OUE FINANCES

Dominion, Volume 9, Issue 2711, 4 March 1916, Page 6

OUE FINANCES

A SURPLUS ASSURED REVENUE AND EXPENDITURE STATEMENT BY SIR JOSEPH WARD A statement about tlie finances of ;lie Dominion was made by Sir Joseph Ward (Finance Minister) to a Do.mi.mox reporter yesterday. "The revenue for ihe year ended February 29, 1916, as :ompared' with tho year ended Februiry 28, 1915, shows a nett inereaso of £1,659,596," said Sir Joseph AVard. 'For the eleven months ended Fcbruiry 29, 1916, as compared with tho 3loven months ended • February 28, 1915, the increases amount to £1,531,016. There are decreases in three Departments, Marine, Miscellaneous, and Territorial, amounting to £56,375, the net increase for the period being £1,474,641. _ For the month of February the inereaso is £530,381. This is Sue principally to increased income tax £325,366, increased Customs duties £100,247, and increased railway revenue £90,800. "The expenditure for tho eleven months' 'period shows a net decrease jf £164,772. The decreases are partly [■n2oe up by £208,791 under special Acts, and of this amount £150,000 has :ome by way of repayment to the Connolidated Fund of moneys previously expended for war purposes., There are decreases in eight permanent Departments of £208,195, and increases in eight others amounting to £209,590. Of the increases one big item is in the Education Department, £133,830, but this is due to increments in'tcacliers' salaries. There is also an increase oi £102,567 in interest and sinking fund. "Treasury bills which stood at £1,050,000 on February 28, 1915, have iifcen reduced, and now the amount due by us underbills head is £484,951. bo that both from the point 'of; view of decreases-, in expenditure ill the permanent Departments, and the ■ position »t Treasury bills, a very gratifying jjsprovement has been effected. 'The net increase in , expenditure from the Public Works Fund is £21,202. ■ The Country's" Resources. "The position of the Public Works Fund on February 29, 1916, is exceedingly satisfactory. There is: a balance Df £1,663,206. .available, 1 for future expenditure, 'and all of that is representad by cash except an amount of £214,546, made in Imperial Government Treasury bills, of which £115,776 is due and payable oii March 11, 1916, anil £i|S,76B is payable on May 16, L 916. The Public Works Fund is in a strong position, with this reservation, that in the coming year the amount to be expended on the country's requirements must bo less than would, under sther circumstances, have been deemed necessary. This my colleague, the Minister of public Works, assures mo he 3xpects no; difficulty in arranging, as the ; reduction has been prepared foi gradually. "As I have said, the revenue for the eleven months shows an increase over the corresponding period of last financial year of £1,474,641, and all the main classes of revenue show considerable increases. These increases arc partly due to increased taxation, which was imposed , last year, but apart from this the revenue from all Departments is highly satisfactory. I know of nc reason why it should not continue tc be so during the last month of the year. But in addition to the amounl of money. required to pay off the balance of the Treasury bills on March 31 there will also be a large sum, the amount of which at the moment I cannot state, required for the payment oi interest in London. Of course it is noi possible for me to state with any degree of certainty what will be the actual receipts and expenditure of the currcni month, but I havo no doubt that aftei making the necessary provision for tin payment of all current liabilities, ant of all Treasury bills' due, and of al interest due in London, thero will be a substantial surplus at the end of the year. As against this, there, must however, bo large prospective liabilities for the year 1916. which must ; be provided for. Amongst these must b( counted payments of pensions to soldiers that havo not come and could not have come to' charge up till the present. • And the Interest and Sinking Fund Account to be provided for in the coming year must necessarily bo verj much heavier than it has been during the past year.' On tho whole, ' tlic position is exceedingly satisfactory, considering that we are passing tlirougl a war unexampled in the history of the world. 11l my cpinion wo shoiiltl conserve all the financial strength of thif country to prepare for the abnorma condition of things which must follow at tho end of the war- upon the present abnormal state of things." • , Details of tho revenue and expenditure are set out in tho following tables Revenue. Tho following .is the statement of rev enue.for the eleven months ended Febru ary ~29, 1916, compared with the clever months ended February 28, 1915:— ' Increase 1 1916. 1915. Decrease' Customs 2,999,503 2,857,710 *141,79 i Stamp & Death Duties 1,223,148 1,074,556 *148,59: Postal & Telegraph ;... 1,148,290 1,044,974 '103,311 Land-tax 1,024,227 ,781,178 *243,04! Income-tax ... 1,102,119 514,95-1 .*587,161 Boer Duty ... 136,193 114,735 *21,451 Railways 3,824,495 3,566,900 *257,591 Registration & other Fees .. 88,948 82,100 '6,8-1! Marine 41,186 44,573 t3,38! Miscellaneous 321,916 352,192 t30,57l Territorial ... 179,172 201,531 t22,41! National Endo wmentßev- ' enue 92,655 78,770 *13,88! Other Receipts 12,073 4,758 *7,311 12,193,925 10,719,284 *1,474,64: The revenue, for the month of Febru ary, 1916, compared witln the month o February, 1915, shows :— Increase 1916. 1915. Decrease £ £ £ Customs 331,959 231,712 *100,24' Stamp & Death Duties 136,616 115.014 *18,60! Postal and Telegraph .. '20,979 21.22S t24! Land-tax 12,405' 13,280 . ,|B7, Income-tax .. 767,392 442,026 '325,361 Peer Duty .... 21,124 11,559 *9,56, Railways 430,316 339,516 *90,80) Registration & other Fees'.. 8,180 6,308 *1,87! Marine 4,401 4,125 *271 Miscellaneous 64,727 63,675 *1,05! Territorial ... • 44,146 40,421 *3,72! National Endowment Revenue | — — — Other Eeceipts — — — 1,842,245 1,291,804 *550,38. Expenditure. Expenditure for tho elevon months end cd February 29, 1916, compared with thi corresponding period in 1915:— Increase' 191 G. 1915. Decrease 4! .C «£ Permanent chargesCivil List .... 18,120 17,372 , *1,04 Interest and sinking fund 2,968,389 2,866,870 *101,51 Special Acts... 990,267 1,259,001 t208,79 43,977,076 =£4,113,303 - Annual Appropriations.— Class, Legislative 32,372 34,530 f2,21

