LAST YEAR’S VOTE

Wanganui Chronicle, Volume 84, Issue 96, 26 April 1940, Page 5

LAST YEAR’S VOTE

NOT ALL EXPENDED REVENUE INCREASES MOTOR TAX YIELD Received April 24, 5.5 p.m. LONDON. April 23. Sir John Simon, in the course of his Budget speech, said: “Seven months ago I warned the House that lhe £500,000,000 vote might he insufficient, but it turned out that it was underspent by £91,500,000. "The revenue estimate of £995,000.000 was exceeded by £54,000,000. The total income tax collected Was £390.'OOO 000, which is the largest ever for |a. single year. Customs and excise ; yielded £400,000.000, which was £97,i 500,000 above the estimate, chiefly due Ho the exceptionally large yield from 'articles on which the duty was in- ’ creased last year. Tobacco produced £9,700,000 more than had been estimated; spirits £1,700,000 more: sugar, £4,600,000 more; and beer, £750,000 more. "The motor vehicle horse-power tax v ieldcd £34,000,000, and was the most, striking case of an unexpected yield. Taxes on private automobiles in December, January, and February, amounted lo over £10,500.000, which exceeded the corresponding three I months in the previous year. "We spent £1,817.000,000, of which £1,049,000,000 was drawn from revenue. The remaining £768,000,000 was borrowed. "The National Debt had reached £8.931,000,000 by March 31. "A sum of £122.000,000 was received last year from the new savings certificates and defence bonds, the income from which was £109,000,000 above the amount to he repaid. “War expenditure in the first seven months "as £905,500.000 and expenditure for war purposes on a proportional' 1 basis would he £1,500,000 a year, but the rate of expenditure is increasing.