DOMINION'S FINANCES

Chronicle (Levin), 6 September 1948, Page 3

DOMINION'S FINANCES

Press Assotiation )

Position Satisfactory, Says Mr. Nash 1

(Per

WELLINGTON, Sept. 5. "The general financial position of New Zealand, as revealed by the publie aecounts for the quarter ending June 30, is satisfactory," said the Minister , of Finance, Mr. Nash, tonight. "Revenue has been well maintained whiLe expenditure generally is c'otnphrable with that for' the same '|»eriod of the previous yeaf. ' ' ' * . " The following table" shows that both the revenue and expenditure of the consolidatted fund are in general! fairly closely aligned to eomparable figures for 1947-48," said Mr. Nash. In the following comparison,_ the figure .-f or the three months ended Jnne' 30, 1948, is given first in each instanee, followed by that for three months en«l ed June 30, 1947. CONSOLIDATED FUND. Receipts. Taxation: Customs £4,881,000 (£4,810,000), beer duty £1,028,000 (£879,000), saies tax £2,976,000 (£2,754,000), fllm bire tax 0 £19,000 (£24,000), highways £643,000 (£797,000), stamp and death duties £2,27-5,000 (£2,030,000), -land tax £52,000 (£29,000), income tax £9,813,000 (£8,885,000), national security nil (£738,000), miscellaneous £29,000 (£17,000). • Total taxation: £21,716,000 (£20,963,000. • Interest £990,000 (£1,090,000). Profits from trading undertakings £865,000 (£583,000). Departmental receipts £857,000 (£1,036,000). • Total revenue £24,428,000 (£23,672,000'. ' Expenditure. Permanent appropriations: Debt services £3,730,000 (£4,798,000), other speeial acts £1,374,000 (£722,000). Total permanent appropriations £5,104,000 (£5,520,000). Annual appropriations: Social services £7,406,000 (£6,498,000), armed services £746,000 (£658,000), stabilisation £656,000 (£2,200,000), other votes £4,050,000 (£2,999,000). Total annual appropriations £12,858,000 (£i2,355,OO0). Total expenditure £17,962,000 (£17,875,000). ,Mr. Nash commented .that taxation. reveuue shows a small increase oi £753,000, aceounted for principally by the increase in income tax due, as explained in the Budget, to the late pay ment of the tax in the Wellington -and Hamilton districts through au unavoidable delay in sending out' demands. Other taxation headings show the usual lminor variations wkich occur from year to year. "The expenditure at £17,962,000 is practically the same as last year," add-, ed Mr. Nash. "The permanent appropriations under debt services are lower by about £1,000,000 as it was not necessary to utilise ahy part of the annual coiitribution for debt redemption duriagi^jhe; first quartbr.' Ckratributiqns .to the Government superahiilkifion .fund, previously included in- ^ilife^ annual appropriations And now p'aid as -a permanent appropriation, account fpf Uhe apparent increase in other periiaiient 'ap.propriations. ? "Under the" annual appropriations, the expenditure on social services shows aa inc#eksfi:-di. £908^000 jchiefiy -"through the",. Gove^iihehf^l^^c^plihgf '/resporisibility for a'dM'. aSLoiiiLt in 'respeo.UoL S0^itM/Hba"fd.,subsi^ . - r/!fei^endlfufe irom" tne vote for stabilisation is substantially lower than for the same period' last year due to the

■ fact that a number of subsidy paymeuts have not been brought to account. "The increase of just over £l,000,00f under other votes, includes the highways uiiaintenancei vote whieh, at thifstage laat year,- had' not been transferred to the: consolidated fund and £300,000 principally lands and survey and agriculture. ": '• .Following is a sununary of the social security fund for the quarter, 1948 figures being given first: — Receipts: Social security •charge £7,285,000 (£5,413,000, miscellaneous" receipts £3,000 (£5,000), transfer from cbnsolidated fund £3,000,000 (£3,000,000), totals £10,288,000 (£8,418,000). _ "Paynient-s: Monetary benefits £3,367,000 (£2,740,000), family benefits £2,332,000 (£2,236,000), medical benefits £1,666,000 (£1,289,000), administration expenses and einergeney benefits £204,000 (£138,000), totals £7,569,000 (£6,403,000). Mr. Nash said that, as expeeted, the revenue from the social security eharge showed a snbstantial increase of £1,870,000 for tlie quarter, reflecting to some extent the effects of general wage increases. Expenditure had risen by about £1,100,000 due chiefly to the increase in monetary and medical benefits. Mr. Nash added that no comment was necessary on the war expenses account where the expenditure for the quarter was principally for rehabilitationj amounting to £957,000.