Class, Finance 75,177 117,431 1"H>257 Class, Post and Telouraph ... 008,718 505,311 *10,371 Class, Jinilw'ys 2,581,254 2,595,532 +31,278 Glass, Public Buildings ... 85,411 05,012 "0,001 Class, -\alive 22,110 21,010 "1,070 Class, Justice 355,080 374,118 t18,13*Class, Jlincs ... 24,921 25,500 1060 Class, .Internal ■Y Hairs 308,100 120,502 t02,312 Class, Defence 371,670 '123,017 1-18,908 Class, Customs and Jlariuo 139,157 131,.AG Class, Labour 28,390 24,035 3,<(il C siTr'vey UCl t.'! n(l 2lß,s3l 200,386 *12,148 C 'ture AB ". CU .!". 100,028 112,092 *23,036 C1 tion EdU . C . a '.. 1,217,510 1,C83,059 *133,830 Services not provided for 17,058 Cr. vlO 17, m 6,505,822 6,591,367 - Grant totals 10,572,898 10,737,6/0 t161,7r2 Public Works Fund. Statement showing the expenditure un'der appropriations for the eleven months ended February. 2D, 1910, compared with corresponding period for 1915: Increase"' 1916. 1915. Decrease! £ £ £ Class, Public IS Dep !!. t ' 106,929 84,886 *22,013 Class, Eailways 955,927 811,183 *114,711 C BuMngJ lo ... 299,191 337,959 135,4«0 Class, j Houses. Hal*12,518 13,111 ,m Class, Tourist L n i Hwltl !. Ee - . 3,768 6,130 t2,371 C tS lm^. r . a : 8,369 27,777 119,108 . C 359,280 371,672 f12,392 Class, Develop- ' °—• 6,088 1,985 "1,103 Cl E?ten T siin' Pll 156,912 230,117 173,175 a^o Dti 37,506 12,630 *21,930 Class, Lands - ei> Improvement 37,817 11,-03 t0,386 : 7,197 - *7,107 | C L a ed B0 /_JW t23 i 1,960,291 dfi1,039,039 <£21,202