DOMINION’S FINANCE

Hokitika Guardian, 5 August 1925, Page 1

DOMINION’S FINANCE

THE CONSOLIDATED FUND. JUNE- QUARTER’S RESULTS. SUMMARISED. WELLINGTON, August 3. Jn order to prevent misunderstanding or confusion the Treasury will henceforth issue an oiiicial summary of the Dominion's quarterly and anil Hill accounts. Following is tin' statement for last quarter, full particulars of which will appear in the “Gazette” in tne usual course: “There is a difference due to the new system of accounting for credits-iti-aid or reduction so that comparisons w it.lt similar periods of last year no longer show as they did when compared with 1023-21. the improved system lulling been in operation since April i. 1021. A comparative statement of net expenditure is shown on pace 13 of the accounts as follfws:--REVENUE. Revenue received for the quarter to June 30 last amounted to £0,756,181. For the same period last year the amount received was C-i.2(!(yl 10, there being thus an increase in revenue of £180.741 as compared with June quarter of last year.

Tlio principal increases are: —Customs £1 , 7-11.1 38; stamp and death duties £51,100; post and telegraph C 92.516-, and railways £222.7/7. The principal decreases are:—lncome tax £12.128; miscellaneous revenue £37,101. EXPENDITURE. The total net expenditure for the quarter was £7,111,211 as compared with £6,500,519 for the same period last year, there being thus an increase of t 011.002. The principal increases are:—Under special Acts. £Gl.o3i; working railways. £313.383; (mostly due to increased wages and purchases of stores and material) industries and commerce. £10.338; naval delence £25.409; Department- of Education. £50,337. The principal decreases are:—Post and telegraph. £10,320; mental hospitals, £12.410. The excess of payments over receipts of the quarter was £1,355,030 as compared with an excess in the June quarter of last year to £1,330,070. This is the usual position as the larger collections of main tax revenues arc made in the later portion of tlio financial year. The statement also adds that it will be interesting to note that the exports for six months to .1 une 30 last totalled £33.500.994 while imports for the 1925 half venr were £25,015.285 compared with £22.014.493. Post office savings bank deposits for the six months totalled £15,831.000, withdrawals £14.892.163. the excess of deposits being thus £939.196.