DOMINION’S FINANCES

Manawatu Standard, Volume XLV, Issue 125, 30 April 1925, Page 5

DOMINION’S FINANCES

SURPLUS OVER A MILLION. REVENUE EXCEEDS ESTIMATE. The financial year has closed with a revenue surplus of £1,235,000, which is considered to bo eminently satisfactory, having regard to the. reductions in taxation granted and rendered effective during tho year. This gratifying result is attributable to tho general improvement in the condition and prospects of tho Dominion, brought about principally by the sustained revival of the overseas demand for our produce, and by the continuance of economy in tho administration of the public finances. Notwithstanding the expansion of the country, tho expenditure has been held .well within the limits of the previous financial year. A sum of ono million, transferred from the revenue to the Public Works Fund, lessened tho need of borrowing. Interest-bearing assets of the Stato appreciably increased during the year. Tho only details available of tho rerevenuo returns of the financial year are: £ Revenue 23,630,000 Expenditure 27,395,000 Excess of revenue £1,235,000 Details of tho revenue and expenditure for tho past five years are: — Excess Year Expcndi- of ended Revenue. turo. Revenue. Mar. 31 £ £ £ 1921 ... 34,260,961 28,068,730 6,192,231 1922 ... 28,127,007 28,465,838 339,831* 1923 ... 27,579,443 26,263,760 1,315,683 1924 ... 27,960,370 26,148,005 1,812,365 1925 ... 28,630,000 27,395,000 1,235,000 *Excess of expenditure. Tho revenue is considerably in excess of Air Massey’s Budget estimate, while tho expenditure was normal. Tho estimate of revenue was:— £ Customs 7,350.000 Beer duty 630,000 Stamp and death duties ... 3,310,800 Post and telegraph 2,tJ05,000 Land tax 1,400,000 Income tax 3,700,000 Railways 7,100,000 Interest on public moneys 1,234,000 Otiier revenue 1,527,820 Total £23,857,620 At that time, Air Musscy estimated remissions of taxation totalling £1,000,000; they actually totalled £850,000, which, deducted from the total estimated revenue, gave a net revenue of £28,357,620, which is only £250,000 less than tho revenue actually received. On the previous year’s estimate, Air Alassey’s actual revenue was only £8630 below the estimate, which was regarded at the time as the most accurate forecast in the history of the finances of the Dominion. Tho returns available to date show that there was an increase of £106,000 in postal revenue during the year. The railway returns for eleven months showed that tho revenue for the railways was practically normal. It would therefore appear that the Customs revenuo and income tax would show a heavy increase, compared with tho 1923-24 financial year.—Dominion.