BRITISH REVENUE

Wairarapa Daily Times, 17 March 1932, Page 5

BRITISH REVENUE

« BALANCED BUDGET OBJECTIVE IN SIGHT. Press Association Electric Telegraph—Copyright RUGBY, Tuesday. Revenue returns, issued to-night, gi\ Ting the figures to last Saturday, leaA r e no doubt that the objective of a balanced Budget will be seccessfully realised. During last Aveek the deficit was reduced by £12,500,000, and amounted at the end of the Aveek to £24,200,000, compared with £44,100,000 at the same date last year. The total receipts from inland revenue taxes since Ist April last amount to £411,700,000, leaving £39,300,000 still to be collected to realise the revised Budget estimate of £451,000,000. Further receipts of £10,100,000 Avill bring the total of income tax and surtax up to the amount estimated to be received in the year. Customs and excise receipts are £9,400,000 up on last year, compared Avith the estimated increase in the Avhole year of £7,600,000. Tho total expenditure has amounted to £807,300,000, Avliich is £24,700,000 less than that, of the corresponding date of last year. The revised Budget contemplated a total reduction in the year cf £16.200,000, but supplementary estimates of £500,000 have since been presented. The floating debt Avas reduced in the week by £10,100,000, and noAV stands at £612,375,000, being £7,000,000 less than at the corresponding date of last year. VICTORY FOR NATION. LONDON, Wednesday. Addressing Ilford Conseiwatlves, Mr Stanley BaldAvin said that the victory achieved in balancing the Budget Avas a victory for the Avhole nation. If the pound sterling had broken six months ago, Avhen Ave Avere borrowing to make ends meet, nothing could have saved the country from a tragedy similar to those suffered by countries AA’liose currencies had collapsed. Foreign money six months ago Avas pouring out of England; now it Avas pouring in. Though the export trade was bad, Ave Avere better off than our competitors. The influx of foreign manufacturers, though exaggerated, Avas a real movement Avhieh should increase trade.

The public need not look for a Cabinet crisis or a premature breakdoAA’n of the National Government, Avliich Avas pretty sound. “We should Avork for the eommonweal without thought of self,” he added.