PUBLIC ACCOUNTS

Press, Volume LXIII, Issue 19143, 28 October 1927, Page 8

PUBLIC ACCOUNTS

SIX MONTHS' SUMMARY. EXPENDITURE EXCEEDS REVENUE. 'PRESS ASSOCIATION TELEGRAM.: WELLINGTON, October 27. Public account; for the quarter ended September 30th. 1927. appeared in a special Gazette this week, and the Minister for Finance has made the following summary of the position for the first six month? of the current financial year:--Revenue. Ths amount received for the six months amounts to £10,026,ti90, as compared with £9.801,547 for the corresponding period last year, an increase of £525,146. The principal increased are: Customs .. ■• •• :ioS^° Stamp and death duties .. -101,784 Income-tax • • 20,047 Inte-est on public moneys .. 33,191 Interest on railway capital liability . - •■ 44,489 Interest on Public Debt Redemption Fund .. 116,202 The increase in Customs receipts is due principally to the recent heavy withdrawals from bond, and will probably be off-set later in the year by a decrease in the returns from this source. The increase in interest, on the Public Debt Redemption Fund is largely nominal, being due chiefly to the fact that payments have been received from the Public Trustee earlier this year than last year. The principal decreases are:— Postal and Telegraphs .. 72,246 Land-tax .. •• 21,400 Recoveries on account, of expenditure of previous years .. •• 36,397 Expenditure. The expenditure for the six months was:—

Permanent appropriations 6,336,020 Annual appropriations .. 4,606,639 Total .. .. £10,942,659 As compared with: £ Permanent appropriations 0,683,615 Annual appropriations .. 4,600,385 Total .. .. £11,284,000 for the corresponding period of last year, a decrease of £341,341, made up as follows: — £ Permanent appropriations 347,595* Annual appropriations .. 6,2541 *Decrease. tlncrease. The expenditure undbr permanent appropriations shows a decrease of £347,595, but the decrease of £390,000 in payments under the Repayment of Public Debt, Act, 1925, is purely nominal, being accounted for by the fact that no transfers have been made so far this year. Tho increase of £42,489 under special Acts is traceable principally to the following items:— Subsidy to Railway Department for losses on branch lines and isolated sections .. 51,000 Subsidy to National Provident Fund .. .. .. 14,000 Old age pensions .. .. 10,000 These increases are off-set to a certain extent by the fact that no transfer has been made this year to advances to other Government accounts in terms of Section 13 of the Finance Act, 192122, as against £30,000 transferred during last year. Interest and Sinking Fund shows no notable variation from 1926-27. Expenditure under annua) appropriations for the six months shows very little' alteration from that of last year, there being a slight increase of £6254 in the total. The principal increases are;— £ Prime Minister's Department 10,407 Post and Telegraph working expensctf .. .. 41,322 Maintenance and repairs to roads .. .. .. 18,228 Defence Department .. 14,135 Department of Agriculture .. 17,683 Department of Education .. 23,067 Department of Scientific and Industrial Research .. 10,804 Unauthorised services not provided for .. .. 1.1,292 The principal, decreases are:— Legislative Departments .. 26,115 Printing and Stationery Department .. .. .. 14,391 Naval defence .. .. 73,390 Marine Department .. 10,390