B.—fi

1920. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Supply, 27th July, 1920) BY THE BIGHT HONOURABLE W, P. MASSEY, P. 0., MINISTER OF FINANCE.

Mr. Malcolm,— I have pleasure in submitting the annual statement showing the financial position of the Dominion as at the 31st March, 1920, also my proposals for meeting the requirements of the current financial year. The total revenues of the Consolidated Fund for the financial year 1919-20 amounted to £26,081,840, whilst the expenditure for the same period totalled ,£23,781,924, the excess of revenue over expenditure thus being £-2,299,416. This result of the year's operations is eminently satisfactory, and furnishes ample evidence of a sound financial position. The effect of the disturbing influences of the war has not been felt so severely in New Zealand as in other countries. There is no lack of employment, trade is generally good, and prices for our staple products are satisfactory. Although sea transport was restricted, the Government succeeded in making arrangements which permitted the export during the year of large quantities of our meat and other produce at remunerative rates, thus enabling the country to meet, without any great inconvenience, the additional taxation necessitated by the war. TREASURY DEPARTMENT. Bevenue. The revenue for the year was estimated at £22,919,165, but the amount collected was £-26,081,340, being £3,162,175 in. excess of the estimate, or .£3,728,968 over the revenue of the previous financial year, as indicated hereunder :—

Revenue for the Year ended 31st March, 1920, compared with the Year ended 31st March, 1919.

i—B. (').

Customs Stamp and death duties Postal and telegraph Land-tax Income-tax Boor duty Railways Registration and other foes Marine Miscellaneous Territorial National-endowment revenue .. Other receipts Yoar ended ! Year ended 31st March, ! 31st March, 1920. 1019. £ £ 4,830,324 3,830,681 3,344,933 2,124,772 2,096,757 1,964,812 1,557,903 1,512,693 6,369,765 6,219,336 355,403 j 273,334 5,766,016 ' 4/75,445 175.756 I 111,993 42,646 35,151 1,204,866 946,669 218.757 202,734 112,840 108,824 5,374 i -15,928 £ 999,643 1,220,161 131,945 45,210 150,429 82,069 790,571 63,763 7,495 258,197 16,023 4,016 Increase. Decrease, £ 40,554 )3,769,522 40,564 40,554 Totals 26,081,340 22,352,372 3,728,968