FINANCIAL STATEMENT.

Manawatu Herald, Volume XXXV, Issue 1130, 7 August 1913, Page 3

FINANCIAL STATEMENT.

the financial statement was submitted to the House last night by the Hon. Jas. Allen, Minister for Finance. The revenue for the year exceeded the estimate by £785,61-8, the figures are as follows: Revenue, 1912-13, £xx,734,022 ; estimated revenue, 191213. £10,948.404 J e x<f s °ver estimate, £785. 618. The actual revenue for 1912:13 exceeded that for 1911-12 by £701,478. The expenditure was less than the estimate by £146*966. The actual expenditure for the year exceeded that for the previous year by £741,670. The results of the year's operations were: Balance brought forward xst April, 1912, £807,276;. receipts during year, £n, 734,270 ; expenditure during year, £11,082,038 ; excess of receipts over expenditure, £652,232 ; tranter to Public Works fund, £750,000 ; balance 31st March, 1913, £709,508. The gross public debt at the end of the financial year amounted to £90,060,763, and the net debt £87,457,121. During the financial year the sum of £750,000 was transferred from the Consolidated to the Public Wprks Fund, making the total amount of revenue transferred to the Public Works Fund since 1891 £9,280,000. The loans falling due during the next seven years are as follows: —1914, £298,800 ; 1915, £9,830,865 ; 1916, £4,259,702 ; 1917, £1,885,240 ; 1918, £3,39 1 ,* 556; 1919, £1,496,8x5; 1920, £637,280; total £21,800,258. The £9,830,865 due in 1915 includes the whole ot the £4,500,000 loan of 1912 and £3,142,600 of the £5,000,000 loan of 1910 not converted. It will be seen that a very large amount of loan-money has to be met during the year ending the 31st March, 1915. This matter largely occupied my attention during my recent visit to London, and I fully anticipate that satisfactory arrangements will be made when the proper time arrives for raising the money. The reserve securities held by the Government in London amount to £BOO,OOO, and these are at the present time earning interest and are unpledged. Work already done by Public Service Commissioners shows that considerable economies can be effected in many Departments and efficiency increased. The Government is obtaining an actuarial report on the Railways Superannuation Fund. Ah Electoral Bill will be introduced during the present session.

A lyocal Government Bill will be circulated this session for the consideration of members of Parliament and local bodies.

Post Office Savings Bank deposits for the year constitute a record. Interest earned ou cost of construction by the New Zealand railways during the year (£4 os 9d per cent.) is the second highest on record. This’, notwithstanding large increase in the wages of the staff.

The subdivision of large estates has of late been considerably accelerated.

Proposals will be submitted this session for graduating the income tax on the same principle as the graduated land tax of last session. Financial assistance is to be given to associations of fruit growers for the purpose of erecting canning factories and providing cold storage.

Proposals to establish an agricultural college and experimental farms will be submitted to the Board of Agriculture. The projected amendment and consolidation of the Industrial Conciliation and Arbitration Act will embody provisions which it is hoped will enable the parties to all industrial disputes to arrive at a peaceful settlement. Blocks of land are to be acquired on which to erect country workers’ dwelling. Local bodies are to be empowered to acquire land and erect homes for workers.

P|The National Provident Fund during the year has made a distinct forward movement, as the result of an active lecturing campaign. Number of pensions in force at end of year:—Old age, 16,509; widows’, 1313 ; military, 568 (up to date, 675). A number of additional lighthouse are being erected. Reciprocal trade negotiations are suspended, pending a political settlement in the Commonwealth. For the reason just stated, the usual practice of bringing down the proposed new Customs tariff with the Financial Statement has not been followed on this occasion.