NATIONAL ACCOUNTS

Rotorua Morning Post, Volume 1, Issue 70, 13 November 1931, Page 2

NATIONAL ACCOUNTS

RECEIPTS AND EXPENDITURE FOR SEVEN MONTH, REDUCTION UNDER BOTH HEADS WELLINGTON, Wednesday, A review of the results of the first seven months of the current financialyear e'nded on October 81 was made by the Miirster of Finance, the Hon. W. Downie Stewart, iti the House of Representatives early this morning.. In moving the second reading of the Appropriation Bill, the Minister said that . the fevenue of the Consoiidated Fund for the seven month period amourtted to £8, 323-, 101 compared with £10,197,026 for the corresponding period of last year, but he pointed out that a eonsiderable falling off had beeri allowed for the present year. Reeeipts from taxation amounted to £6,404,861, of which £3,105,051 was derived froin Customs reeeipts, £1,505,690 from stamp andj death duties and £1,181,403 from mlotor vehicles (duties and licenses). The last item went to the Main Highways Board and loeal authorities for roading purposes and did not benefit the general Budget, Land and ineome tax reeeipts, of course, were not obtainable until later ih the financial year. Customs POsition Obscure Reeeipts from Customs were approximately £378,0000 short of the appropriate proportion of the amended estimate for the year, said the I Minister, but it was hoped that some improvement would be showii for the , remaining months of the year. The outlook was, however, still very ob- ! scure and it was practieally impossible'to tell how the year would end up. I - Mr. Stewart pointed out, as indic- ! ated in his review of the six months figures, that future revenue from stamip and death duties was also uncertain. Interest reeeipts for the seven month amounted to £1,194,570 and other reeeipts to £724,160. These items could not be altogether judged on a proportionate bas's and there was nothing in the results so far that called for comment. Expenditure Rigidly Controlled. ' On the other side of the account, the expenditure for the seven months amounted to £12,909,391, comjpared with £13,709,731 for the corresponding period of last financial year. A better comparison, however, was with the proportionate part of the estimates for the year, as follows; Civil list, proport'on of estimate £16,544, net expenditure £16,485; debt services, proportion of estimate £6,084,032, net expenditure £5,790,402; other permanent charges, proportion of estimate £4,233,691, net expenditure £3,534,453; annual votes, proportion of estimate s £4,031,800, net expenditure £3,568,051; total, proportion of estimate £14,366,077. Net expenditure £12,909,391. The expenditure indicated for debt services and other permanent charges was, however, largely nominal, being due to accounting fluctuations. It •was not anticipated that there would be any net savings under these items for the year. Looking at the annual votes, the figures indicate that expenditure was being rigidly controlled, the Minister concluded.