N.Z. FINANCE.

Star (Christchurch), Volume XLIV, Issue 493, 30 June 1932, Page 1

N.Z. FINANCE.

IMPROVEMENT SHOWN IN FIGURES. Prime Minister’s Statement. EXPENDITURE NOT AS GREAT AS ANTICIPATED. (Special to tlve 44 Star.’*) WELLINGTON, June 30. As anticipated earlier in the week the audited account for the last financial year gazetted to-day shows that the deficit is, roughly, £400,000 less than was formerly estimated. Commenting on the figures, the acting Minister of Finance (Mr Forbes! stated that the actual revenue for the year amounted to £22,719,733 and the expenditure to £24,860,552. The deficit for the past year was thus £2,140,819. “ This result is better than was anticipated,” Mr Forbes said. ‘ln the Financial Statement presented during the recent session of Parliament, based on a review of figures for eleven months, it was estimated that the deficit would be in the vicinity of £2,500,000, due to revenue falling short to the extent of about £2,000,000 and expenditure exceeding the estimates by about £500,000. “ The forecast of revenue proved to be substantially correct, as the actual receipts, as disclosed by the accounts, are approximately £1,950,000 less than was allowed for in the Budget for the year. The expenditure was not as great as was anticipated, and but lor the fact that exchange costs to the extent of £374,000, not allowed for in the Budget, had to be included, the expenditure would have been less than the estimates. “ A Satisfactory Feature.” “As it is the expenditure exceeded the Budget estimate by £233,000. Economies were reflected in the annual votes for the last year to a much greater extent than was expected, and one of the most satisfactory features of the accounts is that the vote for expenditure was approximately £300,000 less than the appropriations for the year, even though these appropriations had been very carefull}' overhauled and cut down. “ A minimum deficit of the magnitude of £2,140.000 cannot be accepted with equanimity, but regard has to be had to the economic circumstances prevailing, and we can, at least, derive some satisfaction "from the fact that it is not as large as we had feared it would be. “It is of interest to note that for the most part this deficiency is caused by the extraordinary expenditure on exchange, £374,000, and the subsidy to the unemployment fund, £1.120,000.”