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Hokitika Guardian, 31 July 1923, Page 2

Tin; particulars of national revenue and expenditure for the first quarter (April Ist to June 30th) of the financial year tiro generally insufficient for the purpose cf making any close estimate of the probable result of the a bole year. Normally, they are, indeed. of very little interest or importiiiie.'. Circumstances have, however, invested the periodical statements of the Treasury with unusual interest, and some remarks may profitably be made upon the returns. The revenue for t.he quarter was £5,225,505 and the expenditure £0,483,827. but an excess of expenditure is quite usual for the first quarter, and, for that matter, for the fust three quarters, because the large revenue from income-tax conies in during the filial three months. The receipts for Cue first quarter of 1922-23 were given in the telegraphed summary as £5,291,707, out this included £500,000, a repayment of a transfer to the Public Works Fund which figures ill the expenditure. The real revenue fer that quarter was £4,791,700.

The following table compares the June quarters of the two years: 1922-23 1923-21 £ £ Revenue ... 4,791,700 5,225,505 Expenditure ... (>,499,100 6,483,827 There was thus tin increase of half a million in the revenue and a small decrease in tho expenditure—the rise in the revenue being due to enlarged Customs receipts, and the slight reduction in the expenditure showing that the Government is keeping the brake on Tf the figures for 1921-22 are added, there is an encouraging table: Revenue Expenditure £ £ 1921-22 ... 5,080.104 8.012,370

1022- ... 4,701.70(5 0,100,100 1023- ... 5,225,505 0.483,827 These figures show two good things—a nvovory of the revenue, and a eontinned holding-down of the expenditure. A reduction of £IO.OOO in the expenditure, as compared with lastyear. may not appear large, hut what has to be remembered is that never before in the country’s history wore reduet’oiis in expenditure recorded in any quarter for two years in succession. 'I lio details of the account. 5 ?, do not call for particular notice, as they present no striking feature.