N.Z. FINANCES.

Hokitika Guardian, 21 September 1923, Page 1

N.Z. FINANCES.

LION. D. STEWART’S STATEMENT

[by TELEGRAPH —PER PRESS ASSOCIATION.]

CHRISTCHURCH. Sep. 20.

Speaking at a social of the Canterbury Industrial Association to-niglit the Hon. Downie Stewart, Acting-Min-ister of Finance, announced the latest Dominion revenue and expenditure figures. He said the revenue for the five months ending in August shows a net increase of .€848.574 compared with the similar period last year. The principal increases are:—

Customs £715,701 Land A- Income Tax ... 148^92(1 Railways 45,603 The principal decrease is in stamp and death duties. £91,751.

The expenditure for the live months just ended under the permanent charges ami annual appropriations amounts to £,688,922. compared with a.9,700,075 fur the same five months of 1922. After eliminating certain entries from the two periods, as they do not affect the comparison, tiie result is a reduced expenditure in the annual appropriations for the five months just ended amounting to £363,188. As regards the permanent charges, the net result is actually an increase of about £120.009 as the decreases under special arts arc principally due to some of the accounts falling within the period last year, but they were outstanding at the end of the five months of this year. The net reduction in expenditure over all is therefore, in round numbers, £250,000 for the five months, as compared with last year. 3he reductions are common to almost every departmental vote, the principal ones showing as follows: — Railways €290,546 Rost A Telegraph 45.408 Police 15,408 Health 42,408 Defence 17,339 Agriculture 13,007 Services not provided for 38,249 The principal increases are in the following:—Pensions 24, odd Naval Defence 25.100 Education 09.512

The result, on the whole, he said, is satisfactory, and indicates the revenue is increasing, while the policy of economy is still evidenced by the expenditure figures. Mr Downie Stewart said that notwithstanding Lite satisfactory state ol our finances, it was necessary that the utmost caution should he exorcised with reference to the Dominion’s public expenditure. New Zealand was one ol the few countries which had lately been able to balance its budget, and •• square the yard arms of its finance.” Some time ago. be said, be had visited several of the country districts, and the farmers whom he had met stated they were now becoming more hope!til of the future. The industrialists, however, did not seem it) such a happy position. Some time ago he had formed the conclusion that the industrialists of New Zealand were going to have a very difficult time, and he was afraid that his then conviction was coming true. In New Zealand, the Dominion manufacturers Here experiencing such overseas competition its they had never experienced before, and some of them undoubtedly thought it was the duty of the Government to help them out of their difficulties. The Government bad chute this. It had reduced the national expenditure considerably, and tints bad been able to reduce taxation. It had reduced the import duty on tea and the amusement tax, anti though these items did not appear to affect manufacturers to a ll v great extent, the taxation was nevertheless reduced with a resultant benefit to the manufacturers. It helped to free them of some of the burdens which were handicapping those engaged in secondary industries.