PUBLIC REVENUE

Ashburton Guardian, Volume 57, Issue 252, 5 August 1937, Page 6

PUBLIC REVENUE

A SUBSTANTIAL INCREASE. DETAILS FOR JUNE QUARTER. REVIEW BY THE MINISTER. (Per Press Association.) WELLINGTON, August 4. A substantial increase in the Stale revenue for the first quarter of this financial year is shown in the audited public accounts. The revenue totalled £6,716,000, representing an increase of £1,193,000 compared with the same period of last year. There was an expansion under all headings, but was particularly marked in respect of Customs revenue. “I am pleased to be able to 9ay that the position is entirely satisfactory,” said ■•the Acting-Minister of Finance (the Hon. P. Fraser), who mentioned that the audit bad just been completed, and would be added as a supplement to Thursday’s Gazette. The revenue under the principal headings for the quarter ended June 30, with the figures for the corresponding period of the previous year, are as follow:

An increase of £1,193,000 on last year. Mr Fraser said the increased revenue received under all headings of taxation, particularly Customs, augured well for the public finances during the ensuing year. With regard to the highways revenue, where there was a comparative increase of £244,000 indicated, it wa9 explained that apart from the charge to cover the expenses of collection the whole amount is paid over periodically to the Main Highways Account, and to boroughs. However, allowing for this self-balancing item, it was clear the revenue was substantially in excess of that received during the same quarter of last financial year. The variation with regard to interest and other receipts called for no special comment. to expenditure, the Minister stated that the tojjal for the quarter was £5,948,000, compared with £5,860,000 for the June quarter of 1936. Following are the figures for 1937, compared with 1936.

“The net result as shown by the above statistics is an increase, compared with last year of £BB,OOO on the quarter’s 'expenditure. However, this is not strictly comparable, especially in respect of debt services, which is due to an alteration in the date of certain overseas interest payments, while in regard to highways as already explained this item is practically sellbalancing. “Even allowing for accounting fluctuations, however, it is clear,” the Minister added, “that there has been a substantial comparative increase in the annual votes, particularly under the heading of social services. This was, of course, anticipated, as the full cost of increased pensions, salaries and wages which became operative since the latter part of last year, is now being reflected in the accounts.” i The Minister concluded by expressing satisfaction at the position, as indicated by the quarter’s accounts, and drew attention to the practical manner in which the general improvement throughout the Dominion was reflected in the savings of the public. Thus the excess deposits over withdrawals of the post office savings bank for the last quarter amounted to £1,415,000, compared with £858,600 for the same quarter last year, while at the end of June, 1937, the total amount at the credit of depositors was £59,471,000 compared with £53,774,000 at the previous June 30.

Taxation. 1937. 1936. £ £ Customs 2,500,000 2,184,000 Beer duty 212,000 176,000 Sales tax 887,000 709,000 Highways 888,000 644,000 Stamp and death duties 881,000 785,000 Other taxation 399,000 271,000 Total 5,697,000 4,769,000 Interest 431,000 496,000 Other receipts ... 589,000 259,000 Total revenue 6,717,000 5,524,000

Permanent Appropriations. 1937. 1936. £ £ Debt services .... 1,554,000 2,010,000 Highways 436,000 645,000 Exchange 359,000 595,000 Other services ... 189,000 181,000 Total 2,538,000 3,431,000 Annual Appropriations. 1937. 1936. £ £ Social Services .. 2,132,000 1,591,000 Other votes 1,278,000 838,000 Total expenditure 5,948,000 5,860,000