DOMINION FINANCES

Dominion, Volume 10, Issue 3021, 7 March 1917, Page 6

DOMINION FINANCES

THE FEBRUARY FIGURES

EFFECT OF THE ABOLITION OF MORTGAGE TAX

The Hon. Arthur M. Myers, ActingMinister of Finance, supplied the accompanying statement of revenue and expenditure to a Dominion- reporter yesterday, and he also made some observations on the figures:— "The revenue for the month of February, 1917, as compared with February, 1916, shows- a net increase of £318,321," said Mr. Myers.. "There is an appreciable decrease in Customs and also in Railways revenue. Tho income tax shows a very considerable increase, as might be expected, and death duties also show a large increase. "The revenue for the twelve month's ending February 28 last, as compared with a similar period of last year, shows an increase of tho latter period amounting to £1,642,151. The only Beading under which there has been a serious decrease is that of laud fax, the reason, of course, being the repeal of the mortgage tax.

"Tho revenue for eleven months ending February, 1917, as compared with cloven months ending February, 1916, shows a net increase of £1,058,600 in favour of the later period. Here again land tax is the only source of revenue which shows a serious decrease, for the reason already stated.

"Taking the expenditure," continued the Minister, "it will be seen that for the eleven months there has been an increase of £1,318,940 'in the 1917 period over the 1916 period. Tills, of course, is almost entirely duo to expenditure on interest and sinking fund, war pensions, -war bonus, etc. "It will be noticed that the net increase under the Appropriations' only amounts to £11*578. The comparison of individual Departments, however, shows that there has been a. considerable increase of expenditure in the Post and Telegraph, Internal Affairs, Agriculture, and Education Funds, -while the Railways and Lands and Survey show considerable decrease.

"The expenditure of tho Public Works Fund for tho eleven months of this year, as compared with the eleven months of .last year." said Mr. Myer.Sj "discloses a net decrease of the later period amount-ins; to £883.432; whilo the position of the Public Works Fimd up to February 28 shows that on that date there was a. .balance of £722,640 available for expenditure."

Statement of the lievenue for tho Month of February, 1917, compared with the Month of February, 1916. Month of Month of Feb., 1917 Feb., 191G Customs 261,304 331,959 Stamp & Death Duties 218,069 13G,C1(J Postal & Telegraph' .. 20,680 20,979 Land-tax 1,540 12,-105 Inoome-tax 1,093,861 767,392 Beer Duty 16,082 21,12-1 Railways 403,423 430,316 Registration & other fees .: 6,571 S.ISO Marine 3,599 4,401 Miscellaneous 66,924 64,727 Territorial 35.552 ' 44,146 Other Receipts 29,923 — .2,160,566 1,842,245 .Statement of Revenue for the Eleven Months ended February 28, 1917, compared lyith the Eleven Months ended ; February 29, 1916. 11 Months 11 Months ended ended Feb. 2S, 1917 Feb. 29,1916 Customs 3,435,381 2,999,503 Stamp & Death Duties 1,543,988 1,223,14s Postal 1,282,577 1,148,290 Land-tax 690,971 1,024,227 Income-tax 1,199,047 1,102,119 Beer Duty .' 1GG.857 130,193 Railways 4,137,640 3,824,495 Registration & other Fees 91,004 8R,94S Marine 35,151 41,180 Miscellaneous 369,096 321,916 Territorial 178,758 179,172 National Endowment. ' Revenue 85,971 92,655 Other Receipts 32,181 12,073 13,252,525 12,193,925 ORDINARY .REVENUE ACCOUNT. Statement Showing the Expenditure for Eleven Months ended February 23, 1917 compared the Corresponding Period for 1916.

11 Months 11 Months' ended ended Feb. 28,1917 Feb. 29,1910 £ £ Permanent Charges: Civil List 25,625 15.420 Interest & Sinking . Fund 3,485,765 2,388,389 Under Special Acts 1.771.04S 990,267 ,£5,282,438 £3,977,876 Annual Appropriations: Glass Legislative ... 32,374 32,372 ~ Finance 84,903 75,477 „ Post and Telesraph 1,013,82-4 908,713 „ Railways ...... 2,346,304 2,501,254 „ Public Buildings ........:.. ' 73,737 85,4:1 „ Native 21.297 22.119 •„ Justice ' 364,630 355,98(5 . ~ Mines 25.494 24,921 „" Internal Affairs 43,8.909 365.190 „ Defence 369.31S 374.G79 ~ Customs and Marine • MW% 139,157 „ Labour 28.609 23,399 ,', Lands & SurTev 172.797. 215.534 ~ Wienltnrc ... 1P8.547 166.028 „ Education ' l,2Gr.:«?:t 1,217,519 ScTricps not provided for .■ 3.5.28S 17,058 .£6,607,400 £6,595.822 Total?' .£11,889,838 £10,572.898 Statement Showing the Position of t''» Public »\Vorlcs Fund from April 1, 1916. to February 2S. 1917. Bnbnce on April 1, 191G £1.293,102 Revenue 506,870 £1.7f9,972 [/Expenditure •■ 1.077.332 ! Balance Feb. 28,1917 £722,040