,241, £1,899,977, £626,481, £3,136,141, and £1,469,800, a total .of. £10,991,640, an increase' over the previous year of £272,287.

Apart from the additional cost of exchange to meet normal requirements in London expenditure for the half year is much the same as for the corresponding period of the previous year. The decrease of £272,000 for debt charges is largely due to changes of interest dates arising out of the conversion,' and therefore is of no significance. Increases of £117,000 under other special Acts and £46,000 under social services are also mostly nominal, being due to accounting fluctuations. With regard to exchange the amount included covers the purchase of sufficient London assets to meet requirements for the financial year. In fact, the net charge for the year will probably be slightly less as some recoveries have still to Be made. As stated in the Budget the outlay in the purchase of surplus London assets is not included in expenditure chargeable against revenue for the year but is to be carried forward as a suspense item pending final disposal of the London assets concerned, or stabilisation of the currency. The outlay for the half year shown apparently in the published accounts is £1,193,000.