OUR FINANCES.

Press, Volume LIV, Issue 16155, 8 March 1918, Page 7

OUR FINANCES.

SIR JOSEPH WARD'S MONTHLY* STATE3IEXT. (>P.E,S association telegram.) WELLINGTON, March 7. Sir Joseph Ward made a statement this evening concerning the finances of ' 3 the Dominion. "The revenue for the eleven months 111 | ended February 23th,'" he said, "shows an increase in seven departments of i 13.000.115 over the corresponding period of last year. Six departments "0 show decreases of £520,977. leaving a d net increase of £2,575,138. The in'e ereascs are:— £ ■ Stump ar.d death duties .. 45.0G5 Post and telegraph .. .. 120,701 Land tax .. .. .. 670,5-10 0 Income tax .. .. .. 1,937,865 0 tie-r duty .. .. .. 41,501 0 Mificelluticoiis .. .. 205,120 Q Xationul endowment revenue .. 11,522. 0 j -pi . U i l.io ae:rea-C3 are: — () 1 Customn .. .. q J'ailways .. .. 53.209 a iees .. .. 5,722 iraiine .. .. 4.62G " Tcn'itoria! .. .. .. 8,671 O Minor recti?:3 .. .. 10,65G As compared with the twelve months 0 ended February 28th, 1017, the revenue 0 in the corresponding period ended Feb--0 ru j l ry 28t!i, 1918, shows an increase of D £5,797,879. The decreases totalled 0 £-183,931. The increases were:— 0 p Post Rue! telegraph .. .. 112,058 0 Land iax .. .. .. 668,550 Income tax .. .. .. 4,710,9-M - Beer duty .. .. .. 41,193 jVliscellaneoiiß .. .. 250,59S iN'at:onal endowment revenue .. 14,322 Q The decrcasos are:— j 0 £ I 0 Customs .. .. .. 390,467 I i) Stamp and death dutie3 .. 48,5-10 I 3 Railways .. .. .. 14,416 j Registration fees .. .. 5,997 Murino .. .. .. 4,051 Territorial .. .. .. 11,781 J Alinor receipts .. .. 10,637 That shows a net increase of ' £5,313,948. The expenditure for the eleven months ended February 28th, compared with the corresponding neriod of 1917, J shows a net increase of £771,398. One of the chief items of increase is inter- | est and sinking fund £372,988. : . The amount paid for interest and j | sinking fund for the eleven months of j the year is £5,599,1 33. The increases ' m the several departments are: > Railways 208,538 . •• .. .. 102,773 ' lest and telegraph .. .. 46,853 ) Internal affaire ~ .. ~i,198 ) Agriculture .. ~ .. 39.209 ) Financial ~ ~ .. 2-1 SI 2 Juetice .. .. 8.317 ■ Defence ~ .. .. C, 192 .. .. .. 6 ' 6g3 ' Land and surrey ... :i,870 Putjlic buildings .. .. 3,776 . The total increase in the eleven de--1 Pertinents, ,£496,5.36, added to the ( £372,988 increased interest and sinking fund, gives a total increaso of expenditure of £869,524. There were decreases in seven departments amounting to £98,126, which deducted from the £869,524, gives a o jn cre ase in expenditure of i-//1,398. The decreases are:— Under epecial Acts .. 52 700 1 Services not provided for 31',733 Customs «nd marine .. u'io2 ilinos .. .. 2270 Civil list .. .. " Labour .. .. " :Natlve •• .. .. 333 The position of the Public Works Fund from April Ist, 1917, to' Febru- < ary 28th, 1918, shows an expenditure under appropriations of £852/286, and there is a total of Ways atul Means, as at February 28th, of £287,962 to carry on Public Works expenditure until June 30th next. . J here have been decreases in expon- 2 diturc in all branches of the Public ] Works Department excepting three. The decrease amounts to £250,302, and 1 the increaso to £25,288, leavin" a net decrease of £225,014. The expenditure shows decreases as follows: £ Railways .. ~ ~ 117,822 Roads and bridges .. ~ £8,249 t Departmental ~ 11,030 Public buildings .. ~ 10,321 Contingent deience .. .. T Irrigation and water supply ~ 5,314 1 Plant, material, and stores .. 4,919 Development of mining .. 4,319 Lighthouse!?, harbour works .. 1,005 Immigration .. .. 2,342 Miscellaneous .. ~ 993 The increases are:— £ j, Toumt and health resorts .. 43f) Telegraph extension .. .. 21,735 Tho latter item, in reality, is not ian increase, ai tno amounts for ox- v penditure unacr this head. were pre- p viously provided ior under separate account. The lull amount of ineomo had not been brought to bear on February 0 consequently at tho ond of tho year a still further increase from this source of revenue may bo expected. A good idea of the operation of both the land tax and the income tax revenue can be gathered from a comparison mado between the 12 months ended February 28th, 1918, and the similar period of tho previous year. The_ total increase for the period is £7,583.£50. Comparisons tor cither of the periods shows a larger amount than has previously been produced in the history of the Dominion from these tl two sources of revenue. The in- b, creases which I have given in connexion with the departments gives an indication of what the finance of the c country during tho war period is— that is, in connexion with ordinary revenue and expenditure, excepting j tho Public Works Department. It shows clearly that there has been careful administration of Public Works expenditure, which has been essential, and valuable work in helping the country _ to finance war requirements, as obviously tho less money that is drawn from the public by that Department, tho greater is the amount that will ba available for assisting war loans, which Q< are imperative for the purpose, of en- ai ablinjr the country to do its part in helping to win the war.

Thero is still another month of the present financial year to elapse, but I am warranted in saying now that the genernl position of the revenue at the end of this year will be so satisfactory that no further increased taxation will bo necessary during the year 19181919. That, I feel sure, considering tho enormous obligations that war expenditure involves, will bo very gratifying to the people who are contributing money for war purposes, and for the general services of the country. As Minister of Finance, I feel veiy hr.ppy that this is so.