B — 6

1927. NEW ZEALAND.

FINANCIAL STATEMENT. (In Committee of Supply, 2nd August, 1927.) BY THE HON. W. DOWNIE STEWART, MINISTER OF FINANCE.

Me. Hockly,— I will commence my review of the public finances of the last financial year by explaining to honourable members the transactions in the Ordinary Revenue Account of the Consolidated Fund, which constitutes our public revenue and expenditure account. Complete details of the transactions are fully set out in parliamentary papers 8.-l, Parts I and II ; but many find the accounts too complex, and others arrive at conclusions that are more or less erroneous. It should be stated here that the accounts must be set out as required by law, and, though it sounds paradoxical, the difficulty of comparing the accounts of recent years is the result of various enactments passed for the purpose of increasing parliamentary control and of introducing commercial methods into business Departments. REVENUE. The revenue for the year amounted to £24,943,107, representing an increase of £217,345 over the amount received during the previous financial year. Of the total revenue received last year £16,904,687 was derived from taxation, and the remaining balance of £8,038,420 from interest receipts, sundry revenues and recoveries from different State activities. Of the proceeds of taxation 48 per cent, came from direct taxation (land and income tax and stamp duties) and the remaining 52 per cent, from Customs and beer duties. The receipts from direct taxation show relatively little variation, there being an increase of £19,148 in stamp and death duties, £53,700 in income-tax, and a decrease of £37,592 in land-tax. Under indirect taxation we find a decrease in both headings —viz., Customs £131,302, beer duty £7,745. Among other items the following increases may be noted : Postal and telegraph receipts, £148,823 ; interest on railways capital liability, £130,122 ; and departmental receipts, £57,491. Including an amount of £142,475 of tire-tax credited direct to Main Highways Account, the total Customs receipts amounted to £8,395,050. This amount was derived from duty on the following classes of imports : — V Spirits .. .. .. .. .. 1,1.90,991 Tobacco, cigars, cigarettes .. .. . . 1,393,909 Apparel and textiles .. .. .. .. 1,707,385 Motor-vehicles, tires, and parts .. .. .. 1,079,076 Other goods .. .. .. .. .. 2,570,924 Primagef .. .. .. .. .. 452,765 Total.. ... .. :. .. £8,395,050

Revenue.

Taxation receipts.

Customs.

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