THE NATIONAL FINANCES.

Wairarapa Age, 13 June 1933, Page 5

THE NATIONAL FINANCES.

SURPLUS OF £40,000 SHOWN FOR 1932-33. IMPROVEMENT ON BUDGET ESTIMATES. COST OF EXCHANGE INFLATION. WELLINGTON, June 12. A small surplus of £40,000 is revealed in the audited accounts for the financial year, which ended on March 31 last, released for publication to-day by the Minister of Finance (the Kt. Hon. J. G. Coatee). Mr. Coates stated that the surplus had 'been made possible partly by reason of revenue buoyancy totalling £938,000, and partly by way of net economies totalling £112,000. Taxation receipts showed &n excess over the Budget estimate of £805,206. The statement reveals that up to March 31 the sum of £1,910,000 was paid to the banks for the purchase of exchange under the provisions of the Banks Indemnity (Exchange) Act. Commenting upon the figures, Mr. Coates stated that, as indicated in his preliminary Press statement issued shortly after the close of the financial year, the year closed with a balanced Budget and a small surplus. This has <Jefinc<3 as approximately £40,000, and in view of the serioua position which had to be faced when the year opened will, it is felt, afford general satisfaction. The Budget provided for reducing the huge prospective deficit to not more than £1,010,000 but as the year progressed it became evident that the result for the year would be much nearer a balance than this The v s ? lose 8 «urpju. of some £40,000, which has been made possible partly by reason of revenue buoyancy totalling £938,000 and partly by way of net economies totalling £112,000. (Continued o Page 2.)