DOMINION FINANCE.

Taranaki Herald, Volume LXIII, Issue 144670, 3 May 1915, Page 4

DOMINION FINANCE.

FIGURES FOR TWELVE MONTHS. AN INCREASE IN REUNITE. PEB PRESS ASSOCIATION. DUNEDIN, May 2. Figures showing tho stacc of the finances of the Dominion at- the end of the financial year (March 31) wore given to a reporter by the Hon. J. Allen last night. The Minister said the total revenue for tho year was £13.133,100 approximately. There might be some slight variations, as tho figures had not yet been audited. The total expenditure was £12,985,961. leaving a balance of £147,139 at the end ol tho 'rear. This balance was the result after paying all,Treasury bills in existence* on Alarch 31, and after transferring £350,(109 to tho Public 'Works Fund, the full amount which the Government stated it would transfer. The revenue included the balance of £426,995 brought forward from last year and £12.443,525 of ordinaryreveniic. The revenue showed an increase of £219..i86 over that for the previous year. The ordinary expenditure, that, was permanent and actual appropriations, was £12,381.71 L The total expenditure included sinking funds set free to redeem debentures and recoveries on account of previous years. Sinking funds set free were used to pay off loans which became due ttu July *ls, 191 J, and January 2, 1915. to an amount equal to tho sinking funds set free.

Customs revenue was C259,1G0 less fcJian last year, and though railway revenue exceeded that for last year by £78.000, it was short of the estimate by £143,325. These shortages, he thought, were mainly due to the effects of the war. Receipts from stamps and death duties exceeded those oi last year by about £195,000. Post and telegraph revenue exceeded that for last year by something like £96,000. On the expenditure side, on account of permanent appropriations, the increase for the year Was approximately £271.(k!0; the increase m interest and sinking funds Was about £185,000, and included in ' this was interest for as much of the War loan as carried intcicst up to the *nd of the financial year. Old age ponjions increased by £12,207 during the year; widows’ pensions by £3537 ; and military pensions by £IB,OOO. In the Post and Telegraph Departfaent the increase in expenditure was, some £74.000. ' The Justice Depart-; ment showed an increased expenditure of about £22,700. largely due to increased pay for police and others. The Department of Internal Affairs showed an increase of £33,000 in expenditure, mostly due to the general election. In the Education Department the increase in expenditure was £76,000, diie to the alteration in the law and natural increased expenses. Apart from the balance brought forward, receipts exceeded expenditure by £70,234. Fortunately, New Zealand was in a strong postion as far as borrowed moneys was concerned. The Post Office Savings Bank showed a very satisfactory excess of deposits over withdrawals, and if this continued it would give material assistance, in the way of provision for necessary public works and advances. Provision had been made to carry on public works at something like what they had been carried on for at least the next six months, and should favourable opportunities occur on the London market to strengthen finances and enable the Government to look further ahead, they would not bo neglected. The State' Advances Departments were in a strong position at present. The Government was advancing £IOOO to settlers, £2OOO to local authorities, and £4OO to workers for building homes. Ho felt, justified in informing the board that finance would be available to bring the amount available forworkers’ homes up to the maximum allowed, £450. The amount available for homes for could now also be raised from £4CO to £450. Ho thought it would he safe for the board administering the Mortgages Extension Act to provide money for mortgages coming due up to £450. ■ Since the beginning of the year £162,900 bad been paid in advances to scttlois, £01.683 in advances to workers, and £97,990 in advances to local bodies. If opportunity arose the amount available for local bodies would he increased.