OUR FINANCIAL RETURNS.

Waipa Post, Volume XX, Issue 1241, 11 May 1922, Page 5

OUR FINANCIAL RETURNS.

EXPENDITURE EXCEEDS RECEIPTS. EFFECT OF ECONOMIES NOW BEING FELT. By Telegraph. Press Association. FEILDING, This Day. ’ Mr Massey, speaking here last night, dealt with the financia’l operations for the past year to 31st March. The ordinary revenue amounted to £28,127,000, which was £127,007 above the estimate, or £6,133,954 less than the previous year. The principal items of decrease were; 'Customs, £3,'313,290; stamp and death duties, £300,397; income tax, £2;245,958; railways, £235,256. Increases were shown in: Post and telegraph £108,823; beer duty, £95,37'3. Expenditure under annual and permanent appropriation totalled a sum of £25,466,838, or £1,329,83; above the revenue received, but £881,516 less than the amount appropriated by Parliament.

The effect of the economies lately introduced is being already felt. The March quarter showed that the expenditure was £968,019 less than in the corresponding quarter of .1921.

The Premier added that economies and savings in the public service totalled £5,646,835, but against this increased charges had to be met, as follow: Interest and sinking fund, £610,685; scale increases to classified salaries, £226,448, Mr Massey said the expenditure on public works was exceptionally heavy, being £5;350,790, against £1,210,216 in 1920-1921.