PUBLIC ACCOUNTS

Hokitika Guardian, 27 May 1930, Page 2

PUBLIC ACCOUNTS

SURPLUS OF £148,979.

INCREASED REVENUE FROM LAND AND INCOME TAX.

WELLINGTON, May 23

A modest surplus of £148,979 is shown in the public accounts for the financial year ended March 31st. 1930, which were published to-day in a special supplement to the New Zealand Gazette. This sum approximates that of £150,000 anticipated by the Prime Minister and then Minister for Finance (Sir Joseph Ward) in a provisional statement on the miitiona.l accounts for 1929-30 that he recently issued from Rotorua.

Tho revenue for the year amounted ■to £25,349,861 and the expenditure to £25,200,882. The revenue represents an increase of £1,750,185, when it is compared with the £23,599,67(5 received in revenue for the preceding twelve months. On the expenditure side there is an increase of £1,023,954 the figures under this heading for the year ending 1928-29 being set down at £24,176,928, Beyond the bare announcement oi the surplus and the revenue and expenditure totals, no -statement was issued with the abstract of accounts, and any further comments in respect to the details will appear in the next Budget. Customs accounted for 4d in revenue, thiis representing in round figures an increase of £942,794 when comparison is made ,with the Customs revenue for the previous year. In his .statement last month Sir Joseph Ward said that the Customs revenue exceeded expectations, and was nearly £508,000 in excess of th 6 estimate. The substantial fall-ing-off in the last few months of the financial year did not take place. There is a drop in the revenue from stamp and death duties. : The revenue received amounted to £3,405,292. 'this representing a shrinkage of £170,427. Sir Joseph Ward himself has announced that the stamp and death'duties failed to materialise to the extent of £210,000. The revortne from land tax is set down' at £1,506,91! 2s 3d, and that from income tax at £3,533,763 11s 4d. Land tax has increased by £366,588, and income tax by £222,856.

Interest on railway capital liability 7 is given at £2,132,324 0s 3d, against £2,331,334 14s 5d last year, a decrease. of £199,010 14s 2d. The Government has extracted over £300,000 more from the Railway Department than the net receipts in 1928-29. The reduction of - the capital liability .was accompanied' by the cessation of the subsidy, of ■ £498,937- and an increase imposed recently, but retrospective in. operation in the rate of interest from 4 1-8 to 4£ per cent. A smu amounting to £8,100,090 was also written off.

The revenue received from rents of buildings (£18,519 0s Od) has decreased to the extent of £6765. Tourist and health resorts revenue, however, has increased, the amount received from this source (being £77,234 17s (id. against £72,894 12s in 1928-29.

Miscellaneous revenue amounts to £230,232 13s Bd, compared with £99,221 12s 6d for the previous year.

The expenditure under permanent appropriations amounts to £20,297,824 9s Gel. the amount under this heading in 1928-29 being £l9 083.084 17s fid. The civil list, which provides for the salaries of the Governor-General and Ministers of the Crown is set down at £30,527 17s.

Debt services involved an expenditure of £13.513.205 19s lid, an increase of £763,484.

Subsidies r>nid to Hospital Boards and charitable institutions show an upward tendency, and have increased from £673.fi89 2s 'in 1923-29 to £732,tofi Pensions payable under the Pensions Act, 1915, have involved increased expenditure, the sum paid out last year being £1,204,422 2s 3d, against £1,178.616 5s lOd for the -previous year. The contribution towards tlie Singapore naval base is the same—”£l2s,ooo. Though the. expenditure on the various Government Departments (£9.196.293 14s 2d) shows an increase of £102,075, there are several instances where' individual Departments Have made reductions. The Transport Department has increased the 1929-30 expenditure by £5314 14s 10d, whereas it was not in’existence during the previous year. The “Bill” for legislative services is £167,136,1s Id. Although the 1928-1929 period was a two-session year, the expenditure on legislative Departments for the year is smaller, and amounts to £99,099 7h lOd. The Department of Internal Affairs and the Department of Industries and 'Commerce both show induction's in their expenditure, the former by £1798. and the latter to the extent of £21.585.

Tlie expenditure on tlie Mental Hospitals Department (£471,207 17s 6d) and on the Department, of Health (£351,785 9s od) has increased in each case.

The fact that there was a general election in the 1928-29 period and none last financial year is reflected in the 'Electoral Department's expenditure. Last financial year it was £11,449 11s Bd, against £91,624 Ms 4d for tho preceding twelve months. Tlie Department of Agriculture has reduced its expenditure from £559.015 3s 7d in 1928-29 to £512.269 3s 4d for last year. The Education Department's expenditure (£3,474,130 17s sd) has increased bv £118,548, and that of the Department of Scientific and Industrial Research (£85,870) by £18,967.