DOMINION FINANCE.

Timaru Herald, Volume XCVIII, Issue 18084, 21 September 1923, Page 8

DOMINION FINANCE.

REVENUE INCREASING

POLICY OF ECONOMY.

Bj- Telegraph—Press Association. CKRISTCHUHCH, Sept. 20

Speaking at a social gathering under the auspices of the Canterbury Industrial Association to-night, the Hon. W. Downie Stewart, actingMinister of Finance, announced the latest. Dominion revenue and expenditure figures. He said that the revenue for the five months ending August shows a net increase of £848,57 4, compared with the similar period last year. The principal increases are:—Customs £715,701; Land and Income Tax, £148,926; Railways £45,603. The principal decrease is in Stamp and Death Duties, £91,751. The expenditure for the five months just ended under the permanent charges and annual appropriations amounts to £9,658,922, compared -with £9,7 00,075 for the same five months of 1922. After eliminating certain entries from the two periods, as they do not affect the comparison, the result is reduced expenditure in the annual appropriations for the five months just ended amounting to £363,158. As regards permanent charges, the net result is actually an increase of about £120,000, as the decrease under the special Acts are principally due to some of the accounts falling- within the period of last year, but 'which were outstanding at the end of the five months of this year. .. The net reduction in expenditure,. over all, is therefore in round'numbers £250,000 for the five months, as compared with last year. The reductions are common to -almost every Departmental vote. The principal ones showing are as follow': Railway Department £290,54 6; Post and Telegraph, £45,259 ; Police, £15.405; Health, £42,408; Defence, £17,339; Agriculture, £13,007; services not provided for, £38,249. The principal increases are in the following: Pensions, £29,555.: Naval Defence, £25,100; Education, £69,542.

The result, on the whole, is satisfactory, and indicates that the revenue is" increasing, while the policy of economy is still evidenced by the expenditure figures. Commenting on the revenue and expenditure figures, the Hon. W. Downie Stev'art said that notwithstanding the satisfactory state of our finances, it was necessary that the utmost caution should be exercised with reference to the Dominion’s public expenditure. New Zealand -was one of the few countries which lately had been able to balance its budget and "square the yard-arms” of its finance. Some time ago, he said, he had visited several of the country districts, and the farmers whom he Pad met had stated that they were now beginning to see daylight, and were becoming more hopeful of the future. The industrialists, however, did not seem in such a happy position. Some time ago he had formed the conclusion that the industriaMsis ot New Zealand were going to have a very difficult time, and lie was afraid his then conviction was coming true. In New Zealand, dominion manufacturers were experiencing such overseas competition as they had never experienced before, and some of them undoubtedly thought it was the duty of the Government to help them out of their difficulties. The Government had done this. It had reduced the national expenditure considerably, and thus had been able to reduce taxation. It, had reduced the duty on tea and the amusement tax, and though these items did not appear to affect manufacture to any great extent. the taxation was nevertheless reduced, with resultant benefit to manufacturers. It helped to free them of some of the burdens which were handicapping those engaged in the secondary industries.