8.—6.

Stamp and death duties revenue.

The remaining large item of taxation, stamp and death duties, is expected to yield £368,000 more than was received last year. Death duties may return a somewhat greater sum this year, and the indications are that duty on instruments, impressed stamps, racing revenue, and amusement-tax will all contribute to the increase in revenue. ls - The estimate for receipts from interest is £200,000 below the amount received last year, mainly due to the fact that an anticipated increase in railway revenue will be more than offset by the cost of restoring the salaries and wages to the 1931 level and reducing the working-hours of the staff. Consequently it is estimated that interest payable to the Consolidated Fund by the Railways will this year be lower by £151,000. " Other Receipts " for this year are expected to be £635,000 in excess of the amount received under this heading last year. This is mostly due to the fact that the estimates allow for the transfer to the Consolidated Fund of £575,000, profits on the change over to our own silver coin. The net result of all the items reviewed is an estimated revenue of £31,067,000, which is £4,894,633 more than was received during last financial year. The estimates of revenue are as follows:— Taxation— £ £ Customs . . . . . . . . 9,100,000 Beer duty . . . . . . . . 770,000 Sales tax . . . . . . . . 2,900,000 Film-hire tax . . . . . . . . 70,000 Gold export duty .. . . . . . . 110,000 Highways . . . . . . . . 2,512,000 Stamp and death duties . . . . . . 3,210,000 Land-tax . . . . . . . . 1,300,000 Income-tax . . . . . . . . 6,000,000 Miscellaneous . . . . .. . , 45,000 Total taxation .. .. .. .. . . 26,017,000 Interest receipts . . . . . . . . . . 2,520,000 Other receipts . . . . . . . . . . 2,530,000 £31,067,000 The Budget estimate of expenditure may be summarized as follows:— £ £ Debt services . . . . . . . . . . 9,259,000 Exchange . . . . . . . . . . 1,455,000 Transfer of highways revenue . . . . . . 2,512,000 Other Permanent Appropriations . . . . 618,000 Annual votes — Social services . . . . . . . . 10,302,000 Other votes . . . . . . . . 6,658,000 Total, Main Estimates . . . . . . . . . . 30,804,000 Cost of reducing working-hours in various State Services . . . . . . . . . . . . 150,000 Other Supplementary Estimates .. . . . . 100,000 Total estimated expenditure . . . . £31,054,000 It will be observed that these figures provide for a small surplus of £13,000 as a margin against contingencies. I have given some details of the Government's procedure and legislation and the financial position of the Dominion. May I, in conclusion, recite the eleven final paragraphs of the policy which the Government placed before the electors with a statement of achievement after eight months of office.

Interest receipts

Other receipts.

Summary of revenue.

Summary of expenditure.

Budget surplus.

Policy fulfilled.

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