PUBLIC ACCOUNTS

Wanganui Chronicle, Volume 83, Issue 27, 3 February 1939, Page 11

PUBLIC ACCOUNTS

REVENUE AND EXPENDITURE FIGURES FOR NINE MONTHS i RECEIPTS FROM TAXATION Particulars of the national accounts for the first nine morlths of the current financial year were announced on Wednesday by the Minister of Finance, Mr. Nash. Revenue for the period amounted to £21,271,000, an increase of £531,000 on that for the corresponding period of the previous year. Expenditure totalled £23,234,000, an increase of £1,304,000. Mr. Nash said that revenue was coming to hand at a satisfactory rate. Both revenue and expenditure were following the estimates closely, revenue showing a slightly higher percentage of return when compared with the previous year. The detailed accounts for the nine months ended December 31, 1938, would, as usual, be published in the Gazette as soon as the audit had been completed, Mr. Nash said. The comparative revenue post; ion was as fol-

21,271,000 20,740,000 69 68 “It will be seen from these results,” said Mr. Nash, “that from April 1 to December 31 last, revenue totalling £21.271,000 has been received, equivalent to 59 per cent, of the Budget estimate for the year, compared with 58 per cent, received during the same period of the previous financial year. The individual items show little percentage variation indicating very clearly that the revenue is coming to hand at a satisfactory rate. Income tax, which is estimated to contribute a total of £9,500,000 this financial year, is, of course, not payable till February, nevertheless the receipts to date under this heading show a substantial increase over last year’s payments.” Details Expenditure. The Minister made a comparative statement of the net expenditure for the nine months as follows;

23,234.000 21,930,000 66 62 “The total expenditure for the nine months is thus £23,234,000, consisting of £8.971,000 under the heading of permanent appropriations and £14,263,000 under annual appropriations,” the Minister said. “On a percentage basis, these results are very similar to those for the first nine months of the previous financial year and indicate that the total expenditure is being kept well within the amount appropriated. “I am entirely satisfied with these results, and while the last quarter of the financial year is the heaviest as regards both revenue and expenditure, the results to date indicate that the Budget estimates are being very closely adhered to.”

lows:— Apr 1 to Dec. 31, Percentage to total 1938. 1937. for year £ 38-39 37-38 Customs 8,058,000 8.194.000 81 76 Beer duty . . 794,000 713,000 73 Sales tax .. 2,662,000 2,683,000 78 77 Highways .. 2,310,000 2,162,000 79 76 Stamp and death duties 2,507,000 2,629,000 76 78 Income tax . 1,550,000 983,000 1 f > 11 Land tax .. 898,000 888,000 84 86 Other .. .. 138,000 154,000 57 66 18,306,000 60 58 Interest 1,059,000 1,079,000 54 50 Other receipts 1.295,000 1,355,000 60 60

Percentage Apr. 1 to Dec. 31, to total 1938. 1937. for year £ £ 38-39 37-38 Permanent Appropriations Debt services 5,169,000 5,306,000 54 56 Highways . 2,276,000 2,067,000 72 73 Exchange .. 1,147,000 1,324,000 64 72 Other services 379,000 317,000 70 21 8,971,000 9,014,000 60 58 Annua! Appropriations— Social services 8,909,000 8,150,000 69 69 Other votes 5,354,000 4.766,000 68 61 14,263,000 12,916,000 69 66