OUR FINANCES

Dominion, Volume 9, Issue 2687, 5 February 1916, Page 6

OUR FINANCES

INCREASES IN REVENUE

IMPROVED EXPENDITURE

ACCOUNT INTERESTING COMPARISONS MINISTER ON THE POSITION The Minister of Finance (Sir Joseph Ward) supplied the following particulars with reference to the revenue and expenditure accounts to a reporter last evening:— "The revenue for the ten months ended January 31 last," said the Minister, "is better by £92*1,260 than thb revenue for the ten months of the preceding year._ There arc substantial increases in ail the branches but three. Increases are: Customs, £41,546; stamp and death duties, £129,990; posts and telegraphs, £103,565; land tax, £243,924; income tax, £206,799; beer, duty, £1i,593; railways, £166,795; registration and other lees, £4976; national endowment revenue, £13,885; other receipts £7315. The increases total £985,085. The decreases are: Marine Department, £3663; miscellaneous, £31,628; territorial, £26,137. This gives a total decrease of £61,428, which deducted from the increases leaves a net increase of £924,260, which is exceedingly satisfactory. "Another useful comparison is between the two years ended on January 31, 1916, and January 31, 1915, respectively. This year the total revenue amounted to £13,376,205, as against £12,469,712 for the preceding year. The increases during the year ended January 31, 1916, totalled £1,055,301, while the decreases were £148,808. After deducting the decreases from the increases, an improvement for the last twelve months is shown of £906,493. The usefulness of this comparison is ■ that it covers a period of one year, and it- gives au opportunity of shoeing that iu the latter portions of the year ended January 31, 1916, the increases, due principally to taxation, are beginning to tell their tale. This is further evidenced by a comparison, of the montu of January this year- with' the same month last year. This shows an Increase in the revenue for January of this year of £128,740. The item income tax does not represent- the . full amount paid. It would be safe to say that an additional half-million in jnc.ome tax had been paid, into the public account to January 31,' which cannot appear in the Treasury statement of revenue un»il _ February, as it -s of course impossible when that amount lias been paid practically on the last day of the month to get it into the Treasury Account for the end of that period. Therefore, the ordinary cash account for consolidated revenue stands at considerably over £1,000,000 in credit practically to January 31, In round figures £1,000,000 of Treasury bills have also been paid off.

Expenditure Figures. "I will now deal with the expenditure for tli© ten months. 'The total expenditure for 191G was in excess of that for, 1915 by--£270,480. The chief increases are in interest and sinking fund, railways, and education. The interest and sinking fund must, of course, ho expected to show an increase oyer last year on account of the additional loans which have been raised. This item is responsible in round figure's for_ £152,000 of _ the total increase '■ of £270,480. The increase in the railway expenditure is £111,913. The difference, nowever, is nioro apparent than real, and is to a. large extent accounted for by the fact ■ that'this year expenditure has been brought to account in the Treasury book's more promptly than last year. There is of course an increase in the expenditure, but' the,, causo to a considerable extent is that which I havo just mentioned', and when making a comparison it is necessary to' explain this. The other large increase —£122.617—in education, is chiefly due to the higher salary and allowance paid to toachers. I do not think anyone 'can take exception to this because as a class the teachers were' certainly underpaid, and the country is bound, in my opinion, to make suitable provision for tlio increase, so that reasonable remuneration may be paid to an important section of public employees. ''A comparison of the expenditure in January of this year with that in January oi last year,_ shows an increase of £195,003. Of this amount the increase in railway expenditure amounts" •to £160,030. . The total decreases amounto l to £93,705, giving a net increase of £101,298 for the month. A total increase iu expenditure for the ten' months of £270,480, of ivhicli amount £152,000 is represented by interest and sinking fund,' points to a marked improvement, and is so far a source of gratification. Yet tlie fact remains that it is essential that in times made prosperous—anomalous as it may be to say so—by the effects of tlio war, the ordinary expenditure will require to bo materially reduced, so as to mako provision for the . time when normal,conditions arise after the completion of the war, fo more thpn balanco our revenue and expenditure. We cannot expect any decrease in interest and sinking -Sund charges. On tlio contratv, we •havo to look forward to a considerable increase in them. But on the whole there is room for congratulation 'upon the distinct improvement in the expenditure on the ordinary revenue account which lias just taken place." DETAILED FIGURES REVENUE FOB JANUARY. Revenue for the month of January, 1916, compared with the month of January, 1915:— . Jan., 1916. Jan., 1915. Inc. £ £ £ Customs 212,237 ,' 198,448 13,789 Stamp and death duties 119,163 105,653 13,510 Postal and telegraph 11,002 10,257 745 Land tax 31,697 130,166 *98,469 Income tax ... 2?2,372 53,893 218,479 Boor duty 11,558 8,633 ' 2,925 Railways 310,404 338,514 *28,110 Registration. and other fees ... 11,695 10,723 972 Marino 2,933 3,052 «119 Miscellaneous... 16,868 10.71S 6,150 Territorial ... , 10,399 11,537 «1,138 Other receipts '6 — g 1,010,334 881,594 Net increase 128.740 ' "Decrease. REVENUE FOR TEN MONTHS. Revenue for the ten months ended January 31, 1916, compared with the ten months ended January 31, 1915 fJnn.3l, Jan. 31, 1916, 1915. Inc. £ £ £ Customs 2,007,514 2,625,998 41,516 Stamp and death duties 1,086,532 956,542 129,990 Postal and Telegraph ... 1,127,311 1,023,746 103,565 Land tax 1,011,822 767,898 243,924 Income tax .... 334,727 72,928 261,799 Beer duty 115,069 103,176 11,893 Railways 3,394,179 3,227,381 166,795 Registration and other fees ... 50.76S 75,792 4,976 Marino 36.755 40,-MS «3,663 Miscellaneous ... 257,159 2SS.SI7 <31,625 Territorial ... 135,026 161,163 *26,137 National Endow- . meat revenue 92,655 75.770 13.855 Other receipts... 12,073 -J.75S 7,315 10,351,650 9,427,420 Net increase 02i,560 "Decrease)

