NEW ZEALAND'S FINANCES.

Wanganui Chronicle, Volume LXVI, Issue 7563, 6 May 1919, Page 5

NEW ZEALAND'S FINANCES.

SURPLUS OVER 3£ MILLIONS

FOUR YEARS' ACCUMULATIONS

OVER 15 MILLIONS

A VERY SATISFACTORY POSI-

TION.

(Per Press Association.)

WELLINGTON, May 0. Referring to the cabled statement of Sir Joseph Ward regarding the Do. minion's tinances, tho Hon. A. M. Myers states thr.t Sir Joseph Ward, in the Budget, anticipated a surplus pf £17^,965. but tlie surplus actually «-as £3,678,773. This, together with accumulated surpluses since 1914-15, amount/ing to £11,560,790, made an aggregate amount of £15,239,563 available as difference of revenue over expenditure for the part four years, which represented some 25 per cent of our war expenditure to the 31st March last. This omount is in short-dated securities in London, and will be available for appropriation as may be ultimately decided. The revenue for the year ended 31st March, 1919, is £22,352,372, compared with £20,200,222 for last year an increase of £2,146,1501, and an increase over tho estimate of £2,167,172. The principal increases are: Income tax, £599,775; Customs, £466,373; railways, £30,722; miscellaneous, £228,232; stamp and death duties, £232,758; post and telegraphs, £128,556; land tax. £126,----9-

Tlie expenditure for 1919 is £18,673,----599 (for. 1918 £15,120,289), an increase of £%,%?&,31C. This is £1,332,636 less than tlie estimate. Tho principal increases are;— Interest and sinking funds charges, £1,655,990; pensions, £803,000; railways, £347,937; post and telegraphs. £212,556; mental hospitals, public health, etc., £93,107; educa* tion, £91,739. Payment of war bonus to civil servants is included in the returns.

Tho Minister said the position was eminently satisfactory, and indicative of prudent finance, but he desired to draw sittention to tho fact that there was still a large sum to be provided on account of the balance due to meet war obligr-taons, including gratuities, repatriation, settling returned men on the land, and pensions. A vital necessity existed for all classes to take part in a united effort to increase production to meet the annual liabilities, which for war purposes on 31st Maroh were £1,701,000, while payments for war ond other pensions were over two millions.