DEFICIT OF £1,639,000.

Waikato Times, Volume 109, Issue 18342, 30 May 1931, Page 8

DEFICIT OF £1,639,000.

DOMINION’S FINANCES. STATEMENT BY PRIME MINISTER. HEAVY DECLINE IN REVENUE. (By Telegraph.—Press Association.) WELLINGTON, Saturday. The returns for the last financial year are published in a supplementary gazette to-day. Commenting on the final figures, Hon. G; W. Forbes said it was seen that the revenue for'the year amounted to £23,068,931, approximately £2,500,000 less than was estimated in last year’s budget. The principal items concerned in the shortage were:— Customs . .. [..! .. £825,000 Railway interest .. .. £695,000 Stamp and death duties . £390,000 Expenditure chargeable to the year's revenue amounted to £24,708,042, made up as follows: —■ Perman’t appropriations £17,035,864 Departmental votes .. £7,672,178 Total .. .. £24,708,042 This is approximately £290,000 less than the budget estimates, and in view of the fact that these estimates were most carefully pruned when the budget was being prepared, this result is satisfactory and indicates the efforts made by the Government to keep expenditure down to a minimum. ' The result for the year is a deficit of £i;639,000. The transactions for the year will be fully analysed in the budget, which will be presented to Parliament during the coming session, but it will be seen from the figures that the deficit arises from a heavy decline in revenue, which for most part occurred during the last quarter of the year when it was too late to recast the budget or take any adequate steps to meet the position. The basic cause Is, of course, the world-wide fall in prices.