THE COUNTRY'S FINANCE

Dominion, Volume 11, Issue 145, 8 March 1918, Page 6

THE COUNTRY'S FINANCE

REVENUE AND EXPENDITURE

TAXATION RESULTS STATEMENT BY SIR JOSEPH WARD , Sir Joseph Ward made a statement last evening concerning the flnancee of tho country. The rcjvonuo for the eleven months ended February 28, he said, shows an increase in seven Departments of £3,056.115. over the corresponding period of last year, fiii partments show decreases of £SSi,9TI, leaving a net increase of £2,515,138. The increases are:— Stamp. and death duty „ 45,543 Postal and Telegraph 120,704 Land tax /. 670,540 Income tax 1,937,865 Beer duty 41.801 Miscellaneous 205,120 National Endowment Revenue ... 14,522 The decreases are:— 1 £ Customs 438,093 Railways 53,209 Registration fees 5,722 Marino 4,626 Territorial : 8,671 Minor receipts 10,656 • As compared with tho twelve months ended February 28, 1917, the revenue in tho corresponding period ended February 28, 191b, shows an increaee of £5,797,879. The decreases totalled £483,931. The increases were:— £ Post and Telegraph 112,053 Land tax 668,559 Income tax •. 4,710,944 Beer duty 41,198 Miscellaneous 250,598 National Endowment revenue 14,522 The decreases are:— 1 £ : Customs 390,467 fitamp and death duties 46,549 Railways 14.416 Registration fees 5,997 Marino ' 4,081 Territorial > r 11,784 Minor receipts 10.637 That shows a net increase of £5,313,9'i8. The Expenditure. Tho expenditure for tlie eleven months ended I'coruiiry 28, compared with the corresponding period of 1917, 6Uo\vs a net increase of X'rtl,39d. Ouo of the chief items of increase is Interest and Sinking Fund, £372,983. The total amount paid for Interest and Sinking Fund for eleven months was £5,599,733. The increases in the expenditure oi the aever&l are: Railways 208,538 Kducation 102.773 Post and Telegraph 46,858 Internal Affaire 45,198 Agricultural -. 39,209 Financial '. ,•• 24,812 Justice • 8,317 Defence 6,492 Legislature • 6,693 Lands and Survey 3,870 Public Buildingß 3,776 The total increase in eleven Departments of £496,536, added to the £372,988 increase of Interest and Sinking Fund, gives a total increase of expenditure of £869,524. There were decreases in seven Departments amounting to £98,126, which, deducted from the £859,524, gives a not increase in the expenditure of £771,398. l'uc decreases aro: rjnder epecial Aete 52.700 Services not provided for 3Uij> Customs and Marine 6,462 Mines • J. 270 Civil List W93 Labour !•»« Native The position of"the Public Works Fnnd from April 1, 1917, to February. 28, 1918, shows expenditure under appropriations of £852286 and there is a balance of ways and means as at February 26 of £287,962 to carry on tho Public Worlm expenditure until June 30 next. There have been decreases in the expenditure on al! branches of the Public Worlts Department, excepting three. The decrease amounts to £250,302, and the increase to £20,288, leaving a net decrease cf £225,014 Tho expenditure shows decreases at follow:Railways "j['«|j Roads and bridges 88,249 Departmental M™ Public, buildings ™j» Contingent defence ••■•• ?■'«? Irrigation and water supply >• «« Plant, material, and stores 4.9.9 Development of mining J^' liiffhthoums, Jiarbour works 1.055 Immigration , "™ : Miscellaneous "' The increases are:— Tourist , and Health Eesorts «7 ■ Tolepranh Extension v '!•<•" This in reality is not an increase, as the amounts for. expenditure under tins head were previously provided for under separate account. Tho Taxes. The full amount oE Income tax had not been brought to bear on February 28. Consequently at the end of the. year a still further increase from this source of revenue may be expected. A good idea of tho operation of both the land tax and the income tax revenue can be p^*"* 1 ""£ a comparison made of the. twelve months ended February 28, 1918. «* the «mito period a year previously. The total increase for the period is £7,580,650. Comparisons for either of the periods shows a larger amount than has previously .been Seed in the history of the Dominion from these two sources of revenue.. The increases which I have given m connection with tho Departments give an indication of what the finance, of the conntrv during tho war period is-that is in connection with the ordinary, revenue and expenditure and the expenditure of the Public Works Department. It shows clearly that there has been most careful administration of the public works expend tViTc which has beon essential and most valuable iS helping the country .0 finance for war requirements, as obviously the less money that is drawn from the public by SSS Department the greater the amount ni£t will be avilable for assisting war oais hich are imperative-for the, pujv pose of enabling the country to do in P Cieftm%notrrmo°nrh al ofthepr, nnsitfon of tie revenue at the end of tins wir will'be so satisfactory that no furfu» IoZ inr tie general services of the country. As laniefer of Finance I feel very happy that .this is bo.