DOMINION FINANCE

Wairarapa Daily Times, 15 April 1935, Page 5

DOMINION FINANCE

SURPLUS FOR YEAR. ONE AND HALF MILLIONS. y AUCKLAND, Saturday. The Minister of Finance (the Rt. I-lon. J. G. Coates) sailed for London by the Rangitanc to-day, accompanied by his wife, Miss H. D. Montague (persecretary), and Mr P. D. N. Yer*fefcbaffelt (Public Service Commissioner). In a statement, Mr Coates said it was clear from the incomplete public accounts that there would be a surplus of approximately £1,500,000 fqr the past

financial year. This was very satisfactory, he said, but it should be understood that it was clue mainly to windfalls, for instance, death duties, which were above the average, and profits from the sale of gold. Apart from these, the revenue and expenditure did not appear to have varied much Lpom the Budget estimates. “I may add that the surplus has been automatically applied to redeeming debts representing a portion of the .accumulated deficits carried forward from the years 1931-32 and 193334, amounting to approximately £2,500,000. As a result of this surplus, the accumulated deficits have been reduced to £1,000,000, which amount remains to be made good out of future surpluses.”—