OUR FLOURISHING FINANCE

Dominion, Volume 9, Issue 2876, 14 September 1916, Page 4

OUR FLOURISHING FINANCE

Five months of the current fi.nancial_ year havo passed, and the Acting-Finance Minister (Mk., A. Myers) is in the happy position of being able to show an average net increase- in tho country's crodit "balance under tho Consolidated Fund of £100,000 for each of the months under review. That is to say, compared with the revenuo and ,expondituro of last year, the country's balance-sheet shows some £500,000 to tho good. This in spite of the big figures recorded last year. Tho revenuo for the five months actually exceeds that of tho corresponding period of last year by £676,006, but the expenditure also showed an incrcaso of £160,000, the net gain thus boing, as stated, sorno £500,000. It is a most satisfactory position. The increased expenditure calls for no commont beyond" tho fact that it was inevitable, consisting mainly of increased interest charges, and small additions to Departmental expenditure, chiefly in the Departments of Defence, Education, Internal Affairs, and Post and Telegraphs. Curiously onough, there is a drop in the ■cost of tho working Railways Department, although railway earnings increased by over £200,000. Unless this economy was gained at the sacrifice of maintenance and the general .standard of efficiency on tho railways, it is very gratifying. Tho Acting-Finance Minister should', feci very comfortable about the state of his finances. The December quarter is not as a rule a go6d one, but the quarter ended March usually brings in a rich harvost, and on the present occasion should' swell his balance to credit more than ever. It is in tho March quarter that tho Land and Income Tax revenue is collected, and the new taxes should rassist to make the total from this source a handsome one indeed. At ordinary times, tho huge amount of revenue being collected _ would be regarded as excessive, but under war conditions tho Government and the Dominion may well congratulate themselves on tho- splendid returns recorded.