THE BUDGET

Waikato Independent, Volume XXVIII, Issue 2972, 9 August 1928, Page 6

THE BUDGET

REVENUE AND EXPENDITURE. POINTS IN BRIEF. Following are a few of the chief points of the Budget, which was brought down in the House of Representatives by the Minister of Finance (I-lon. Do'wnie Stewart) on Tuesday , night: — i Revenue for last year. £25,123,980. !

Taxation receipts available for genoral purposes amounted to £16,484,788, a decrease of £4.19,899 from previous year.

Land tax showed a decrease of £74,58S.

Revenue from stamp and death chit- j ics increased bv £125,351.

Net expenditure for year amounted to £24.944.904, hourly £600.000 more than previous year.

Expenditure under permanent appropriations includes: Interest, £8,387,084; debt repayment, £1,3(30,538. Net expenditure under annual appropriations amounted to £10,065,526. The sum of £75,106 was paid to local bodies as subsidy on wages, etc., for relief of unemployment.

Expenditure on public works for the year totalled £6,825,690.

Of the above amount over two and a half millions were spent on railway construction, additions and improvements, over a million and a quarter on main highways and roads, and very nearly the same sum on hydro- electricity sup ply. A loan of five millions sterling for public works was floated in London. Issue price was £94 10s. with interest at 4-1 per cent. The loan was subscribed nearly sixfold. The gross public debt as at March 31st last amounted to £251.396,252, a net increase of a little over five and a half millions during the year.

As a set-off against the new loans raised, debt to the amount of £2,477,136 was redeemed during the year. The war debt was reduced by over a million and a half during the year, bringing the total redemption of war debt for six years up to nearly ten millions. The railway revenue was a little-over eight millions, and the expenditure left a not revenue of £1,349.847. After allowing for interest, etc., the year’s operations showed a loss of .£291,452. The revenue from the Post and Telegraph Department was £96.702 more than for the previous year. Tffe department, after allowing for inteiest and depreciation, showed a net profit of approximately £20,000. The Minister estimates the revenue, for the current year at £23,868,250, which includes customs, £8,261,000; stamp and death duties, £3,500.000; income tax. £3,400,000; motor vehicles, duties, licenses, etc., £1,147,000.