REVENUE & EXPENDITURE.

Dominion, Volume 6, Issue 1822, 7 August 1913, Page 5

REVENUE & EXPENDITURE.

ESTIMATES FOR 1913-14. CONSOLIDATED FUND TRANSFERS. It is estimated, that the revenue for 1913-14 wiU ha .£11,759,602, made up as follows:— £ Customs 3,250,000 Railways 4,200,009 Stfimps 1,000,009 Post and Telegraph 1,230,090 Land tax 750,000 Income tax 470,000 Beer .duly .\... 124,000 Registration 92,000 Marine 51,200 Miscellaneous 300,009 National endowment revenue ... 72,402 Territorial revenue 100,090 Authority was obtained in tho Appropriation Act of 1912 for payment out of tho Consolidated Fund of tho losses made in connection with tho business of the Advances to Local Authorities Branch of the State Advances OSice and previously referred to. As tho amount was not paid over during the year, I propose to transfer a similar sum from the balauce remaining: in the Consolidated Fund at March 31 Inst. The balance in the Consolidated Fund at March 31, 1913, was ,£709,508, and it is proposed to deal with this as follows: • £ Transfer to tho Public "Works Fund 675,000 Transfer to Advances to Local Authorities Branch, being loss in- - curred in 1910-11 and 1911-12 ... 22.557 Total G97.557 The position of the Consolidated Fund for the current year-may thus be summarised :— £ Balance after transfer to Public . Works Fund and to Advances to Local Authorities Branch 11,951 Estimated revenue 11.-789.602 11,801,553 Estimated expenditure 11,679,674 i Balance available for supplementary estimates ; 121,879 LOAN FOR PUBLIC WORKS. X 1,750,000 TO BE RAISED. I have shown that at tho beginning of tho current year a sum of X1,G21,515, less .£219,776 for redemption of debentures, was available for public works, oiud to this must bo added .£675,000, the contribution from the Consolidated Fund. I havo also shown that at the samo ,dato titers wore liabilities to tho extent of .£073,933. From these figures it is obvious that the Public Works Fund will require (o bo'replenished during the current financial year, and I propose to ask Parliament to authorise a loan of X 1,750,000 to be raised in London. Last year I considered it my duty to call the attention of honourable members, and of the people of this country, to the necessity for more self-reliance. Tho huge demands for public works and State aid have made it necessary for Go\> ernments of late years to raise much larger loans annually than was the custom some years ago. These demands up to lost year were to a considerable, extent supplied from, our own resources, but the activity in trade and the high interest obtainable have, for the time being, tapped the local available . capital. I am not saying that this' use of our own resources in aid of the rapid devel-

opment which is going on is an evil, but i it-lias curtailed -the power of tho Government to borrow locally, and this fact, coupltd with the heavy liabilities and commitments left to the Government on Inking o.'Bi'o, rendered it necessary to rely to a considerable extent on loans secured in Ijondon. . During the next eighteen months, in addition to the ordinary requirements for Iho year, short-dated loans amounting to ovrr .£8,1X10,000 must bo repaid, and to do this an equivalent amount will have to bo borrowed in London. It seems to me that both sides of the House, should assist in inculcating into the minds of..our people, especially at a time like tho nrespuf, the virtue of self-reliance. Tho Government has determined on a policy of progressive development of the Dominion's resources, and will not. fail to make provision for the necessities of settlers, workers, Iccal authorities, and public works generally; but even Loudon, with the increasingly heavy demands for loans from so many wotild-bo borrowers, must not l>e looked upon as a source of supply without, limitations, and too great a reliance on London may prove unsatisfactory. Tho improved condition of the Dominion's finances during tho time the Government has been in office is strikingly indicated by the table I have already read showing tho improvement in tho general 'financial position since tho Governmenttook office. It 'is the duty of the Government, and may I not add, of members of Parliament, whatever may be their politics, to assist to maintain and even to better this improved condition. Tho record of laud-settlement during the year has been exceptionally good. The Government holies to add to this good record bv increasing tho opportunities for close settlement, and by attracting tho worker to make his home in the 'healthy surroundings of country lifo where work is available for him, amd where, if hp uses his opportunities, he can undoubtedly better his position, and to a large latent gratify his ambition. By such means the productiveness of New Zealand will he increased-, the happiness of our people will be fostered, and the prosperity of this country will be asfcurcd.