NEW ZEALAND FINANCE.

Waikato Times, Volume 97, Issue 15981, 8 May 1924, Page 2

NEW ZEALAND FINANCE.

REPLY TO MR MASSEY. yy Telegraph.—Press Association. CHRISTCHURCH, Wednesday. The Canterbury Labo-ur members, replying to Mr Massey’s comments on their recent letter, say:—“ The revenue for the first ten months was Weil ahead of last year, and the ex- > peuditure lower. If this was maintained during the last two months the surplus would be in the region of £3,000,000 as alleged. We arc Anxious to. sec if there was some extraordinary expenditure in the last two months and whether capital expenditure such as the repayment of loans other than treasury bills, has been met out of revenues. Up to 1921 the Government statistician used to publish month by month the consolidated fund figures, showing the actual amount entered in the treasury books. Since 1922, however, the practice has been to withhold the figures for January, February and March until the surplus is declared. It is this recent innovation which we complain about. We arc interested to learn from you when the law 7 compels the publication of the figures, but we still see no reason why facts which were available in past years should now be withheld until the law compels publication.” MR MASSEY’S REJOINDER. FOLLOWED USUAL PRACTICE. WELLINGTON, Wednesday. A reply has been sent by the Prime Minister to the telegram from the Christchurch Labour members. He says their estimate of the revenue and expenditure for the last two months of the financial year was evidently Seriously in error, as the quarterly accounts when published will reveal. ‘‘You are aware, of course,” says Mr Massey, “that the revenue ancl the expenditure for the last two months are by comparison with the preceding 10 months, nearly always abnormal, and calculations must be made accordingly.’’ As to the suggestion that there may have been some extraordinary expenditure during the last tw ? o months, and that capital expenditure, such as repayment of loans, has been met out of, revenue, Mr Massey says that as a matter of fact, the repayment of loans has nothing to do with the surplus in connection with ordinary revenue and expenditure, which latter comprises . permanent charges and departmental appropriations. Finally, Mr Massey explains that the monthly figures from the Consolidated Fund have not been published in the Abstract of Statistics since the beginning of 1922, because of the frequent misunderstandings which arose out of the difficulty in reconciling deDartmental monthly figures with the Treasury accounts for the same c-eriods. The accounts for the last quarter of the year will be published not later than a week from now, which will be in strict compliance with the provisions of the Public Revenues Act.