WAR-TIME FINANCE

Dominion, Volume 11, Issue 92, 11 January 1918, Page 6

WAR-TIME FINANCE

TEE COUNTRY'S REVENUES EXPENDITURE

HEALTHY OUTLOOK

By Tcleerapb—Press jSiSsotiation. Christchttroh, January 10. Sir Joseph Ward (Minister of Fin* nnce) stated this morning that the returns of the revenue and expenditure for the nine months ended December 31, 1917. were now atfaala-ble. .they would have been out soontsr but for the difficulty experienced in olbtnicing final figures from several of the Departments during the holiday season jmit completed. The decrease of revenue for the nine months had been £829,252 insix Departments, as follows :— Customs >» 498,850 Stamps and death duties ... o,ii.J Railways , 302127 Registration aud other fees...- S.oSs Marino 539 Territorial - 8/J 9O Seven Departments showed ;incfcases totalling £993,276, as follows- £ Post and Telegraph 69.561 Land tax 460,x61 Income tax 229,007 Beer duty Miscellaneous I ?'M f >', National Endowment revenue U,o2Z Other receipts ' '>°°°

For the nine, months referrec'l to there was an increase of £164,024 vr3ien compared with the corresponding: period of last financial year. The falling oft in. the Customs and railway revenue was proportionate to and consistent with, the decrease show in in the. previous monthly returns. A comparison of revenue for the twelve months ended December 31, 1917, and December 31, 1916, showed a, decrease in six Departments of £921,290 but the increase in seven Departments amounted to £3,899,591 b made up as follows:— „

Post and Telegraph - 59,633 Land tax - - n !°'™ Income tax -v 3,0*9,360 Beer duty * Miscellaneous ....*- ™W>? National Endowment revenue 14,0^ Other receipts - 6 <>' JJ

Deducting the decrease there is .an increase of £2,978,301,. represented chiefly by payments of land tax a.-d income tax during the period. 'Die expenditure itor the nine months ended December 31, 1917, by comparison with, the corresponding period tor 1916, shows a net increase of £>4U,ldi, which is divided mainly between the votes for post and telegraphs, railways', agriculture, and education. W the total amount of those increases agriculture represents £h 7,339, education £92,267, post aml telegraph £56,374, and railways i,dbV»o. w* other Departments represent increases of £26,409, giving a total increase or £391,174, and there are decreases in nine • Departments amounting to £151,037, leaving a net increase cS £ 2a the Agricultural Department is largjdy due to the moneys paid for the purchase of wheat, and m the ordinary course of tilings _lateioa this will be" reduced or repaid m full. In the Public Works Fund the expenditure under appropriates for. the nine months ended December 31, 191 1, compared with tile corresponding period of last year showed a satisfactory decrease of £215,369.. The total expenditure for'that period amounted to £722,302, as against £93/,0/ l for tiMj previous>T. This, says Sir Joseph Ward, is in accordance with the policy, laid down some time ago of a decrease in the expenditure in this branch o the Public Service to enable as muck or. the loan moneys as possible to be devoted to the war expenditure of the country. Tlie. general position on tie whole is very satisfactory. Sir Joseph added: "There will, of course, during the next quarter ho krge payments from both land tax aul ncome tax. and I am quite satisfied S upon tie completion of the current quarter's revenue and the expenditure file consolidated revenue will be m a, strong and healthy position. There is, happily, a greater certainty at present «f relief being given by a considerable f, c e so of shipping for the conveyance of products that have been largely held in the Dominion for some time.