OBITUARY

Evening Post, Issue 37, 12 August 1936, Page 10

OBITUARY

MR. PHILIP NIC RAE

The death occurred in a Wellington hospital on August 5 of Mr. Philip Mcßae at the age of 60 years. Mr. Mcßae was a son of the late Mr. and Mrs. A. Mcßae, West Coast. Entering the banking business at an early age, Mr. Mcßae, after service with the old Colonial Bank, was taken over by the Bank of New Zealand when the Colonial Bank was absorbed in that institution in November, 1895. In 1916 he became accountant at the Wanganui branch, and two years later was promoted to the position of manager at Raetihi. In 1922 he became share clerk at the head office in Wellington, where he remained until his retirement in November, 1931. Mr. Mcßae was an enthusiastic member of the Thorndon Bowling Club for 14 years, and for the past five years he had held the office of hon. treasurer. Mr. Mcßae is survived by a brother, Mr. A. Mcßae, Sydney, and three sis- j ters, Sister Mary St. Anthony, rever-! end mother at Lower Hutt, Sister Mary Constantia, Mission Convent at Christchurch, and Mrs. Rodgers, Palmerston North. Requiem Mass was held at St. Mary's of the Angels, Boulcott Street, and the funeral took place at Palmerston North.

s^entatives this afternoon. "The main headings of revenue generally show a higher proportionate return this year, as compared with last. That is, not only are the amounts collected this year greater, but they are a greater proportion of the revenue estimated for the year. This is true of Customs duty, beer duty, sales tax, highways tax, and stamp and death duties. There has been a substantial decrease in the proportion of other receipts, but this was ■ due to the fact that last year an amount of £231,000 was received on.account of profits from the sale of gold coin. This, of course, is a non-recur-ring item. BUSINESS IS BETTER. "The conclusion to be derived from the above results is that the increases i of revenue both in amounts and in proportions, compared with the first three months of last year, show that business is better. There is more pur-

chasing power circulating in the community and in general trade and commerce and prosperity is at a higher level. "I should add that the results for the first quarter also show that the receipts are in accord with the Budget Estimates for the year. FIGURES FOR EXPENDITURE. "As far as expenditure is concerned, for the first three months £305,000 less than previously has been expended on debt services. On the other hand £231,000 in addition has been spent on exchange. Last year £2,575,556 was spent on social services for the first three months of the financial year; this year it is £984,000 less. "Similar proportions may be noticed under other votes. "It will be seen that the expenditure

for the three months,,is substantially below a quarter of the Estimates for the year, but it will be remembered that the increase of salaries, wages, and pensions all date from July 1, while the effect of many of the other proposals contained in the Budget has not yet been reflected in the expenditure figures for the annual votes. The variations from the proportionate part of the Estimates in the debt services is due to accounting fluctuations and is of no significance. For instance, the apparent saving in debt services is due to the effect that the amount provided in the Estimates for debt repayment has not been drawn up to June 30 last.

"The Public Accounts as a whole, therefore, show that expenditure is well under the proportion for the quarter, whereas revenue is in a better comparative position than for the.corresponding period last year. This is the position after three months of Labour's first financial year in office." .