PUBLIC ACCOUNTS

Timaru Herald, Volume CXLI, Issue 20335, 6 February 1936, Page 8

PUBLIC ACCOUNTS

A SATISFACTORY POSITION PROSPECTS OF BALANCED BUDGET By Telegraph—Press Association WELLINGTON, February 5. Details of the public accounts for the nine months ended December 31, 1935, are contained in the Gazette issued to-day. On the revenue side the comparative position of the principal items is set out in the following table. As the revenue does not come in evenly during the year and the amount to be received under various heads varies from year to year, a comparison of the actual receipts with those of the corresponding period of the previous year does not always give a true view of Te position.

The Minister of Finance (Hon. W. Nash) stated that the figures disclosed a satisfactory position. Taking the actual receipts, taxation showed an increase of £130.000 compared with last year. Interest and other receipts disclosed decreases of £163,000 and £1,247,000, but this was in accordance with the estimate for the year, the large decrease under "other receipts’ being due to the receipts In the previous year of substantial profits from the sale of gold coin. The main increases in taxation were:— £ Customs .. .. 397,000 Beer Duty .. .. 17,000 Sales Tax .. .. 215,000 Other Taxation .. 28,000 Highways and stamp duties showed decreases. The decrease in highways receipts was purely nominal, being du.? to an alteration in the method of collection this year and will adjust itself by March 31. Stamp duties were expected to show a decrease as the receipts for the previous year were abnormal, exceeding the estimate by nearly £BOO,OOO. Expenditure On the expenditure side the comparative position is set out in the following table, the figures in the first column representing the proportionate part of the appropriations and in the second the expenditure to December 31:

Annual Appropriation Social services . 5,746,015 5,389,630 Votes 3,317,435 2,691,722 The total expenditure is £900,100 under the proportionate part of the appropriations for the year, but it is not expected that this position will be maintained as fairly large payments have to be made in the final quarter of the year. The increase shown under debt services is due chiefly to money being applied to redemptions earlier in the year, nearly the whole of the debt repayment moneys having already been utilised, and also to the fact that a considerable amount of interest due from other accounts at December 31 has not yet been recouped to the Consolidated Fund. The increase under exchange is purely temporary, and is due to the fact that exchange commitments have been met. Generally spec.’ring it appears that th? revenue will be well up to the estimate and the expenditure within the appropriations when the accounts are completed for the year. Thus the prospects are that the year will close with a balanced Budget.

Taxation Customs revenue 1934-35 £ 5,564.300 1935-36 £ 5,961,215 Beer duty .. .. 500,512 518,214 Sales Tax .. .. 1,622,944 1,838,200 Highways .. .. 1,464,572 1,459.101 Stamps, etc. 2,611,817 2,089,504 Other taxation . 1,552,120 1,580,473 Total taxation . 13,316,265 13,446,707 Interest 1,659.246 1,496.647 Other receipts . 2,382,951 1,135,oil Total revenue 17,358,462 16,479,165

Debt Services £ £ P-rmanent Appropriations 7,080,711 7,418,3)8 Exchange .. .. 1,227,000 1,388,452 Highways .. .. 1,530,750 1,319,al7 Other services . 476,917 270,391