BUOYANT REVENUE

Wanganui Chronicle, Volume 80, Issue 255, 27 October 1937, Page 8

BUOYANT REVENUE

THE PUBLIC ACCOUNTS FIGURES FOR HALF-YEAR [ Ter Press Association. ] WELLINGTON, Oct. 26. In the course of his reply to the Budget Debate to-night, the Minister of Finance, the Hon. W. Nash, announced that the public accounts for the half-year ended September 3() now r had been completed, and as soon as they had been audited the usual details would be published in the Gazette. In the meantime the Minister supplied a summary of the position. The consolidated fund revenue .for the half-year amounted to £13,564,000, representing an increase of £2,107,000, compared with the first six months ol last financial year. Receipts unuer the principal head ings for the six months zndccl September 30, 1937, as compared with similar figures for 1936 in brackets are as follows: Customs, £5,460,000 (£4,583,000), increase £877,000; beer duty, £431,000 (£366,000), £65,000; sales tax, £1,769,00 (£1,447,000), £322,000; highways, £1,504,000 (£1,297,000), £2uf,000; stamp and death duties, £1,605,000 (£1,553,00), £52,000; other taxation, £980,000 (£741,000), £241,000 total taxation, £11,751,000 (£9,870,000), £1,764,000. Interest, £777,000 (£802,000), £25,000 (decrease). Other recepits, £1,036,000 (£668,000), £368,000. Total receipts, £13,564,000 (£11,457,000), £2,107,000. Although there had been no increase in the rates, the Minister explained that the Budget for the current financial year was based on an increase in revenue as a result of the generally prosperous conditions which obtain. “It will be seen,’’ continued the Minister, that both the revenue from I taxation and total revenue arc ahead of the relative position last financial year. Customs revenue particularly shows a substantial increase, while the reduction in highways revenue will be compensated for in expenditure, as highways revenue and expenditure is a self-balancing item. The heading ’other taxation’ consists mainly of land and income tax, but as the final dates for payment of these imposts fall in the second half of the financial year, receipts to date are, of course, no indication uf the amounts which will eventually come to hand.” In regard to expenditure, Mr Nash stated tnat the total for the half-year was £14,244,001), being £2,970,000 less than the proportionate amount of the estimates.

Permanent appropriattions appeared to be under-expended to the extent of £1,116,000, of which deuc services accounted for no less than £902,000. The Budget provided for an increase of £15,000 in debt services, and the under-expenditure to date was accounted for principally by the fact that the resources of the repayment of public debt account had been utilised co the extent of only £83,000 this financial year, whereas the proportional part of the estimates was no less than £842,000. Opportunities for utilising the balance of the debt repayment money would nut be available until the secona half of hhe financial year. Highways was a self-balancing item and would not affect the net results of the Consolidated Fund lor the year. In regard to annual appropriations, the expenditure to date was £1,854,000 less than the relative proportion of the estimates, social services alone accounting for u total of £1,027,000. The apparent under-expenditure in respect of social services was very largely an accounting fluctuation due to the fact that advances in the hands of imprestecs at the (-nd of the first six months would not be brought to charge until the latter half oi the year. Moreover, subsidies in respect of nospitals etc. were normally heavier in the latter part cf the financial year than at the beginning. It was anticipated, however., that tne greater proportion of the present excess would be absorbed by the end of the year. “Generally speaking,” Mr Nash concluded, •‘the present position gives reason for every satisfaction. Revenue is keeping a little aiiead of the estimates, wnile expenditure is being maintained well within the amounts budgeted for.’’