REVENUE RETURNS.

Dominion, Volume 2, Issue 555, 9 July 1909, Page 6

REVENUE RETURNS.

ViTHE. revenuo returns for tho June'quarter haiye been made public by the Acting-' Financo.Minister, tho.HoN.. J. : A. Millar.. . They show an increase, as compared, with .the .corresponding, quarter', of 1908, of £34,678. Thi3 position./'in , view-of tho financial stringency which has affected the country,''thd Minister' regards as. satisfactpry.;;He may becoriect in this.view, but he has hot given the country an opportunity of judging. ,'Hfl has , not, published the 'expenditure for the quarter, and until that is made known-it.is a little premature !to begin congratulating ourselves, ilt ij only, the-very foolish person or. the wilfully dishonost who judged the position.' ' by, the records on one side of the balance- < sheet,''.•and wo -find; it difficult toundcr- . stand , why' Ministers.-will persist in the practice of \ first presenting. to' the public .only;one sidd of.the ledger. ;.Wo'had expected something better' from Mn,. Millar; . Of. cpu.rso, the expenditure side must ovontualTybo published, but; "until tho whole'bf the figures are •made known."it is.-, of little use attempting to estimat'e the position. Mn. Millah, for. instance, commenta on ; the increase of railways rovenuo for the quarter from £660,293/ to £752,631 —an increase;of £92,338. 'This is> notable increase, but it cannot be taken asindii eating any improvement in the management of the railways,, or even in the aver-age-earning power of the railways. It must' be -borno in mind, arid, Mr. Millar admits this much, that tho , Manawatu Railway hasbeon added to tho railways system of the country sinco June last; and' against the increased earnings from this, added section of railway must, be debited the additional cost of forking and interest on the capital expenditure ihweon. How much will these,total up against theincreased earnings from the;whole system of £92,338?. Moreover,,the North,lsland Main'.'Trunk; Railway.had-not been completed in June of last-year. . How much has it added to tho earnings of itho railways for the past quarter; and whatarc , the additions it has'inade to; the oxperidi-. ture side? Wo mention these matters.not with a view to discounting the financial resources .of the country, but to show, the unwisdom of forming llasty conclusions based on the returns 6n one side of the' ledger only. Until the-expCTiditn'ro for the quarter, is disclosed tho public should reserve its opinion. Mn. Millak appears to be under &■ misapprehension as to tho lose-in' , .rovenuo from the Customs. The amended Customs duties came into operation before the June quarter of 1908, and it is quite erroneous, therefore; to .attribute the falling-qff in Customs revenue for the June quarter just ended, as compared with the previous corresponding' quarter, to Customs concessions: Ministers' have got so into the habit of talking of these concessions that they have forgotten when they really camo into force, and-.so go on putting thorn forward as a reason for a falling revenuo when they cannot be longer legitimately used for that purpoM. It may iatoreet our road-

ers to noto the rovenuo for tho Juni quarter of tho past four yoare. Tho fig ures follow:— Increase Juno Quarter. . £ ; £ 190 C ... 1,5/59,871 ... — ■ ' 1907 ... 1,783,020 '... 225,155 1908 ... 1,791,919 ... 0,893 ' 1909 ... 1,820,097 ... 34,678 We must reserve our opinion on the finan cial rosults of tho past quarter until thi full figures—revenuo and experjditurcare available. Our reprcsentativo applice to Mr. Maun for these yesterday, bu the Acting-Finance Minister oithcri'couh not or Svould not supply them'.*Their pub lication, however, may be looked for somi timo during tho present month,' and ,v is perhaps superfluous to add that fchcj will, bo awaited with exceptional interest