DOMINION'S FINANCIAL POSITION.

Manawatu Herald, Volume XXXIV, Issue 1068, 11 July 1912, Page 3

DOMINION'S FINANCIAL POSITION.

Wellington, July 9

Hon. A. Myers, Minister for Finance, laid on the table of the House to-day, a return showing the state of the country’s finance, as at June 30th, xdi2. It pointed to a record revenue, and a saving on appropriation of ,£2)643,091. The balance on band at 3 ls f March, 1912, was ,£807,276. Since the close of the financial year the revenue was still increasing,; as the following figures demonstrated : CONSOLIDATED REVENUE ACCOUNT. £ Balance 31st March 807,275 Revenue from Ist April to 30th JuneOrdinary 2,388,387 Territorial 29,696 National Endowment 59,413 Total 2,477,497 Grand Total . 3,284,773 EXPENDITURE. £ Permanent Appropriations X,X99.407 Annual Appropriations 1,302,818 Grand Total 2,502,226 Balance at 30th June 782,546 Mr Myers pointed out with pleasure that there had been no necessity to issue Treasury Bills this quarter. The Minister estimated the reveuue for the present financial year at ,£11,014,909, made up as follows: — £ Customs 3,200,000 Railways 3,745,000 Stamps 898,800 Post and Telegraph 1,141,000 Land Tax 650,000 income Tax 450,000 Beer Duty 119,000 Registration 95,165 Marine 47,000 M iscel la neons 369,530 Territorial Revenue 240,000 Endowment Revenue 59,414 The expenditure is estimated at ,£10,737,958 compared with the actual expenditure of £10,340,368 during the last year. There will be increases of £'138,387 iu the permanent charges, and £239,204 iu departmental charges. The position at the end of this year is estimated as follows ;

Balance from last year 807,276 Estimated revenue 11,014,909 Total 11,822,183 Estimated Expenditure 10,737,958 Surplus 1,084,227 From the latter amount must be deducted the amount to be voted on the Supplementary Estimates. This will, Mr Myers continued, allow the transfer of 000 to the Public Works Fund. They had every reason, the Minister said, to congratulate themselves upon the buoyant state of affairs or the country, and his successor would rejoice in the satisfactory stale of matters. He did not consider it would be necessary to go on the Loudon market lor some time. He regretted that it had not been his privilege to present to the House the Financial Statement iudicating the thoroughly satisfactory and flourishing conditions existing in the country. Sir Joseph Ward congratulated Mr Myers on the very interesting news presented by him. These satisfactory conditions should fii£ Mr Myers’ successor with confidence, It was a sequence to the harshly criticised financial methods of the Liberal party. He would look, forward to see what items would be reduced by their successors in office. The statement was indicative of the healthy prosperity of the Dominion, and he would defy anyone to produce anything like the state 01 affairs now existing in mattters financial of the Dominion. He called attention to the tact that the incoming Treasuier was ona *' magnifij cent wicket.” He was certain they would find that the altered political conditions would not deter some members for asking for full supply tor the backblocks. The statement should enthuse the worst pessimist inside or outside the House. He congratulated the Finance Minister, especially in connection with the figures relative to the first quarter of the present financial year.

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