REVENUE FIGURES

Hokitika Guardian, 30 December 1932, Page 5

REVENUE FIGURES

BRITISH FIGURES FOR 1932.

REDUCTION IN EXPENDITURE.

(British Official Wireless.)

RUGBY, December 28.

Revenue returns show that with one week still to run to complete the first nine months of the financial year, the expenditure, excluding self-balanc-ing items, is £9,928,971 less, and the revenue £16,946,000 more than for the corresponding period last year.

The newspapers regard the return as indicating a good outlook for the Budget. The total expenditure so- far incurred in the current year is £544,905,085, and the revenue received £395,388,517. The deficit of £159,516,568 is lower than that on the corresponding date last year by £23,874,907. Income tax has so far produced £64,541,000, but the hulk of the. tax will be collected during the next three months, and nearly £230,000,000 will fall due for payment in January. The higher revenue is largely due to the increase of £27,000,000 in the customs receipts, while the receipts from estate duties shown an increase of £8,000,000. There has been a fall in income tax: receipts of £7,652,000 and in surtax receipts of £6,180,000. The principal cause of the decline in expenditure was the saving of £19,102,767 in the interest and management of the national debt, which results from the Government’s successful conversion operations. The payment to America of the December loth, debt instalment was not provided for in the Budget. It is offset by decreases in the sinking fund, and will not be added to the expenditure account.