PUBLIC ACCOUNTS

Hokitika Guardian, 5 February 1932, Page 6

PUBLIC ACCOUNTS

FURTHER DROP IN REVENUE FDR 9 MONTHS’ PERIOD. (By Telegraph—Per Press Association) WELLINGTON, Feb. 0. A Supplementary Gazette contains public accounts for nine months ended 31st December last. Commenting, Hon. Downie Stewart says it will be seen that revenue amounted to £12,443,166 compared with £14,868,276 for the corresponding year. It will be remembered that a considerable falling off was allowed for in the budget, but it is evident the customs receipts, death duties, racing revenue and amusement tax receipts will fall short of the budget estimate. “In fact,” lie states, “throughout the financial year the revenue as a whole lias continued to slip and even now we do not appear to have reached the end of it.” The expenditure during the period under review totalled £17,221,654, which was £1,249,016 below the proportionate part of the estimated expend, time. The position, however, was not as favourable as the figures would indicate, and it is estimated that the expenditure for the year would ultimately exceed the estimate. This will be due to the fact that the issues of treasury bills and treasury bill rates have been greater than anticipated. “It is clear,” Ah* Stewart concludes, “that the public revenues are now reflecting in a very marked degree, the result of the economic depression.”