YEAR’S SURPLUS
ONE AND A HALF MILLION. USED AGAINST DEFICITS. MR. COATES LEAVES FOR ENGLAND. AUCKLAND, April 13. The Minister of Finance (the Rt. Hon. J. G. Coates) sailed for London by the Rangitane at 19.45 this morning, accompanied by his wife, Miss H. D. Montague (per-** sonal secretary), and. Mr. P. D. N. Verschaffelt (Public Service Commissioner). In a statement, Mr. Coates said it was clear from the incomplete public accounts that there would be a surplus of approximately £1,500,009 for the past financial year. This was very satisfactory, he said, but it should be understood that it was due mainly to windfalls, for instance, death duties, which were above the average, and profits from the sale of gold. Apart from these, the revenue and expenditure did not appear to have varied .much from the Budget estimates. "I may add that the surplus has been automatically applied to redeeming debts representing a portion of the accumulated deficits carried forward from the years 1931-32 and 1933-34, amounting to approximately £2,500,000. As a result of this surplus, the accumulated deficits have been reduced to £1,000,000 which amount remains to be made good out of future surpluses. ’ ’ —(P.A.
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Bibliographic details
Wairarapa Age, 15 April 1935, Page 5
Word Count
196YEAR’S SURPLUS Wairarapa Age, 15 April 1935, Page 5
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