DOMINION FINANCES

New Zealand Times, Volume XLII, Issue 9790, 13 October 1917, Page 3

DOMINION FINANCES

SIX MONTHS’ OPERATIONS REMARKABLY STRONG POSITION DISCLOSED. 4 NO DEFICIT IN SIGHT. An important statement with regard to tlio ordinary finances of the country and Public Works finance for the six months ending September 30th, 1917, was made in the House of Representatives yesterday afternoon by the Minister for Finance (the Right Hon. Sir J. G. Ward).' The expenditure on ordinary account till date, ho said, showed an increase of £100,599 over the corresponding period of 1916, and the revenue showed a decrease of £299,769; and the net result of tho half-year’s operations was that they were £400,368 worse off than at this time last year. “Tho position of our reserves at September 30th is, however, very much stronger than at the same period last year,” he added. NO TREASURY BILLS. '•‘Wo have —cash £1,338,814; imprest advances, £1,037,089; and investment for revenue purposes, £3,612,845; making a total of £6,038,848; and whereas last year at the same time wo had £300,000 of Treasury bills, wo have no Treasury bills of any sort this year. The total amount received in tho Treasury for the six months was £7,561,601; for tho same period last year it was £6,349,000. The expenditure for the corresponding period of last year was £6,256,900. this year it was £7,997,607; and tho balance at credit on all accounts at this time last year—cash, etc.—was £2,258,801; whereas this year it is £6,038,848. And we have no Treasury bills out now. I mention that for the purpose of showing that, irrespective of fluctuations of revenue or expenditure, wo are in a remarkably strong position from the point of view of, tho consolidated revenue and expenditure of the country.” (Hear, hoar.) ORDINARY REVENUE ACCOUNT. Tho following is the official statement showing the expenditure on ordinary revenue account for the six months ended September 30tlx, 1917, as compared with the corresponding period fir 1916; b

PUBLIC 'WORKS FUND. The Minister also read a statement showing the position of the Public Works Fund from April Ist, 1917, to September 30th, 1917. The balanco in hand on April Ist, he stated, taa £•321,525. and the receipts for the six months amounted to £216,525, makhig a total of £738,050; tho expenditure for the six months totalled £466 102, leaving a balance at September 30th of £271,948. The unexhausted loan authorities at that date totalled £1,143,100. POSITION VERY SATISFACTORY. The position, claimed Sir Joseph Ward, was very satisfactory. The decrease as .shown for tho sis months was £400,000, showing an average per month running below the reduced estimate in the Budget. Still, the tacts

Permanent 1917. Charges. £ £ £ Civil List Interest and 10,683 10,850 187* Sinking Fund 1,638,713 Under Special 1,571,683 65,029 —— — • j 2,501,239 2,511,736 Annual Approprintions— Class 1: Legislative. 18,140 22,913 4,773* Class 2; Finance ... Class 3 : Post & Telegraph 55,802 576,168 49,047 539,982 6.755 36,186 Class 4-: Railways 1,383.528 1,864.836 18,692 Class 5: Public Build- _ ings 43,146 41,213 1,933 Class 8: Lalive 11,347 11,562 215* Class 7: Justice 190,845 202,616 11,771* ° JlTnes 10,728 16,312 5,584* Class 9: 'Internal Affairs 235.290 240,115 4,825* Class 10; De31,319* fence 195,885 227,204 Class 11: Customs & 4,753* Marine .... 72,157 76,910 Claes 13: 1,296* Labour 14,607 15,903 Class 13: 16,005* Survey 89,772 105,777 6,154 Agriculture 109,591 103,440 706.577 50,509 Education.. 757,086 20,760 6S.408 provided for 89,168 Totals 3,853,263 3,745,167 6,357.507 6,256,903 100^99 £ X Balance April 1st .... 6,474,854 7.561,001 6.349,627 11,036.155 8,515.704 Less Expenditure J.99L607 6 ,256,903 Balance Sept. 30th.. 6,038,848 2 ,258,801 As follows: — 821,807 1,333.814 Advances Outstanding Investments 3,612,815 921,613 815,381 2.558,801 Less Treasury Bills-.-300,000 Balance Sept. 30th ...Ji6.038.8i8X2.258.801 PRVKNUE-INCREASES and deCREASES. Tiro increases and decreases of revenue under the various heads aio shown in the folowmg COMPARATIVE STATEMENT OF REVENUE FOR SIX MONTHS ENDED SEPT. 30. 1917. 1916. Increase £ • £, X Custom's 1,591,391 1,944,253 352,862* Stamp & Death Duties 523,530 833,856 10,326* 822,947 38,195 861,112 9,788 7,851 135,121 15,499 119,6--93,897 86,237 7,060 Railways 2,055,811 2,209,811 153,997Registration & 47,198 48,823 1,625* 18,073 • 21,368 3,295* 215.151 175,404 39,747 Territorial 88,150 95,480 7,324* National End o w m ent 100,193 85,971 14,522 Other Receipts 10,101 2,127 7,977 X6.019.S58 6.349,627 529,429 229,660 Net decrease X299.769