OUR FINANCES

Dominion, Volume 8, Issue 2378, 6 February 1915, Page 8

OUR FINANCES

FIGURES FOR TEN MONTHS INCREASE IN REVENUE WAR EXPENSE ACCOUNT (By -Telegraph .—Press Association.) Dunedin, February 5. The Hon. J. Allen, Minister of Finance, has received from the Treasury Department dotails of the revenue and expenditure for January and for tho ten months of the current financial year. Tho revenue returns for ten months ended January 31 amount to £9,854,325, including a balance on April 1, 1914, of £426,905. The expenditure amounts to £9,832,132, including the transfer to Public Works Fund of £25,000. There was, therefore, a balance on January 31 in favour of receipts of £22,193. Public Works Fund. In the Publio Works Fund the total receipts to January 31 amount to £2,411,089, including tho balance brought forward from April 1, 1914, of £1,178,584. The expenditure amounted to £1,766,207, including charges and expenses with regard to loans, of £35,179. The balanoe ' available on January 31 for public works was £6-14,881. "In addition," said Mr. 'Allen, "there is the bulk of the publio works loan authorised' last year, which' has not been touched yet. It will be seen, therefore, that great care has been taken to conserve the Publio Works Fund, and that considering the position with tho war in progress, public works are in a satisfactory position." The Consolidated Fund. "With regard to the Consolidated Fund I had anticipated a decrease in Customs, and I am sorry to say it shows itself in tho January Customs returns. Tho Customs decrease for January as compared with January of last year, is £108,069, but I do not thilik that represents the position accurately, because in all probability last year there was a very largo amount of Customs duties received owing to tho recovery of trade after the strike. However, notwithstanding that drop in Customs, the total revenue from all sources for the ten months ended January 31 shows an increase of £240,051, and this despite the decrease in Customs for the-, ten months of £136,829. I estimated that Customs revenue would be less than for the previous year, but I am hopeful yet that the estimate may be reached. The increase in revenue for the ten months on railways is £131,885, and. I have no reason to doubt that our estimated increase will be reached. "In stamps there is an increase of '£34,000 on last year, and I believe our estimate for the year will be-exceeded." Post and Telegraphs shows 'an increase of £57,242'; Income Tax an increase of £30,879, and. Land Tax an increase of £24,117. In fact, there has been an increase in every item except Customs, Marine, and other receipts. "Marine shows' a drop of £1330, and other receipts a drop of £533. "Under all tho circumstances, the increase in revenue, amounting, as I have said, to £240,051, must bo considered highly satisfactory."

War Expenses Acoount. Continuing, the Hon. Mr. Allen said tho position of tho war expenses account at January 31 was as follows:— ■ Reoeipts. £ . Treasury bills' 1,700,000 Contributions, etc 197,449 Total 1,897,449 The expenditure up to January 31 amounted to £903,424 leaving a balance at January 31 of £994,025. The balance, said the Minister, is represented as under: — £ Cash 1... 213,529 Advances outstanding in the Dominion ....... 373;678 Advances outstanding in London 406,817 These Treasury bills are now paid off by the loan which ha 6 been raised with the Imperial loan at a rate which cost 6 New Zealand a triHe under £4 per cent.per annum. A further £300,000 is available out of the war loan.