Dominion Revenue Increase

Manawatu Times, Volume 62, Issue 30, 5 February 1937, Page 8

Dominion Revenue Increase

£2,500,000 IN NINE MONTHS. Per Press Association. WELLINGTON, Last Night. Tlie public accounts for the nine months ended December 31 have just been completed and will be gazetted as a supplement to this week’s Gazette. In reviewing the accounts the acting-Minister for Finance, the Rt. Hon. M. J. Savage, drew attention to the satisfactory position which they disclose. The revenue for the nine months totalled £lB. t 587,000 compared with £16,079,000 received during the same period of last financial year. Tho increased revenue arose principally in respect of Customs duties, land-tax and sales-tax, as shown by the following statistics:— ■ To To 31/12/35 31/12/36 £ £ Customs ... .i.... 5,96.1,000 7,126,000 Beer cluty 518,000 607,000 Sales tax 1,535,000 2,262,421 Highways 3,459,000 1,867,000 Stamp and death duties 2,090,000 2,378,000 Land tax ....... 433,000 987,000 Other taxation .. 1,147,000 933,000 Totals 13,446,000 16,160,000 Interest 1,497,000 1,410,000 Other receipts .. 1,136,000 1,017,000 Totals 16,079,000 18,587,000 Although tho figures in regard to income tax (included under heading “other taxation”) will not bo available until the end of the financial year, it is clear, from tho results attained in respect of other major headings of taxation, that there is every prospect of the total revenue, as estimated in the Budget, being attained. It will be noted, moreover, from the statistics quoted that the proportion of receipts to date, compared with that of the previous financial year, is being well maintained. In regard to expenditure Air Savage stated that the total for the past nine months was £21,082,000 or £2,215,000 less than the relative proportion of the estimates.

Annual Appropriations. Social services .. 7,863,000 6,545,000 Other votes .... 5,050,000 3,867,000 Totals 12,913,000 10,412,000 Total expenditure 23,297,000 21,082,000 This apparently substantial underexpenditure is subject to the qualification that certain payments by imprest have not yet been brought to charge and the fact that grants and comparatively large items of that nature are, in practice, heavier towards the end of the financial year than at the beginning. Aloreover, increased pensions and salary restorations, which were effective during the latter half of tho year, naturally affect the comparisons on a proportional basis. Even after making due allowance for these factors, however, it is evident that the total expenditure is being kept well within the appropriations. The over-expenditure in respect of permanent appropriations is the result of certain payments having been made in advance. It is not anticipated that there will be any over-expenditure by the end of the year. “Although we have now entered upon the last quarter of the financial year,” Mr Savage concluded, “it is too early to form any definite conclusions regarding the outcome of the year’s operations, particularly when such an important item of revenue as income tax is still in abeyance. Present indications are, however, entirely satisfactory and, based on previous experience, I have every reason to anticipate that the final figures for the year will disclose a satisfactory position.”

Permanent Appropriations. To 1'roportion 31/12/30 £ £ Debt services «.., . G,944,000 6,992,000 Highways . 3,884.000 1,864,000 Exchange . 1,091,000 1,289,000 Other services ., . 465,000 525,000 Totals ..... . 10,384,000 10,670,000