DOMINION FINANCE

Hokitika Guardian, 28 November 1930, Page 3

DOMINION FINANCE

DROP ON REVENUE.

By Telegraph—Per Press Association.

'WELLINGTON, November 27. A special meeting of the Ministers of the Crown and Permanent Heads of Departments was held today for the purpose of discussing administrative efficiency, and economy. Subsequently, Sir A. Ngata, on behalf of Mr Ransom i denied the statement that the Government’s expenditure was proving greater, than was anticipated. The Minister added: “Further reference to the speech made in the House by the Acting Minister of Finance on the Appropriation Bill will show that at that stage there had occurred evidence of the falling off in the customs revenues, which, it estimated, would amount to at least £250,000 for the year. The' steps to he taken to meet the position were indicated, and it was then hoped that, by careful administration and close control over expenditure for the second half of the year, the accounts would be balanced as at the 31st of March next. Subsequently events have confirmed belief that not only the estimated shortage in the customs revenue,would but, in addition there is the probability of a serious revenue shortage in the Railway interest, compared with the amount allowed for the budget. The position now reached is therefore due to contracting revenue and not to the possibility of the expenditure proving greater than that expected. Sir A. Ngata concluded by saying that the Government bad recognised all along that this year would be a particularly difficult one from the point of view of finance, and it had fully taken the country into its confidence in the matter. The meeting held to-dav, he said was merely one of the cogs in a long series of events which the Government had dealt with in order to meet the economic difficulties of the times, and it was an indication that the country could rely on the Government doing everything possible to keep the public finances on an even keel. OVERSEAS COMMUNICATIONS REVENUE. WELLINGTON, November 27. Tlie following are the estimated traffic receipts of Imperial and International Communications. Ltd.: October. 1930, £446,097; October. 1929, £516.978; aggregate for the past ten months of 1930, £4,526.268; aggregate for similar' period of 1929,'£5,116,466.