THE HALF-YEAR’S REVENUE

Gisborne Times, Volume XXVI, Issue 2313, 5 October 1908, Page 3

THE HALF-YEAR’S REVENUE

IMPORTANT STATEMENT BY THE PRIME MINISTER.

[Special to “Times.”]

WELLINGTON. Oct. 3 Hast niglit tlio Prime Minister made a. statement regarding t-ho financial results of *the last six months. The period has, he said, boon a most satisfactory onp. The total revenue received lias been ;£9,529,641. Comparing this with the corresponding poriod of last year the results were satisfactory, notwithstanding the largo concessions made in customs and in taxation, all of which have been in full operation in the period named. In 1907 tho revenue was £3,529,304 for tho six months, so the increase works out at £337. This is a small increase, hut a very significant one, from the point of view that all the reductions were in operation and sat a time when it had been expected bv some that there would have been a" large shrinkage in revenue, duo to a fall in the prices of some of the staple products. Happily tins had not- occurred. Tho Premier also gave a statement for the six months ended September 30, 1908, with comparisons for the similar period in 1907. in regard to the decreases under several heads, ho called attention to the fact that in the Customs it was the result of the tariff reductions made last session. In the registration and other fees the decrease was the result ot the abolition of the sheep tax. Hie reduction in territorial revenue was due to the national endowment. Reason could, therefore, bo seen for the reductions in every instance. During the six months of the present financial year just ended, loans amounting to £1 [333.488 fell due. Of this sum £1,136,050 carried interest lit- 31 per cent. Of the -total amount £1 255.43 S in debentures were renewed, and £78,050 redeemed by tbe- issue of new stock. Of the amount renewed £883,400, which formerly carried 4 per cent, interest, was renewed at 31 per cent., a direct saving in interest of £4,417. The balance was renewed at interest on tho 6ame terms as formerly. Thus the Cnancial, meicantile, and all classes interested would realise that, notwithstanding any -tightness that „had been experienced in the money market, exceedingly satisfactory operations connected‘with the renewal of the loans had been completed during the last six months. He thought he was justified in saying that the result of tlie operations for the half-year, which was generally the worst half of the year, should inspire -a feeling of confidence and satisfaction.