FINANCE

Observer, Volume II, Issue 40, 18 June 1881, Page 440

FINANCE

Annexed are some tables showing the public accounts for the year. As they appear m the Gazettes they are unintelligible to the bulk of the people. An attempt is here made to make them easy to be understood. To the best of our knowledge the attempt has not heretofore been made. The amount raised by Customs during the last financial year was £1,307,634 19s 3d. To this sum the cost of collection and management requires to be added, viz., £76,774 6s. 9d. The English Financial Reform. A hnanac of this year, writing on the English Custom and Excise Duties, says: — "These are only the percentages on the value of the goods which are actually received by the Government from wholesale dealers, who take them out of bond for consumption, and the profit and risk of capital so advanced, as also for loss of time, labour, and other expenses consequent on the system. Wholesale dealers and retailers must make additional charges, all of which are concealed in the selling price of taxed goods, so that consumers are made to pay in this unconscious manner very much more than the Government receives " (p. 134), On page 156 it assesses the extra charge in this Avise :—"Moreover, purchasers of taxed commodities have to pay some 50 per cent, beyond what the Government receives from the retailers thereof."

1,868,189 3 8 £-1,624,961 5 7 To this amount of £1,624,961 5s 7d there lias to be added the sum of £6,151 13s 9d for services not provided for, making a total of £1,681,112 19s 4d. The 10 per cent, reduction on the amount voted was £186,818 18s 4d, which amount, added to the expenditure, brings the total to £1,837,931 17s Sd, against £1,868,189 3s Sd. Expenditure from Public Works Fund for Year ended March 31st, 1881.

Services not provided for have to be added to the amount of £2,622 19.s 6d, making a total expenditure from the fund of £1,960,974 Bs. Sd. Expenditure for the Year ending March 31st-, 1831. £ s. d. Consolidated Fund (Departmental) 1,631,112 19 4 Civil List 26,867 3 2 Interest and Sinking Fund ], 450,512 17 7 Under special Act of the Legislature... 39,755 9 6 Twenty per cent, to Counties 13,704 15 0 Expenditure from Land Fund 266,793 10 7 Expenditure from Public Works Fund 1,958,35 19 2 £5,387,128 4 4 Should, however, the liabilities of the year 1879-80, which have been paid vithin the year, be added to the expenditure of the year, the following 1 sum has to be added 340,517 14 4 5,727,645 18 8 The weekly expenditure without the liabilities for the year has been £103,598, inclusive of the liabilities, £110,147 per week. Where the Monet Came From. ; £ s. d. Kaised by taxation 1,716,141 8 3 Recepts for services renewed ... ... 1,267,154 10 5 Territorial and miscellaneous revenue 140,664 18 10 Land Fund 299,166 19 0 Taxation from year 1879-80 56,765 4 11 Miscellaneous recoveries, 1879-80 ... 15,146 6 2 Sale reclaimed land and Wellington Court-house 15,097 12 0 £3,510,136 19 7 Borrowed money 2,174,a34 14 4 Receipts and recoveries under Pnblic Works Account 43,174 4 9 £5,727,645 18 8 The sum here set down as borrowed money used is worked out by the simple process of adding together all other known receipts. The Four Quarters' Returns or the Consolidated Fund from '"Gazettes." i £ s. cl. No. 89— September 16, 1880, expenditure in excess of the receipts for the June quarter 101,165 15 1 No. 96— October 14, do for September do 215,339 19 4 No. 5- Jan. 20th, 1881, do Dec. do ... 40,300 18 9 £386,806 13 2 No. 41 — May 26, receipts in excess of expenditure for quarter ended 31st March 127,649 3 3 £259,157 9 11 Contingent Defence charged to Loan ... 154,000 0 0 Total Deficit financial year. £413,157 9 11 Aids to the Consolidated Fund Obtained by Taxation and Other Sources of Revenue Durinc; the Financial Year 1881, other than by Loans. £ s. d. Beer duty 45,986 19 8 Property Tax 219,716 1 0 Customs (unknown) Stamps (unknown) Twenty per cent, land revenve, 8 months 50,370 9 4 Subsidies to Local Bodies for 9 months at 5-Bthsof£ 194,176 13 4 £510,250 3 4 The increased amount obtained from Customs and Stamps are not yet shown, and will have to be added to the amount here set forth. The 20 per cent. Land Fund and the subsidies to the Local Bodies have been calculated

on the sums paid for a portion of the year, £10,250 3s 4d. What deserves particular attention is this : In table 5 the deficiency of the years revenue is shown to be £413,157 9s lid. By table 6it is shown the Consolidated Fund for the year has been aided to the extent of £510,250 3s 4cl exclusive of the increased charges on Customs and Stamps, It will be safe to assert that the Consolidated Fund (including the charge for the Armed Constabulary at Taranaki, charged against loan) has been aided during the year £600,000 although it shows a deficiency of some £413,157. How can this be asserted to result frorn^ "account keeping." The way to obtain conviction on the subject is to get the back numbers of the Gazette given above. One word on the loan may be not out of place considering the Thames Star thinks we nave over a million and a quarter left. Previous to the end of the financial year the Government had to mortgage the guaranteed debentures to the extent of £300,000 to pay their way. Vide Public Works account, Gazette No. 41, May 26 p 692. KONEKE.

Money Voted. Money Spent. £ s. a. £ s. d. Immigration 25,981 13 4 31,134 10 4 Public works 14,870 6 8 13,659 1 8 Eailways ... 1,572,000 0 0 9159,165 8 6 Survey new lines ... 9,550 0 0 7,769 3 6 Roads 287,748 18 1 179,599 15 9 Laud purchases ... 122,147 3 9 55,327 18 1 Waterworks on goldfields 26,716 4 7 16,596 13 11 Telegraph extension... 43,577 10 0 45,281 8 4 Public buildings ... 210,335 17 10 205,733 14 5 Lighthouses 4,550 0 0 2,035 15 3 ■Miscellaneous public works 137,678 9 9 81,091 3 0 Contingent defence ... 151,000 0 0 151,000 0 0 Charges and expenses raising loan 189,430 19 9 193,356 16 5 £2,828,589 13 9 £1,958,357 9 2

Expenditure from Consolidated Fund, Year ended 31st Makch, 1881. Departmental. Money Voted. Money Spent. £ s. d. £ a. d. Legislative 35,300 5 10 35,070 7 11 Colonial Secretary ... 191,977 18 6 189,080 1 7 Colonial Treasurer ... 50,330 5 6 52,126 9 a Minister of Justice ... 133,706 16 4 122,124 13 2 Post and Telegraph ... 261,357 12 1 238,566 13 6 Customs 89,244 5 2 76,774 6 9 Stamps 23,897 10 0 22,966 16 2 Education 276,162 0 0 263,000 7 8 Native Affairs 15,177 9 1 8,302 1G 10 Mines 23,141 13 4 9,147 1 9 Public Works 604,416 16 7 515,219 9 8 Defenco 163,416 11 3 92,5i6 1 2