DOMINION FINANCES.

Taranaki Herald, Volume LXVI, Issue 16050, 7 February 1918, Page 4

DOMINION FINANCES.

' INCREASED RECEIPTS AND ENi’ENDITDRE, ' ( PEB PBES9 ABSOOIATIOMi WELLINGTON, Fob. 6. Sir Joseph Ward, Minister of Finance, stated to-day that the revenue for the month of January ha i ootue up very ipsii indeed, and shows an increase of £ 555,511 over the revenue for January, 1917. Practically every branch of the revenue shows an increase. .Xns receipts for the ten months ending January 31, 1618, shows a total of £11,a11,624, and is in excess of the corresponding ten months of the previous year by £719,565. This increase of revenue » very satisfactory in view of the fact ithat Customs shows a falluig-oit ox £444,751, and railways £166,043 for that period. * • , The total expenditure for the ren months ending January 31, 1918, exceeded that for the ten months ending January 31, 1917, by £403,603. The chief increases in expenditure are to be found under the headings of post and telegraphs, railways, agricultural and education. The increases of revenue of the various departments for the ten months are: Stamp and death duties, land tax, £660,377: income tax, £320,905: beer duty, £35.204; miscellaneous, £20,841; post and telegraphs, £88,862; national endowment revenue. ; £14,522; other receipts, £18,441; total, £1,354,968. „ x The decreases are: Customs, ±v444,751; railways, £166,042; registration and other fees. £8937; marine > £#o3; territorial, £11,220; total, £C30,4P3. Deducted from the increases, tins leaves a not increase of £719,at0. The increases of expenditure are; Civil list, £2768; interest and sinking fund, £52,835; legislative, £o7Bfa; Finance Department, £8623.; Pest and Telegraphs, £79,282; Hallways, £168,393; public buildings, £6133; Justice, . £606; Internal Affairs, £3936; Agriculture, £96,374; Education, £85,088; total, £507,824. The decreases are: Under special 'Acts £54,167; Native Department, £261: Mines, £2615; Defence, £10.314; Customs and Marine, £6906; Labour. £2227; Lands and Survey, £22/8; services not provided for, £25,463 ; total, £104,221. ■ • x . . This deducted from the increases leaves a net increase of expenditure of £403,603. There are no Treasury bills outstanding. At the same period last year them whs £300,000. , A: comparison' of the full twelvo months dating from January 31, 1917, up to January 31, 1918, shows that the increases of revenue in all amounted to £4,494,046, and the decreases of revenue to £657,350. The net increase of revenue for the twelve months ended January 31, 1918, as against the previous twelve months was £3,836,696. The main items that are responsible for those large increases are income tax £3,425,456, and land tax £647,531 that is, an increase of over four millions of revenue under these two heads. 1 may state that the total amount of the land tax received for the year ended January 31, 1918, is £1,373,496, and income .tax, £4,688,031 —a total of £5.961,527, from these two brunches of revenue. „ ~,T , In reference to the Public Works expenditure from April 1, 1917, to January 31, 1918, the expenditure under appropriations amounts to £802,912, and under special Acts to £440; total, £803,351; and the balance available for expenditure on January- 31, 1918, is £336,393. There has been a decrease of expenditure out of* the Public Works laurel in all branches of the service excepting three. Departmental decrease, £9536; railways, £85,753; public buildings, £8277; lighthouse-: and harbour . works, £1342; immigration, £623; roads and bridges, etc., £84,642; development of mining, £3981; contingent defence, £4518; irrigation and water supply, £4190; plant, material and stores, £3072; unauthorised, £1044; total, £206,884. Increases: Tourist and health resorts, £59; lands improvement £2829; telegraph extension, £25,294; total, £28,182. Elis amount of telegraph; extension is in reality not an increase as far as the Public W r orks Fund is concerned, as it was previously provided for under a separate Act, and that extension is necessary to show* that while the item appears as an increase, in tin Public [Works Fund it is really a transfer under the Act to that department. A GENERAL REVIEW. Speaking upon the financial position generally, Sir Joseph Ward said that -as practically the whole of the income ' tax—that is, in addition to that already paid—is payable .this month, there would bo a substantial surplus at the 31st of March next. It had to he remembered in* connection with the expenditure side, which had gone up considerably, that it was due very largely to the conditions brought about by the war. The total amount of interest and sinking fund paid for the ten months ended January 31 amounted to £3.367,730, which was an increase of £52,835 over the previous rear, and a considerable increase under this head had to ho looked for. The expenses of running practically all the departments of the State, owing to the war, had materially increased, and in that respect, so' far as the war affected them, necessarily they wen- abnormal, but, looking at the whole matter impartially, it was clear that iiio financial position of the country was uncommonly sirong. and it was vcy gratifying and reassuring to the country as a -whole that it was so. I