NEW ZEALAND FINANCES.

Waikato Times, Volume 105, Issue 17786, 10 August 1929, Page 8

NEW ZEALAND FINANCES.

THE LATEST FIGURES. REVENUE AND EXPENDITURE. WELLINGTON, Friday. An increase of nearly £500,000 in revenue and a greater increase in expenditure are shown by the ordinary revenue account of the Consolidated Fund for the quarter ended June 30, an abstract of which was published in a supplementary Gazette this evening.

Following is a summary of the revenue and expenditure in comparison with those for the June quarter of last year:—

The greater part of expenditure under permanent appropriations, that is, with statutory authority not requiring reference to Parliament, is in respect of the public debt. The net charge for interest was £2,799,242, as against £2,832,406 last year. Provision under the Imperial funded debt was £200,180, an increase of £9693. In addition £462,400 was transferred to the repayment of public debt account. No appropriation in this respect was made in the corresponding period of last year; in fact, none was made until the third quarter, when £IOO,OOO was transferred, the balance of £946,928 being appropriated in the last quarter. Nevertheless, by the end of tho financial year the commissioners had utilised almost the whole amount in the purchase of £1,046,000 of stock for cancellation, including £502,500 of the 4 per cent, consols due for repayment on November' d. Payments of pensions amounted to £449,161, an increase of £19,565. The railways subsidy was £110,670, a reduction of £3093. Transfers of motor taxation to the main highways account and (o local authorities amounted to £299,368, an increase of £91,563.

COMMENT BY PREMIER. WELLINGTON, Friday. Commenting on the public accounts, the Minister of Finance, Sir Joseph Ward, states that the figures of the first quarter are of little significance from a comparative point of view as they are subject to considerable fluctuation from year to year for various reasons. Referring to the increase in revenue of approximately £498,000, he said receipts from customs show an increase of about £280,000, but considerably more improvement will have to be shown during the next three quarters of the year if the Budget estimate is to he reached. Revenue from petrol tax, tyre tax, etc., earmarked for highways, shows £124,000 increase and stamps and death duties an increase of £112,000. Practically the whole of the increase in expenditure was under the heading of permanent appropriations, but the comparison is of little value, owing to changes in the dales of large payments for interest affected by conversion operations and for debt repayments made earlier this year. Expenditure under annual votes, which is more comparable, showed a small increase of £20,280, thus indicating that there is little variation in departmental expenditure as compared with the first quarter of last year.

1928 1929 Increase £ £ £ Revenue 4,167,937 4,665,928 6,320,542 497,991 Expend. 5,722,835 597,7117 Excess £1,554,898 £1,654,614 £99,716 Following are details of the princlpal items of revenue:— £ £ 1928 1029 Customs Beer duty 1,633,960 147,010 417,869 855,809 1,917,667 145,431 542,086 967,556 Death duties, etc .. Land tax Income tax 51,647 61,161 39,537 32,628 71,417 58,806 Various fees Marine '22,648 24,954 Interest on— Public moneys .. 217,425 231,731 Public debt rund 126,31 1 114,245 Railway capital .. 364,304 380,000 Post Office capital 72,000 72,000 Tourist resorts .... 12,1 10 11,931 Territorial 39,773 22,809 Department, receipts 81,426 31,844