EXPENDITURE FOR JANUARY. EXPENDITURE FOR THE MONTH OF JANUARY, 1910, COMPARED WITH THE CORRESPONDING MONTH IN 1015. Month of Month of January, January, 1916. 11)15. Inc. Permanent Charges:' ' Civil list 1,818. - 1,581 234 Interest and sinking fund 274,216 309,412 8 35,19G Special Acts 122,475 137,505 *15,030 Totals 398,509 £18,501 234 Annual Appropriations: ' Class legislative .. 1,515 3,7GG *2,251 Class finance 10,009 8,073 1.99G post anil telegraph 17,157 17,033 *47G Class . public buildings . 3,156 3,814 *658 Class railways 242,299 52.2G9 1G0.030 Class native 2,030 1,199 831 Class justice 25,597 29,203 4 3,G0G Class mines 1,891 2,548 S GS7 Class internal | Alt'airs 25,432 • 59,763 *31,331 Class defence M.. 20,538 *15,252 5,286 Class Customs and marine 9,801 8,568 1,233 Class labour 1,608 1,562 .4G Class lands and Survey 29,628 17,573 12,055 Class agriculture 18,235 4,943 13,292 Class education .. 103,745 104,334 "589 Services not provided for 851 1,763 *911 Totals 513,552 302,262 Grand totals 912,061 810,7G3 101,298 (net) EXPENDITURE FOR TEN MONTHS. Ordinal-?} R«yenuo Account Expenditure for the ten months ended January 31, 1916, compared with the corresponding period in 1915: — Permanent Charges; ■ 10 mtlis. '10 rnths. • ended, v ended. Jan. 31, Jan. 31, In--1916. 1915. crease. Civil list ....... . 16,612 15,910 702 Interest and • sinking fund 2,906,034 2,754,190 151,844 Special Acts ... 1,140,034 1,143,012 *2,978

Totals .... 4,062,680 3,913,112 Annual Appropriations. Class legislative 30,863 32,657 "I.TDI Cl® .finance ... 69,172 108,265 *39,003 Class post and 1 telegraph. ... , 802,316 793,088 5 9,228 Class railways 2,367,192 2,255,279 111,913 Glass 'public buildings ... 76,699 86,213 "9,514 Class Native ... 20,265 19,270 995 Class Justice 330,513 327,222' 3,321 .Class Mines 21,80S 23,992 *2,181 Class Interns! Affairs 326,874 377,553 *50,679 Class Defence 351,213 397,851 *16,611 Class Customs and Marine 128,175 121,329 fi,S46 Class Labour 25,511 22,806 2,708 Class Lands & . Survey 197,431 189,610 : '7,821 Class Ajricul- . ture 153,312 148,316 4,996 Class Education. 1,109,213 986,596 122,617 Services not pro- 1 vided" for ... 4,341 3,969 372 Totals .6,014,931 5,894,019 Grand totals 10.077,611 9,807,131 270,480. , 'Decrease. Residents in lone ■ districts in East Anglia, where they have grown specially accustomed to the spectral appearance of Zeppelins, have now a means of telling when they aro coming long before they can" be heard with the human ear. The first indication of their approach is given by the commotion which takes placo among the' bird creation. Pheasants 'and partridges, in particular, • show extreme uneasiness, and begin to fly about via .lently long before the sound of tlio en giues is caught .by human beings. Immensely keen on all army affairs, Dr. T. J. ' Macnainara, M.P., once stated that the fact of which he was most proud was that he was the son of a. man who fought in the trenches before Sevastopol as a.private soldier. Undoubtedly one of ,tlio most popular speakers of the day, Dr. Macnamara's meetings are as a rule . exceptionally crowded, but he admits that on one occasion his .efforts were not appreciated. He was once announced to speak at a large board school, and having unfortunately arrived somewhat late was obliged to push his way through the crowded hall in order to get to the platform. "Finding my way barred by an exceedingly, goodlooking young lady leaning on the arm of an exceedingly good-looking young gentleman," ho says, "I could not help overhearing .the following conversation: 'What's on .here to-night, _ George?' 'Oh, 6omo speechifying, I believe. 'Who is speaking?' 'Dr. Macnamara.' 'Oh! "Let's go to one of the dart class-rooms, George.'"

Johnny : "If you could have another eye where would you want it?" Tommy: "In the back of my head." Johnny: "Iwouldn't.".. Tommy: "Why?" Johnny: "I'd rather have it in the' end of my thumb, so I could stick it through a knothole in the fence and see football matches."