REVENUE BUOYANT

Taranaki Daily News, 5 August 1937, Page 6

REVENUE BUOYANT

By Telegraph—Press Association.

SUBSTANTIAL INCREASE ACCOUNTS FOR QUARTER 'ENTIRELY SATISFACTORY' PEOPLE SA.VING MORE

Wellington, Aug. 4. , A substantial increase in State revenue for the first quarter of this financial year is shown in the audited public accounts. Revenue totalled £6,716,000, representing an increase of £1,193,000 compared with the same period of last year. There was an expansion under all headings but this was particularly marked in respect to Customs revenue. "I am pleased to be able to say that "the position is entirely satisfactory, said the acting-Minister of Finance, the Hon. P. Fraser, who mentioned that the audit had just been completed. The revenue under the principal headings for the quarter ended June 30, with the figuxes for the corresponding period of the previous year, is as follows:—

Overseas Interest. /* The nett result sliown by the above statistics was an increase compared with last year of £88,000. For the quarters expenditure, however, it was not strictly comparable, especially in respect to permanent appropriations. Thus the apparent decrease in respect ,to debt sqfvices was due to an alteration in the date of certain overseas interest payments. while in regard to highways, as already explained, this item was practically selfbslAncsdi . "Even allowing for accounting fluctuations, however, it is clear," the Minister added, "that there has been a substantial comparative increase in the annual votes, particularly under the heading of social.. services. This was of corirse anticipated* as "the full cost of increased pensions, salaries and wages, which-, were opefative' sin'ce- the latter part. of last year,' are riow ' being reflected in the accounts." The Minister eoncluded by expressing satisfaction at ' the position indicated by the quarter's accounts and drew attention to . the practical manner in which the general improvement throughout the Dominion was reflected in thp savirtgs of the public. Thus the excess of deposits over withdrawals of, the Post Office Savings .Bank for the last quarter amounted to £1,415,000, compared with £858,000 for the same quarter of last year, while at ihe end of June, 1937, the total amount at the credit of depositors was £59,471,000 compared . with £53,774,000 at the previous June 30. • Good Augury. Mr. Fraser said that the increased revenue received under all headings of taxation, particularly Customs, augured well for public finances during the_ensuing -year. In -regard to highways revenue, where a comparative increase of £244,000 was indicated, it was explained that, apart from- the charge to cover the expenses of. collection, the whole amount is paid over periodically to the main highways acco'unt and to boroughs. However, allowing for this self-balanc-ing item, it was clear that revenue was substantially in excess of that received during the same quarter of the last financial year. The variation in regard to interest and other receipts called for no special comment. Referring to expenditure . the Minister stated that the total for the quarter was £5,948,000, compared with £5,860,000 for the June quarter of 1936. Following are the figures:—

' 1937 1936 £ £ Customs 2,500,000 2,184,000 Beer Duty ' 212,000 176,000 ialesTax 887,000 709,000 Highways 888,000 644,000 Stamps and Death 1 Duties 811.000 785,000 Other Taxation ...... 399,000 271,000 To+al 5,697,000 4,769,000 Interest ' 431.000 496,000 Other Receipts ...... 589,000 259,000 Total Revenue 6,717,000 5,524,000 Increase 1,193,000

Taxation.

1937 1936 £ £ Permanent appropriations debts services 1,554,000 2,010,000 Highways 436/) 00 645,000 Exchange 359,000 595,000 Other services ...... 189,000 181,000 Total 2,538,000 3,431,000 Annual appropriations social services 2,132,000 1,591,000 Other votes 1,278,000 838,000 Total expenditure . . 5,948,000 5,860,000