DOMINION FINANCE.

Timaru Herald, Volume XIIC, Issue 13954, 14 July 1909, Page 6

DOMINION FINANCE.

TILE ALLEGED DEFICIT. Per Press Association. "WELLINGTON, July 13. The Hon. J. A. -Millar, interviewed by ;l "Post" reporter, replied'to the siaiement made by Mr Kent, chairman of the Auckland Chamber of Commerce, that the revenue last year was over hall' a million short of the expenditure. It appeared to him that Mr Kent made an error by taking the amount brought forward of £76T,849 at the- beginning of the year, and subtracting from that the balance at the end of the year, £184,321, and then saying it was the excess of expenditure over the revenue. A careful study of the figures wouid have shown that £Bo,oou was transferred from the consolidated revenue to the Public Works Fund. This was not aii expenditure from tho Consolidated Fund, hut was a transfer to the Public Works Fund m lien of borrowing. For years past the surplus from the Consolidated Fund had been transferred to the Public Works Fund, but the surplus of this year can only lie transferred in the following year. The result was iliat the ascertained surplus for the year euded March 31st, 1908, was in duo course transferred to the Public Works Fund, plus £32,000 from the revenue account of the year. To put the position clearlj', so that no one could make a mistake, lie gave the actual figures sa follows: PieTonuo Account—- £ Revenue 000,118 Other receipts 800 Total £000,918 Expenditure -Account— . Excess of receipts over expenditure 210,472 Balance from previous i ,y <Klr ' 7G7,849 Tofial £984,321 Transferred to Public Works Fund 800,000 Credit balance, March ."ilsc, 1909 is.} fj'jQ Mr -Millar maintained that this' portion was made? dear by Sir J. O. Ward in hi :. Jnvereargill speech. Since 1891 no less thai. £7,230,000 bad been translerred ;iY„„i the Public Work* to ihe Consolidated Fund.