PAST YEAR'S OPERATIONS
Referring to .the financial ,pperations-of- ;tKe past year tho\Einance Minister summarises the,most, important items £ a's.under:— '' j A loan for - £2,000,000-for -public works successfully floated ' within the Dominion, "i The establishment of a 1 reserve of £ 3,325,090' in London. - f Redemption.and renewals of loans falling due In London up to March 31, 1916, amounting to £6,274,953. ' . Conversion of loans falling due in New Zealand maturing up to December 1, 1916, to-the amount of £208,900. Conversion of loans falling due in New Zealand maturing ,up to March 31,' 1924, amounting t0.£1,891,100, "into'a hew currency of, twenty-five years, Treasury bills in Dominion paid off . £1,950,000. None have since been issued. Net surplus of the year's revenue, £2,017,030. . ' War loans received up to the beginning of May from Imperial Government, £8,500,000 - NEW PROPOSALS AT A GLANCE The new proposals outlined-in the Budget are summarised, ns under: — Reduce public, works expenditure . Repeal mortgage. tax, and substitute an income tax on sums invested on mortgage by owners. , . ; . Abolish duplication, of. income tax by exempting in New Zealand income earned elsewhere within the British Empire, and which has already been taxed there. '. ..... Provide for annual bonus out of pro fits of Public- Trust Office to beneficiaries of estates. ■ ■ • .> for during the war to-employees-of-iall-branches' of the ■ . Public Service whose pay does not exceed,£3ls per annum. J -- Provide £2,0001000 for internal expenditure. • • Provide £500,000 for purchase.of'lands.. for soldiers Adjust conditions by tp. meet the changes war has brought about fn'regard to banking. . ,j . Provide for acquirement of 45 per cent, of profits realised by war conditions Provide a proportion of. moneys required in aid of war finance by issuing war bonds in New Zealand. i Provide a tax of 5 per cent, on all incomes, exclusive of those obtained from war profits. • To regulate the transfer.of moneys f rom the Dominion except for legitimate trade purposes, Te regulate fhe rate of interest chargeable on deposits. Provide for financial assistance to friendly societies. Provide for borrowing an additional £12,000,000 for war purposes.
Following is the Statement (slightly abridged) delivered by Sir Joseph Ward: "It is my pleasing duty,",he said, "to lay before honourable members a favourable Statement concerning the finances of the Dominion for tho year. just.concluded,and to be able to assure 1 the; House-that,-notwithstanding the disturbing influences of the war upon trade and commerce generally, the country's.finances are in,a .very sound condition. -' .v..--.:-'. '.. ■
"It was stated in last year's Budget that, in view of the anticipated fall in revenue and the increased burdens which would be oast on the Consolidated Fund* by the necessity of providing- for warpensions, interest ana sinking, : fund'.on' war loans, and other similar Charges, .a: very considerable increase in' .taxation would be necessary, and, subsequently; legislation was introduced and passed by tho House to enable the additional revenue to 1)3 raised. I am pleased to be able to inform the House that, owing to the freedom of the seas having been maintained between .New Zealand and the Motherland and other causes,.-there has been a very considerable revival of. trade. The export from this country of meat and other farming produce has beon continued at remunerative prices,, and the producers of the Dominion have experienced a very favourable year, v These circumstances have made it possible for the community to mept the extra taxation of last year without inconvenience, anil I have thus been able not only to provide for the additional charges on ; the Consolidated Fund, but to show, iii addition, a good surplus for the. year, amounting to -£2,168,077. Deducting from thi3 surplus the sum of .£149,017 carried forward from the previous year, there is left a net surplus of revenue actually received during the year of 42,617,030.: "In announcing this largi i.surplus ■Iwish to Temind the House and the country that the longer the war continues the greater will become our annual burdens, and that consequently the expenditure of the year just concluded must not be taken as the maximum of tho expenditure of the current and succeeding years.'• Tho' payment for interest and sinking fund in Tespect of war loans will show a very considerable increase for this and succeeding years over the amount paid, for last year.. Two items alone will ciitail an additional expenditure this year of over one million sterling. -
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Dominion, Volume 9, Issue 2799, 17 June 1916, Page 13
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714PAST YEAR'S OPERATIONS Dominion, Volume 9, Issue 2799, 17 June 1916, Page 13
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