PUBLIC ACCOUNTS

Timaru Herald, Volume CXXXVII, Issue 19329, 2 November 1932, Page 2

PUBLIC ACCOUNTS

BALANCE SHEET FOR HALF-YEAR. EXPENDITURE WITHIN ESTIMATES. By TelegraDh- -Press Association WELLINGTON, November 1. The public accounts for the first half of the financial year ended September 30th, are made available. The Hon. G. W. Forbes said the revenue for the period amounted to £7,317,231, compared with £7,347,379 received in the corresponding period of last financial year. There was thus a comparative decrease of approximately £30,000. A more important comparison, however, was with the Budget for the year, and in this respect he was pleased to say that on a proportionate basis various items of taxation, apart from land and income tax, which are not due for payment imtil later, are generally well up to expectation. Customs receipts show an excess of £130,000, with the best importation period still to come; but against this allowance had to be made for loss of £250,000 of revenue arising out of concessions under the Ottawa agreement. Stamp and death duties are approximately £130,000 behind on a proportionate basis, but this item is normally subject to fluctuations from month to month. Duties and licenses from motor vehicles are £109,0000 ahead, but this is largely due to license fees being payable in an earlier part of the year. Interest receipts from railways, post and telegraph, public debt redemption fund, etc., were £250,000, less than for the six months of last year, and £390,000 behind on the proportionate part of the Budget estimates, but no significance attaches to this, as the receipts are not spread evenly over the year. There is no reason to believe states Mr Forbes that Budget estimates for these items will not be reached. In regard to “other receipts” (under which is grouped departmental receipts and various miscellaneous items of revenue), the amount credited during the six months, apart from Post Office profits, which will come to hand later, is in total equal to that for the same period of 1931. The position may therefore be regarded as satisfactory. Expenditure Side. On the other side of the account, the expenditure for six months amounted to £9,534,570, compared with £11,463,796 for the corresponding period of 1931. There is thus a satisfactory decrease of £1,929,226. Compared with the proportionate part of the estimates for the year, expenditure for period compares as follows: Debt charges were £870,000 below the proportionate part of estimate, but this is purely nominal, being due to the fact that the amount provided for debt repayment has not yet been utilised.

Under other permanent appropriations,” the expenditure is £148,000 behind the estimates, but this also is largely due to accounting fluctuations. Under annual votes, expenditure was approximately £700,000 less than for the proportionate part of the estimate, and even when allowance is made for outstanding imprests amounting to £634,000, largely representing expenditure incurred but not yet brought to charge, it will be seen expenditure is being kept within the estimates. “To sum up the whole position,” stated the Prime Minister, “the more stable tendency in revenue is maintained, while expenditure has been kept under close control, and continues to reflect economies made. The estimates of both revenue and expenditure submitted in the Budget can therefore be accepted with confidence, as there is every indication that the results for the year will be fairly closely in accord with forecasts made in the Budget. I may say, however, that the position in regard to income tax will not be known until towards the close of the year.”