A SIX-MILLION SURPLUS

Dominion, Volume 14, Issue 201, 20 May 1921, Page 6

A SIX-MILLION SURPLUS

RECORD FIGURES FOR PAST YEAR REVENUE INCREASES BY £8,117,000 ENORMOUS CUSTOMS RETURNS OVER EIGHT MILLIONS FROM INCOME TAX EXPENDITURE ALSO CLIMBS UP EXCEEDS PREVIOUS YEAR BY £4,287,205 • I Thp public accounts for the financial year ended March 31, 1921, were published in the Gazette issued last evening. The totals of receipts and expenditure of the Consolidated Fund exceed all previous figures. <? \ Total Revenue 34,192,986 Total Expenditure 28,068,723 Excess of Revenue 6,124,258 It will be noted from’ the details given below that the great increase in revenue came mainly from Customs duties and income tax, the returns from each of which totalled over -£5,000,000. On tho expenditure side there was an increase of some .£600,000 for interest and sinking fund 'chargas on our debt, while Departmental expenditure increased by .£3,300,000, duo mainly to salary and wage increases and railway working expenses. Following are the figures of revenue and expenditure for the years ended March 31, 1920, and 1921: —

One or two insignificant items are omitted from the above tables. Ikt the end of March, 1920, there was a balance to credit to carry forward of Transfers to various funds such as the Discharged Soldiers’ Settlement Fund (<£13,300,000) to the Beserve Fund Securities (<£1,200,000),.and to the Public Works Fund (<£500,000) have reduced the balance at the end of March, 1921, to <£8,591,208. A good idea of the tremendous growth of revenue and expenditure under the Consolidated' Fund in recent years may be gathered from the following table, dating back to 1910: Excess of revenue over

The accompanying table shows the increases in taxation from Customs Duties, Land Tax, Income Tax:

It is also of interest to study the growth of expenditure over a period of years, more especially that, which falls under the dead of permanent: appropriations (interest and sinking fund charges on our public debi): — Amount expended on Interest, etc.,

PUBLIC WORKS FUND The Public Works Fund discloses a balance at the end of the financial year of ,£189,483, as against a balance of .£219,501 nt tho end of March, 1920.. The total expenditure from this fund under the heading of annual appropriations was ,£3.140,578, as compared with .£2,020,713 for the previous twelve months. The chief items of expenditure for the two years were as under: —

DEVELOPMENT OF WATER POWER This account shows a balance to credit at the end of the financial year of <£1,079,532. The expenditure during the year totalled ,£356,451, as compared with .£58,970 during the preceding twelve months.

REVENUE 1919-1920. 1920-1921. Increase. £ £ Customs 4,830,324 8,408,725 578,401 Stamp and Death Duties . 8,344,933 3,745,902 400,969 Post and Telegraph 2,096,756 2,640,157 543,401 Land Tax 1,557,903 1,688.978 131,075 Income Tax 6,369,764 8,248,944 1,879,180 Beer Duty 355,403 , 360,525 5,122 Railways 5,766,015 6.918,492 1,152,477 Registration Fees , 175,755 220,084 44,329 Marina Miwwllaneoue 42,646 56,539 13,893 1,204,866 1,584,991 380,128 Territorial Revenue 218,757 219,192 435 National Endowment Revenue ... 112,839 100,447 Dec. 12,932 26,075,966 34,192,986 8,117,020 EXPENDITURE Permanent Appropriations— 1919-20. 1920-21. Tncj Dec. .£ £ £, Civil List 26,549 31,346 4,797 Interest and Sinking Fund 7,249,425 7,831,593 582,168 Under Special Acts 761,531 870,419 . 108,888 Subsidies to Local Bodies 181,085 164,289 3,204 23,047 Endowments 134,991 111,914 1,220 Old Age Pensions 698,569 699,789 Widows' Pensions 136,730 187,100 50,370 4,802 Military Pensions 45,000 40,198 74,518 War Pensions 1,811,145 1,885,663 Annual Appropriations — Legislative 44,500 65,461 m 20,961 Finance 189,061 639,784 450,723 Post and Telegraph 1,941,494 3,583,359 647,965 Buildings and Roads ...... 164,141 225,165 61,024 Cook Islands 16,497 13,789 7,456 2,708 Native 28,456 35,912 Justice 571,491 725,971 154,480 Mines 36,637 39,633 2,996 Internal Affairs 336.356 632,660 296,304 92,828 Hospitals * Charitable Aid Tourist 556,899 68,858 464,071 93,619 24,761 Defence 502,465 531,042 28,577 Customs and Marino 227,474 292,040 61,566 Labour 40,016 44,539 4,523 Lands 238,364 292,542 54,178 115,263 Valuation and Electoral... 196,241 81.978 Agriculture 818,566 290,800 428.291 527,766 Education 2,031,824 2,460,115 Other Sendees 77,149 105,514 28,365 Total £23,781,523 £28,068,728 Net increase £4,287,205

Year ended March 91. Be venue «£ Expenditure. expentiiiture. .£ 1910 9,238,917 8,990,922 217,995 1911 10,297,273 9,343,106 954,167 1912 11,061,161 10,340,368 720,793 1913 11,734,271 11,082,038 652,233 19U 12,229,661 11,825,861 403.797 1915 12,451,945 12,379,S03 72,142 1916 14,507,530 12,493,107 2.014,423 1917 18,355,194 143)58,770 4,296,424 ' 1918 20,206,222 15,120,289 5,085,933 1919 22,352,372 18,673,599 3,678,773 1921) 26,081,349 23,781,924 2,299,416 1921 34,192,986 28,068,728 6,121.258

Customs and Year ended March 31. Excise Duties Land tax. Income tax. JI ' £ J2 1910 2,786,490 642,270 316,83,5 1911 3,145,929 628,723 407,235 1912 3,398,143 647,015 448,935 1913 3,531,761 ' 728,636 462,991 1914, 3,553,785 767,4'51 554,271 1915 3,294,943 799,641 540.318 1916 3,524,063 1,048,356 1.392,119 1917 4,087,628 713,118 4,262,126 1918 3,601,383 1,385,708 5,619,561 1919 4,104,016 1.512,693 ■6,219,336 1920 a 5,185,727 1,557,903 6,369,7111 1921 8,769,250 1,683,978 8,218.911

Working Tins! and Oil Year ended Railways. Telegraph. Education. Public Debt. March 31. Ji ■ JI £ ,C 1910 2.168.189 855.862 936,875 2,397,462 1911 2,270,851 911,529 984.854 2,4.58,452 1912 2.167,718 986,527 1.072,992 2,6.56,344 1913 2,817. U1 1,066.922 1,148.897 2,717,013 1914 3.004.181 1.170.883 1.206.67S 2,887.981 1915 2.881.087 1,245.224 1,288.795 3,071,148 1910 r. 2.961.006 1,231.712 1.440.398 3,190.798 1917 2.871.977 1.368.490 1,525.106 4,032.885 1918 3.007.658 1.187 145 1.640.988 4,430.7711 1919 3.415,595 1,699.701 1.737,036 6.086.769 1920 4.305.965 1,911.494 2.0.31.824 7,249.425 1921 6,211.601 2,588.359 2,400,115 7.831,593

1919-20. £ 1920-21. 41 Knilwnvs non idrur Hon 74.S.R4S 1,.305.465 Public buihlintrs 409.191 ,712.211 Ponds and bridges ,389.562 538.574 Telegraph extensions 249.378 330,168