MILLAR AT DUNEDIN.

King Country Chronicle, Volume V, Issue 359, 10 May 1911, Page 5

MILLAR AT DUNEDIN.

THE NATIONAL INCOME. STRIKING FIGU RES. [I!Y TKLKGEAPH. —I'RKSS ASSOCIATION'.] Dunedin, This Day. The Hon. J. Millar, Minister for Railways, delivered a political address last night in the presence of a large gathering. He said the finances of the Dominion were in the finest position yet attained. The balance brought forward at the end of last year was £432,316 and the revenue for the past year was £10,297,273. Appropriations totalled £9,343,106, the excess of receipts over expenditure being £954,167. Of this £BOO,000 had been transferred to the Public Works fund, and the balance at March 31st being £576,483. The principal increases of revenue were: Customs £376,708, railways £225,492, stamps £279,328, land 3 and income tax £76,853. The excess of revenue over the estimates for the year was £685,447. During 'the year the Government had paid off £IOO,OOO in Treasury bills. Regarding the Public Works fund, the Government commenced the year with a balance of £312,366; the receipts had been £1,984,742 (loan money incuding premium) ; transfer from revenue, £BOO,000; other receipts £6596 ; making a total of £3,103,614. The expenditure was £1,963,569, leaving £1,140,045, to which must be added £181,650, balance of loan money to be received. If the revenue kept up they would be able to transfer a further £600,000 to the Pubilc Works account, giving them £1,951,000, which would relieve the necessity for a loan Bill next session. Mr Millar said Mr Massey alleged that the public debt was £80,000,000, an increase of £42,234,772 since the Government took office in 1891. Mr Millar showed the reproductive loans since 1891 totalled £33,481,099. From these the receipts exceeded the amount of interest payable by £246,574. The total of public debt was £81,078,122, of which £50,701,090 was reproductive. The total of interest payable was £2,850,000, and the interest earned was £1,972,091, leaving a balance of £767,309. Mr Millar also combatted Mr Massey's statement regarding the £5,000,000 loan last year. The gathering was most enthusiastic. A vote of thanks and confidence in the Govenment was carried without dissent.