DOMINION FINANCE

Hokitika Guardian, 18 November 1933, Page 5

DOMINION FINANCE

PUBLIC 1 ACCOUNTS

DETAILS GIVEN BY MINISTER.

fPer Press Association — Copyright.)

WELLINGTON, November 17

Commenting on tbe public accounts for the first lialf of tile current financial year, the Minister of Jb’inance states: The revenue for the six montn a totalled £8,254,008, and it will be seen, from an abridged summary oi accounts, given hereunder, that, when allowance is made for new items ot taxation . and normal accounting fluctuations, the principal items oi taxation disclose very little variation from the receipts for tile first half of the previous financial year Taxation, customs and beer duty for the half year ended 30/9/32 realised £3,276,892, and for the half year ended 30/9733 realised £3,274,510, a decrease over the previous year of £2382 There was no sales tax for the past half year, and this year it was £863,807. There was no gold export duty last year, while it returned £59,721 this year. Highways revenue last year wa® £914,994, against £907,698 in 1933, a decrease of £7,296; stamp duty was £1,320.767, against this year’s £1,265,002, a decrease ot £55,765; land and income tax and miscellaneous last yeav was £412,093 against £440,404, an increase ot £28,311. The total for the first six months >of last financial year was £5,924,746, as compared with £6,811,142 for the 1933 period, an increase of £886,396. Interest returns were last year £887,639, against £878,572 this year, a decrease of £9,067, while other receipts were £504,846 last year, against £564,384 in 1933, «n increase of £59,538. Th e grand total of receipts was £9,317,231 last year, compared with £8,254,098 in 1933, an increase of £936,867. These results were taken into consideration in compiling the budget estimates for the year.

A decrease of £55,700, as above under stamp duties, has been anticipated in the Budgetary estimates, and meantime it is more than offset by improved returns under “other receipts,” arising out of greater buoyancy from registration fees and land revenues generally.

Turning to the other side of the account, it will be seen that the net expenditure for the half year amounting to £10,991,640 compares with that for file saute period last year as follows: The figures given first under each heading are-those- for The half' rearended 30/9/32, and those given second are for the half year ended 30/9/33, with the result, of the comparison given in the third place:— Debt services: £4,131,528: £3,859,241; decrease £272,287, . Exchange: £309,581; £1,889,977; increase £1,590.390, Other special acts and services: £508,915; £626,481; increase £117,566. Annual appropriations social services : £3,089,639; £3,136,141; increase £46,502. Other departmental services: £1.494,907; £1,469,800; decrease £25;107. Totals: £9,534,570; £10,991,640; increase £1,457,070. Apart from the additional cost of the exchange to meet normal requirements in London, the expenditure for the half year, is much the same as for the corresponding period of the prej vions year. The decrease of £2i2,000 for debt charges is largely - due to changes of the interest dates, arising out of the loan conversion, and therefore is of no significance. The increases of £117,000 under the other special acts, and £46,000 under social services are also mostly nominal, being j due to accounting fluctuations.

In regard to exchange, the amount included covers for the purchase o 1 sufficient London assets to meet requirements for the financial year. Tn fact, the net charge for the year mill probably be slightly less, as som e recoveries have still to he made. As stated in the Budget, the outlay in the purchase of the surplus London assets is not included in the expenditure chargeable against revenue for the year, but it i K to be carried forward as a suspense item, pending tile final disposal of the London assets concerned, or the stabilisation of the currency. The outlay for the half year, shown separately in the published accounts, is £1,193,000.