PUBLIC FINANCES

Otago Daily Times, Issue 17685, 24 July 1919, Page 7

PUBLIC FINANCES

REVENUE AND EXPENDITURE.

INTEREST CHARGES INCREASING.

-FULL PRESSURE BEING FELT

(Pjib United P-bess Association.) WELLINGTON,. July 25. •The Hon. Mr Myers (Acting Minister of Finance) has furnisned tko following tigurea in oGuu(:ct;ou -with the rovonuo juict expenditure for the first three months of the current financial year (to June '60), as compared with the similar period of 19X8. The statements of revenue for June, 1919, ;ta compared with June, 1918, and of that for the year ended June 30, 1919, .as compared with tho year ended June 50J 1918, are alao shown.

Commenting- on tho figures, the Minister, said : "It will be noticed that the revenue for the quarter just ended shows an increase over 1918 in both tho quarterly and the yearly returns. The Post and Telegraph Department shows the only comparatively largo decrease, the majority oi> tho °j J r . Eources °f revenue disclosing increases', and some substantial ones —namely, Customs, stamps, income tax, railways, and miscellaneous. In the monthly return tho l'ost and Telegraph Department shows an increase of £35,866 for ihe month just olosed,' and the land and incomo tax decreases of £14,847 and £28,148 respectively, these two latter results being accounted for merolj ordinary variation of epllt-etion. luo statement of expenditure shows tnat tho total amount expended for tho first tiire© months of tho current financial year was £5,359,248, which is £1,305,543 in excess of the expenditure last year for the same period. All the items, with the exception of four, show increases in this direction. but the one mainly responsible is interest and sinking fund, which accounts for over half of the total increase. We are now limning to feel the full pressure of tho interest and sinking funds on our increased debt and pension charges. Tho item 'Mental hospitals, public health, eta,' discloses a large increase, but the inliuenza epidemic is the cause of this state of affairs. "Although the total expenditure for thethree months of this year exceeds the total revenue for the same period by £892,996, this is nothing unusual, as tho June quarter is not by any means a good quarter for revenije. The following shows the revenue for tho' three months ended Juno 30, 1919, compared with the three months ended June 30,, 1918:— ■ , - 1919- 1918. Customs £1,077,602 £ 860,907 Stamps 650.588 422,814Post and Telegraph 528,064 609,835 Land tax ... „ ... • 32.680 35,973 Incomo tar 157,649 108,919 Beer duty 75,219 55,355 Railways 1,365,352 1,222,859 Registration and other 30,384 25,175 Marine 8,818 9,004-' Miscellaneous 370,632 106,505 ; Territorial 15,n0 15,264 National endowment revenue 112.840 108,824 Other receipts 314. 10,249 Totals £4,466,252 £3,603,084' Total, increase for 1919, £863,168. The revenue for the year ended June 30,. 1919, compared with that for the yearended June 50, 1918, was,as follows:—'" 1919. 1918. Customs ... £4,047,376 £3,478.320 Stamps ... 2,392,546 1,924",392 Post and Telegraph 1,883,041 2.000,249 Land tax 1,509,400 , 1)414,932' Incomo tax 6,268,066 *5,608,697 Beer duty 283,198 259,469 Railways .. ... 5,117,938 4,898,516 Registration and other fees 117.202 103,238. Marine 34,955 , 38,533, Miscellaneous ... ... 1,210,395 738,416, Territorial 202,580 206,257;; National endowment revenue 112,840 108,824. Other' receipts ... ... 35,993 42,628 Totals £23,215,540 £20,822,471 Tots-l increase for tho year, £2,393,069.' The following shows the revenue# for June, 1919, compared with that for June,* 1919. 1918.' ' £ £ ' Customs 3&,822 330,753 Stamps 238,773 148.529 Post and Telegraph ... 494,771 458.905 f tax 18,286 33;i33 Income tax 69,668 97,816 Beer duty ... 29,001 25,808 Railways ... 560,187 -431,497 Registration and other fees 11,620 10,381, 3,189 3,431' Miscellaneous ... ._ ....... 178.301 69,897 Territorial 7,568 6,433*. -National endowment revenue ... • Other receipts ... ... ... 314 333 ??¥*■ - p 1,964,500 1,616,916 lotal increase for June, 1919, £347,584. The following statement- shows the exPe°diture for the three months ended Juno 30, 1919, compared with that for the three months ended June 30, 1918: n ' . 1919 - 1918. Permanent ohargea— £ ' £ Civil List . 6,382 5,711 Interest and sinking fund ... .. . ... 2,497,239 1,814,823 Under special Acts 578,737 433 085 Annual appropriations— ' Legislative ... 5.407 - . 7251 Finance ... .. * 26,894 ! - 143;i89 Post and Telegraph 194,733 ■ 143-189 : Ra, u^ a y s - •• 836.897 - J >760!142' Public buildings, etc. 26,046 20 045" Native 5,790 <5*445 90,300 62,780 ne3 7,579 12,242 . Internal affairs ... 80,511 58.449 Mental hospitals, i ' - publio health, eta 181.302 68 717 Tourists ... 12,978 11,905 Defence 91,465 53 471 ' Customs and marine 40,599 38 172" Labour 7,240 7'153\ Lands and survey 46,692 34 752 Valuation and elec- ' . tofal 58,827 12,654Agriculture ... 88,266 33,120" Education ... - 460,995 372,854- ' Services not provided for 14,369 _ 44,845., Totals 5,359,248 4,053,705 ■ Total increase, £1,305,543. The following statement shows the position of the Publio Works Fund from Adi-iI 1 1919 to June 30, 1919 :-Balanw April ™ : 1919, £186,198; receipts from loan money Finance Act, 1918 (No. 2), section 29, £300,000; other receipts—Ellosmere and re-' clamation accounts, £58; recoveries on account of expenditure of previous years x l 3enditu re under appropriations' balance on June 30, 1919, £343,648.