FINANCIAL REVIEW

Manawatu Herald, Volume LI, Issue 4444, 26 April 1930, Page 2

FINANCIAL REVIEW

snipers f'nt; rut; year. I'N EMPLOYMENT COSTS. A surplus of Cl 50,(1(10 is die :ipproximale result ol the (-lovei'Oi;mill’s linnneial operalions for the \ ear which ended on March 31 last, according to the slafemenl issued by the Prime Minister (111.. ffoil. Sir Joseph Ward) ai Rotorua, mi Thursday. li’eviewing the position on pre liminary ligioes only, the Prime Minister slates that revenue anmim--1,-d to ulmut C 25,350,000, which is ALSO,IIOO in excess of the Budge! estimate, and expenditure of 6-25,200,-000. Customs revenue, it is revealmi. was nearly .6500,000 in excess ; ,f the estimate, the income tax C 1,30,000 iu excess, and the land lax C10,(100.

Against these increases, the estimates of stamp and death duties tailed to materialise to the extent n!' about .6210,000, and, through w riling-ol'f of capital, interest receipts from die railways were 6310,000 below the amount allowed ii, Ihe estiniaies.

The main point on the expmdi--1 lII'-' side is shown lo be a rcdllrj ion of 6200,000 in doparlmenlai , osts for the year. TRADE AND BANKING.

Tile trade and banking position is. i,-viewed by die Prime Minister, who -,! at- •—. dial llm exeepliomil eondilions ruling outside die Dominion have given rise to high rates of exchange which are by no means a true judication ol the present- lin aneinl position of the Dominion, which he claims is quite sound, and would have been regarded as quite normal bill for uniside influences. TAXATION YIELD.

The super-land tax imposed by last session's legislation produced, aeeording to the Prime Minister, additional revenue amounting to 62511,000. This is after 6100,000 has been deducted Cor remissions made.

No information is supplied as lo 11-e primage yield, and Sir Joseph stales dial die question of the removal of lb.' additional duly from

i lie imports from which t lie levy was not a ill niii;i! iea lly lifted lasi moiidi. will mil b«' dealt with lllilil the financial proposals for die current vea r are under linal review .

RENEWAL OF LOANS. Figures given show dial the liet increase in the public debl for llm year was .63,100.00(1. The smallness of die sum is staled to lie due lo die fuel dial 65.380.0(10 of the new' loan moneys raised in January. !020, was really pari of lasi year's finance.

The a rru ngemeni s In meet Ihe in levnal loans totalling 60,000.000 w hieh fall due in July and September next are disclosed. I folders of I lie 5j per ecul. slock and ihe •> per een! . slock, totalling 61.308,580

■ securities which mu I lire on July I and .July 15 respect ivelv —arc to be offered renewal mid! Kehruu rv 15. 1037, with inlerest at 5.'. per eeul. The remaining bonds held bv public, which fall due on September I, amount to .61,887,8-1(1 and bear inlerest al •■! per cent. 'file terms to be offered holders of this stock v ill lm a niioiineed la I er. REC'DIM.) A DYA NOES YEA R.

A record vear for the Slate Ad

vanees Department is reported. Loans actually pnid over totalled .60,1120, OHO. From December 1(1, 1028. when die (iowi ntneiil assumed ol'livc. to March 31 lasi, ihe Iota! of loans uiilliorised was shown :.s 60,5 10,000, including 65,105.000 advanced lo -13.30 sell levs and 61,.3 15,(100 loaned lo 5170 workers. I'N EMPLOYMENT BILL. Reviewing die (InWimielll's el l.irts lo etipe with unemploy men I, die Prime Minister stales dial sinen the I lovei'iimenl came into power 20,035 men base been employed through the labour bureaux. Some 3700 men have refused Government, work, :11[i 1 0735 have left Stale relief works of their own accord. Expenditure by the Stale on the provision of addilioiial work for the year reached 61,112.500, including übsidics to local bodies.

The appearance is foreshadowed next session of legislation dealing with it neiiiploy men I. arising out ol the work of the Fiiemploymenl Commit tec and the investigations 01. dii‘ (.lovernmenl.

The Prime iMnislcr's statement is published under selected headings - ii | tages 10, 12, I 3 aml 1 -I.