THE COUNTRY'S FINANCE

Dominion, Volume 9, Issue 2609, 3 November 1915, Page 6

THE COUNTRY'S FINANCE

SEVEN MONTHS' FIGURES BIG DECREASE IN CUSTOMS REVENUE COMMENTS BY SIR J. G. WARD

Figures showing the revenue of the Dominion for tho month of October, and for t-lio first seven months of tho financial year, were announced last night by tho Minister of Finance (Right Hon. Sir Joseph Ward). The most strikiii" feature of tho figures is a marked decline in Customs revenue. Tho revenue is exceeding the Finance Minister's estimato given in the Budget. Following is a statement of the revenue for the month of October, 1915, compared with the month of October, 191-1: — October, October, 1915. 1914. Increase [customs 188?797 229,226 40,429 s Stamp and Death „„ Duties 106,505 88,295 18,208 Postal and Tele- • graph 21,717 21,378 359 Land-tax 185 1.426 Income-tax 1,074 1,385 311 Beer Duty 5,&i7 9.446 3,809 Bail ways 296,920 262,459 34,461 Registration & other , Fees 5,224 4,805 419 Marine 2,590 2,883 292* Miscellaneous 6.958 7,3»7 ■ 1.399 Territorial 8,297 14,805 6,508 National Endowment — — — Other Receipts — 5 5 £642,902 £643,469 £567* The figures for seven months ended October 31, 1915, compared with the seven months ended October 31, 19H:— 1915. 1914. Increase Customs 1,866,837 1,921,255 54,418* Stamp and Death Duties 711,431 681,105 30,326 Postal & Telegraph 699,490 658,740 40,750 Land-tax 36,984 8,766 28,218 Income-tax 16,630 13,310 3,320 Beer Duty 1 67,228 67,595 367* Railways 2,232,141 2,182,758 49,383 Registration & other Fees 55,338 51,365 3,937 Marine 25,615 28,768 3,153* Miscellaneous 174,214 214,118 39,934* Territorial 111,388 111,540 152* National Endowment Revenue 92,655 78,770 13,885 Other Receipts 9,451 4,746 4,705 £6.099,402 £6,022,836 £76,566 "Decrease. Figures for the year ended October 31, 1915, compared with tho year ended October. 31, 1914:— 1915. 1914. Increase £ £ £ Customs 3,112,865 3,389,731 276,866* Stamp and Death Duties 1,447,533 1,213,828 253,705 Postal & Telegraph 1,394,193 1,326,134 69,059 Land-tax 827,859 768,835 59,024 Income-tax 543,638 546,194 2,556* Beer Duty 127,293 127,894 601" Railway* 4,156,058 4,100,226 55,832 Registration) & other Pees 104,993 98,703 6,290 Marine 47,234 52,231 4,997* Miscellaneous 421,594 468,758 47,164 s Territorial 239,471 209,914 29,557 National Endowment Revenue 92,655 78,770 13,885 Other Receipts 13,125 10,062 3,063 £12,528,511 £12,391,280 £137,231' ♦Decrease. NEED FOR STRICT ECONOMY. FINANCE MINISTER'S COMMENT. Referring to the above figures last night. Sir Joseph Ward said it would be noticed that the largest decline in tli© revenue liad occurred in Customs. The revenue from this source showed a falling-off of £276,866 for the twelve months, £54,418 for tho seven montlis of the financial year, and £40,429 for the month of October. But ho was glad to bo able to. say. that the total amount of tlio decrease was not-as great as Lis estimate in Mio Budget. The fluctuation in tho Customs revenue was almost entirely duo to the war, and to the decline in importations caused by reduced shipping facilities. The revonuo returns for the first seven months of the financial year, added tho Minister, showed a net increase of £70,576, which was well in excess of the Budget estimate. He could not vet say what the expenditure for the same period liad been, as the figures were not available, but lie could state that the matter was being watched carefully. -The expenditure of tlie Dominion would have to he kopt down under present circumstances. The Government recognised tlie need for 6trict economy, and nothing in reason would be. left undone to bring about tho per adjustment between expenditure and rovonue. The point had been receiving attention for some time, and lie was liopeful that by the end of the financial year an entirely satisfactory position would be obtained.