The Dominion FRIDAY, MAY 23, 1913. THE COUNTRY'S FINANCES.

Dominion, Volume 6, Issue 1757, 23 May 1913, Page 4

The Dominion FRIDAY, MAY 23, 1913.

THE COUNTRY'S FINANCES.

The full returns of revenuo and expenditure for the year ended March 31 last are published in the Gazette issued yesterday, and afford some grounds for congratulation. The revenue reaches the very large total of £11,784,022, and, with the balance brought forward of £807,275. makes the receipts over £12,541,000. Practically all the principal sources of revenue show increases, the most noteworthy being Railw.iys and - Customs revenue, and the receipts from stamp duties and land tax. Later on, when the Minister of Finance deals with the figures in detail it will be interesting to learn whether the prophecies of the Opposition have been realised in respect of the graduated land tax. According to the opponents of the Government the additional graduated tax imposed last year was merely a pretence, and so on, and if the Government can show, as is probably the case, that increas-, eel land tax revenue is partly ac-, counted for by the increase of the graduated tax, they will have made a distinct score and afforded further evidence of their bona fides. The following table gives the actual revenue returns of the Dominion for the past three years: — REVENUE. .. Amount. Year. . iC 1911 10,297,273 1912 11,017,985 1913 11,734,370. The increase in revenue for the year amounts to £686,285. This is a substantial sum, and shows a buoyant linancc. The expenditure, however, has also materially advanced, chiefly on account of working railways and defence. The . total expenditure amounts to £11,082,038. Taking the same term of threo years as in the case of the revenue, the results are as under:—

EXPENDITURE. Amount, Year. £ 1911 9,343,106 1912 10,340,3(58 1913 11,082,038 These figures, however, do not cover tho amount transferred out of revenue from the Cous6lidatcd Fund to uhe Public Works Fund. For, the three years stated these figures were as follow:— REVENUE TRANSFERRED FOR PUBLIC WORKS' PURPOSES. Amount. Year. £ ' 1911 i 800,000 1912 500,000 1913 '. : 750,000 This practice of transferring surplus revenue from the. Consolidated Fund has now been going on for some twenty years, with the exception of the year 1910, when tho position of the finances was such that Sir Joseph Ward had not the funds available to transfer without risk of weakening too seriously the working of tho Consolidated Fund. The balance or surplus at the end of each year for the past ten years was as under:—

SURPLUS. Amount. Year. ' .£ 1904 619,740 1905 .-781,036 190G .■ 788,79-1 1907 717,825 1908 767,819 1909 18-1,321 1910 -132,316 1911 580,483 1912 807,27.1 1913 709,508 On the whole it will be. seen that there are no very remarkable features in the year's financial results. The upward tendency of both revenue and expenditure is marked. The permanent appropriations in v thc way of interest 'charges go on increasing with the increase of the public debt and the - Departmental expenditure, particularly in respect of railways and defence oontinues to show an upward tendency. In the case of the railways, this is only to be expected, although we are not -■ all satisfied thai, the increase here has not been unduly large. With respect to the defenco expenditure, this wants close scrutiny. No one wishes to cramp the heads of tho D? fence authorities unreasonably, but the fact that the country is favourable t-o a strengthening of our System of dcfencc is no reason for overlooking the possibilities of wnsf", and extravagance, and the foelinp. appears to be abroad that there is room for improvement in this re-1 spect.