8.—6.

SUMMARY OF POSITION. To sum up the whole position, the estimates of revenue are as follows: — Taxation— £ £ Customs .. .. . . . . 7,900,000 Beer duty . . . . . . . . 675,000 Sales tax . . . . . . . . 2,475,000 Film-hire tax . . . . . . . . 55,000 Gold export duty. . . . . . . . 100,000 Highways . . . . . . . . 2,040,000 Stamp and death duties . . .. . . 2,710,000 Land-tax . . . . . . .. 470,000 Income-tax .. . . .. . . 4,250,000 Miscellaneous . . . . . . . . 45,000 Total taxation . . . . . . . . . . 20,720,000 Interest receipts . . . . . . . . . . 2,734,000 Other receipts .. . . . . .. . . 2,408,000 £25,862,000 Less reductions in Railway Interest on account of increase in salaries . . . . . . . . 120,000 £25,742,000 The Budget estimate of expenditure may be summarized as follows:— £ £ Debt services . . . . . . . . 9,441,000 Exchange . . . . . . . . . . 1,636,000 Transfer of highways revenue. . . . . . 2,041,000 Other Permanent Appropriations . . . . 633,000 Annual votes— Social services . . . . . . . . 7,295,000 Other votes .. .. . . . . 4,165,000 Total, Main Estimates .. . . . . . . 25,211,000 7-J per cent, increase in salaries and wages . . . . 180,000 Full restoration of old-age pensions . , . . . . 63,000 7\ per cent, increase in other pensions . . . . . . 32,000 Extension of pension rights for returned soldiers' widows 12,500 War Veterans allowances . . . . . . . . 30,000 Other Supplementary Estimates . . . . . . 200,000 £25,728,500 On this basis there will remain a small balance of £13,500 to provide for contingencies. I may say that the Government is not unmindful of the fact that the burden of taxation is heayy, and it is regretted that there was not sufficient scope in the Budget to make further reductions this year, having regard to the prior claims of the Public Service for restoration of cuts in salaries and wages. However, with the increasing j)rogress now being made towards economic recovery, a substantial reduction in taxation should not be long delayed. Looking back over the last few years, I consider the Government can justly claim to have piloted the Dominion successfully through the worst economic storm in its history. A considerable measure of success has been achieved in bridging the gap between costs and income in our basic industries, and, with the readjustment of liabilities already provided for by statute and the heartening rise in prices now apparent, there should soon be an improvement in farming profits. This will be reflected in a general improvement in trade and industry. Prospects are definitely good. In the sphere of public finance, not only has Budget stability been restored but we have come through the depression without any legacy of accumulated floating debt. Unemployment funds have been provided out of revenue and the public debt is less now than it was three years ago. Thus the financial record of the Dominion through the depression compares favourably with that of any other country.

Summary of revenue.

Summary of expenditure.

Budget surplus.

Conclusion.

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