OUR FINANCIAL POSITION

King Country Chronicle, Volume IV, Issue 229, 29 January 1910, Page 5

OUR FINANCIAL POSITION

The following is a report of the speech delivered by the Premier at Hastings on Monday evening:—

Sir Joseph received an excellent hearing, the address being punctuated with much applause. He said the financial results for the past quarter were very good, and when compared with the returns for the corresponding quarter of last year were an indication that the depression was over and the Dominion was starting the new year with brighter prospects. Taking the revenue the position was as follows: — December quarter, 1909, £2,6470,75; December quarter, 1908, £2,591,386; increase, £55,689. The stamp revenue showed an increase of £28,43,5 land and income tax £48,556, miscellaneous £5753, while on the other hand decreases were registered in Cutsoms of £'21,821, registration and other fees £12,000 (Chinese poll tax) and territorial £10,040. Turning to the expenditure side of the account, the permanent charges showed an increase of £48,525, principally in respect to interest on loans and' Departmental appropriations, which were £28,022 more than during the same quarter last year. The respective figures were: —December quarter, 1909: Permanent charges, £1,158,846; Departmental appropriations, £1,367,532; total, £2,526,378. Dece*mber quarter, 190S: Permanent charges, £1,110,321; Departmental appropriations, £1,339,510; total, £2,449,531; increase, £76,547. The quarterly accounts showed decreases in expenditure on various Departmental classes amounting to £965,503, and increases totalling £124,525, or as already stated a net increase of £28022. Railways were responsible for £95,54, and education, £6,833. Dealing with the nine months from April 1 to December 31 the position was as follows: —Revenue, 1909, £6,5124,53; revenue 1908 £6,421,029; increase £91,424.

Looking into the various classes it would be seen that the total decreases in expenditure amounted to £174,454 the increases giving a total of £187,524.

It would be seen from what he had stated that the increase in the annual appropriations for the nine months amounted to the comparatively small sum of £13,070. The decrease in Customs for the past quarter was considerably lower by comparison than the average reduction for tne nine months, and this was, no doubt, due to increased trade for that particular period of the year. The expenditure for the nine months, as compared with the same period of 1908, was £174 434 less, and there were heavy reductions in no less than eighteen Departments. These were as follows: —Legislative, £6215; Finance, £3792; Old Age Pensions, £7084; Public buildings, £6799; Printing, £15,854; Stamps and Deeds, £1476; Native, £8961; Mines, £3005; Internal Affairs, £14,536; Defence, £11,826; Customs, £3361; Marine, £3150; Labour, £6173; Lands and Surveys, £42,238; Agriculture, £17,420; Valuation, £4727; Public Health, £6811; Mental Hospitals, £11,046. Increases took place in eight Departments, the largest of these beingPost and Telegraph, £55,209; Railways, £86,850; Education, £30,015. The Treasury Bills outstanding on December 31 totalled £600,000, which were in anticipation of revenue, and would be reduced this month from the proceeds of income tax about £300.000. It must not be forgotten that the economies effected by the Government ar@? now in force, but the full benefits are not yet being obtained. The ductions effected amount to £363,000, but naturally only a portion of it had actually taken place up to the period named. He would like to call attention to one of the safest barometers in activity of trade, and that was the post and telegraph revenue. The December quarter disclosed a total revenue of £266,000, while in 1908 it just exceeded a quarter of a million. The increase in post and telegraph revenue for the year ended December 31 last over the previous year, amounted in round figures to £91,000. The Savings Bank deposits for the December quarter amounted to £2,283,075, and withdrawals to £2,252,674, an excess of deposits of £30,401. In the December quarter there was an excess of wihtdrawals of £50,416. The return therefore discloses a betterment of £BO,OOO. The postal gn<3 telegraph figures had in every department except private boxes, which showed a reduction of £SO. The banking returns for the Deceniber quarter, proceeded the Prime Minister, reveal very satisfactory conditions, The increase in deposits including Government deposits, amounts to £1,338,191, while twelve months ago there waa 8 narked shrinkage. The grpgs revenue from railways to December 11, 1909, was £2,106,464, as compared with £1,855,243 for the corresponding period test' year.