SIR JOSEPH WARD

Hokitika Guardian, 4 December 1929, Page 6

SIR JOSEPH WARD

TAKING THE! RISKS,

EXTRA PRIMAGE ONLY WHAT ESTIMATED./

.WELLINGTON, Dec. 3

The Prime Minister to r day, referred to certain comments relative to the customs revenue for the past eight months of the financial year, with particular bearing on the increased primage duty. “It will be remembered,” said Sir Joseph, “that in estimating the Budget for the current year, I pointed out that I had to face the necessity of obtaining a revenue return of £1,570,000 over and above the revenue receipts of the previous year; and an analysis of this amount was given by me in the House last session, showing that £577,000 was required, in the first, place, owing to there having been a deficit in the ordinary revenue account of the Consolidated Fund; also £733,000, which was almost, wholly for increased interest and other rigid items; and the £260,000 allowed ..for the Supplementary Estimates. /I also pointed out that .these additional receipts could hot be expected in the automatic increases from the present taxes, and that, in order to ensure a balanced Budget, I had to consider extra taxation, and take no risks of failing to secure the estimates of revenue that were compiled by the experts and were presented to me. Customs revenue last year (almost wholly in the last quarter) failed to realise its estimate by £306.000. This was the main factor in bringing about the deficit.” “I notice that it has been stated that the Customs may be expected to yield the extra £450,000 required by the Budget without the assistance of the extra £300,000 estimated from the additional primage duty. Complete figures to tlie end of November are not available, but the Treasury returns for the seven months to the end of October certainly do not justify such a statement. Apart from tlie duty on tyres and motor spirits, which goes to the Highways, and does not assist the general Budget, the Customs revenue for the seven months amounted to £4,970,820. Seventwelfths of the estimate for the year would amount to £4,900,000; so that the excess of receipts, including the additional primage, amounted to only £70,820.. The position is that it is impossible to say, with any degree of certainty, what the customs revenue is going to he during any month, or period of months; and, at this juncture, it is very important that there should be no risk of failure to realise the year’s estimate at tlie 31st of March next.