8.—6.

The addition thus made to salaries, wages, and pensions will undoubtedly go into immediate circulation, and, in conjunction with the reductions to be made in unemployment and Customs taxation and the expansion of building operations, should give a decided fillip to business. In saying this, lam counting on not only the direct benefit, but also the psychological reactions throughout the Dominion. Given a little more confidence and the freer spending that would follow, the volume of business during the coming Christmas season would completely eclipse that for last year, and generally do much to increase employment and bring about an all-round improvement. .SUMMARY OF POSITION. To sum up the whole position the estimates of revenue are as follows:— Taxation— £ £ Customs .. .. .. 7,600,000 Beer duty .. .. .. 625,000 Sales tax .. .. .. 2,150,000 Film-hire tax .. .. .. 45 ; 000 Grold-export duty .. .. 120,000 Highways .. .. 1,860'000 Stamp and death duties . . . . 2,730,000 Land-tax .. .. .. 480'000 Income-tax .. .. .. 3,650,000 Miscellaneous .. . . .. 45 ; 000 Total taxation. . .. .. .. ..19,305,000 Interest receipts 2,885,000 Other receipts. . 1,762,000 From reserves. . .. .. .. _ 300,000 £24,252,000 The Budget estimates of expenditure may be summarized as follows : —- £ £ Debt services .. " q 777 000 Exchange " i^OOO Transfer of highways revenue . . 1,362,000 Other permanent appropriations .. 409,000 Annual votes— Social services .. .. .. 6,961,000 Other votes .. .. .. 3'791^000 Total, main estimates . . . . . . 23 605 000 Additional superannuation subsidies .. .. 200,000 Five-per-cent. increase in salaries and wages . . 205,000 Five-per-cent. increase in old-age pensions .. 34,000 Other supplementary estimates .. 200',000 £24,244,000 On this_ basis the financial year will close with a small surplus of £8,000. If 1 my expectations are fulfilled, and I am confident they will be, the result will doubtless give general satisfaction throughout the Dominion. Finally, I may say that if the present steady improvement in conditions generally continues, I should next year be able to make further reductions in taxation. But if this is to be possible, expenditure must be held in check, and accordingly I trust the fact that the Budget has been balanced will not be taken as an encouragement to press the Government for additional expenditure in various directions.

) Business recovery.

Summary of revenue.

Summary of expendituie.

Budget surplus.

15