DEFICIT INDICATED

Rotorua Morning Post, Volume 1, Issue 9, 2 September 1931, Page 3

DEFICIT INDICATED

Press Association-

-"Post" Special Service.

CUSTOMS REVENUE FALLS SERIOUSLY SHORT OF ESTIMATES.

-r-CoDvris-ht.

By Telephone—

WELLINGTON, this day. In a statement to-night the Prime Minister, the Rt. Hon. G. W. Forbes, said that the economy committee had spent to-day hearing the views and suggestions of wholesalers and retailers, who were represented by Mr D. A. Ewen and Mr W. Sim, respectively, and also of the chambers of commerce,' whose spokesmen were Mr H- T- Merritt, president of the ' Associated Chambers of Commerce and Dr. E. P. Neale, secretary of the Auckland Chamber of Commerce. It is understood that the retailers ! and wholesalers . were asked to forej cast their probable importation re- ! quirements for the remainder of the ) current financial year. Witnesses stated, it is gathered, that the amount of the stocks held at present was slightly higher than the quantity in reserve in 1929 at this period, and that this indicated that replacements would not be such as would refleet inereases in the Customs revenue, which would more likely fall. The amount of Customs revenue budgeted for this year is £195,976 short of the total received for the last financial year and for the first five months of the current financial year the revenue from this source is below the returns for the corresponding period of last year by £530,708. This indicates a serious deficit in the estimated Customs revenue. Mr Forbes stated that the committee had yet to hear evidenee from the Manufacturers' Association; the Employers' Federation; dairy farmers, the trades and labour councils, the Alliance of Labour and the economists of the university colleges. He antieipated that the committee would finish hearing evidenee early next next week and hoped that finality would be reached by the following week-end.