DOMINION REVENUE

Hawke's Bay Herald-Tribune, Issue 170, 5 August 1937, Page 7

DOMINION REVENUE

-Press Association.)

Substantial Increase In Public Accounts "VERY SATISFACTORY" «

(By Telegrapb-

WELLINGTON, Aug. 4. A substantial increase in the State revenue for the iirst quarter of this fmancial year is shown in the audited Public Accounts. The revenue totalled £6/16,000, representing an increase Of £1,193,000, compared with the same period of last year. There was an expansion under all headings, but it was particularly marked in respect to Customs revenue. "1 am pleased to be able to say that the position is entirely satisfaetory,'" said the Acting-Miilister of Einance (Hon. P. Eraser), who mentioned that the audit had just been eompleted and would be added as a supploment to last. Thursday 's Gazette. The revenue under the principal headings t'or the quarter ended 'June 30, With the figures for the correSponding period of the previous year in parentheses, are as folloW:—

This is aii increase of £1,193,000 ou last year. Mr. Eraser said that the iaereased revenue received under all headings of taxation, particularly Customs, augurcd Well for the public fmaaees during the ensning year. With regard to the high- . ways revenue, when a comparative intrease of £244,000 was indicated, itwas - explained that, apart from the charge to cover the expenses of collection, the whole amount is paid over periodically to the Main Highways Account and to the boroughs. However, allowing for this sclf-balancing item, ifc was clear that the revenue was Substantially in excess of that received during the same quarter of the last fmancial year. Tho variation with regard to interest and other receipts called for no Special coiument. Referring to expendihtre, the Minisler stated fhat the total fOr the quarter was £5,948,000, as compared with £a,S60,000 for the June quarter of 1936. EolioWing are tho figures, the 3936 iigureS being also shown: —

The net result, as shown by the above statistics, is an increase as com,pared with last year of £85,000. The quarter 's expenditure, however, is not strictly comparable, especially in respect o£ permanent appropriations. Thus the apparent decrease in respect of the debt services is du6 to the alteration in the date of certain Overseas interest payments, While in regard to highways, as already explained, this item is practically self-balancing. Increased Yotes. "Even allowihg for accounting fluctuations, however, it is clear," the Minister added, "that there has been a substantial comparative increase in the annual votes, particularly under the headihg of social services. This was, of course, anticipated as the full cost of tho increased pensicms, salaries and wages, which have been operative since the latter part of last year are now being reflected in the accounts/' The Minister concluded by express.ig satisfaction at the position as indicated by the' quarter 's accounts, and drew attention to the practical manner in which the goneral improvement throughout the Dominion was reflected in the savings of the public. Thus, the i excess of deposits over withdrawals of ithe Eost Gffi.ce Savings Bank for the 'last quarter amoiinted to £1,415,000, as compared With £858,000 for the same quarter last year, while at the end of June, 1937, the total amount at the credit of dcpositors was £59,471,000, as compared with £53,774,000 at the previous June 30.

£ £ Customs .. .. .. 2,500,009 (2,184,000) Beer duty .. 212,000- (176,000) Sales tax .... 887, 000 (709,000) Highways . .. 888,000 (644,000) Stamp and death du'ies .. .. .. 811,000 (785,000) Other taxation . . 399,000 (271,000) Total 5,697,000 (4?7G9,000) Interest .. .. .. 431,000 '(496,000) Other receipts . . 589,000 (259,000) Total revenue > 6,717,000 (5,524,000)

Taxation.

£ £ 1937. 1936. ' Debt services . . . 1,554,000 2,010,000 Highways ..... 436,000 545,000 Exchange ..... 359,000 595,000 Other servifces .. 189,000 181,000 Total .. .. .. 2,538,000 3,431,000 Annual Appropriations. Social services .. 2,332,000 1,591,000 Other votes .. .. 1,2/3,000 838,000 Total expenditure .5,948)000 5,860,000

Permanent Appropriations.