DEFICIT DECREASES

Rotorua Morning Post, Volume 2, Issue 264, 1 July 1932, Page 5

DEFICIT DECREASES

(Press. Assn.—

favourable aspect £400,000 LESS THAN FINANCE MINISTER5 S LATESU ESTIMATE EFFECT OF ECONOMIES

-By Telegranh — Conyrieht).

WELLINGTON, Thursdqy. The actual deficit fqr the finaneial year ended March 31, ahowft by the audited'accounts puhlislieii in a siipplementary gazette to-day, will he £2,140,819, or, roughly £400,000 better than was anticipated by Hon. Downie Stewar t, when Be fiiade his estimate on the basis of figufieiS for eleveri months of the year. Rt. Hon. G. W. Forbes, commepting J on the figures, said it would hS' seen j that the actual xevenue was £22,719;j 733 and the expenditure £24, "860,552; •: The expenditure was not as great - as anticipated, and but for the fact that exchange costs to the extent of £374,000 had not been allowed foh in the budget the expenditure would have been less than the estimates. As it was, it excesded the budget._esti- ' mate by £233,000. The economies "were reflected ip the annual votes to a j much greater extent than expeGte|, ! and one of the most satisfactqry features is that the vote expenditure was approximateiy £300,000 less than the appropriations, even though the appropriations had been cut down to the minimum. A deficit of the magnitude of £2;140,000, said the Premier, could ndt be accepted with equanimity, but ri~ gard had to he paid t@ the economic circumsta,nces prevailip.ig| and we , could at least derive some satisfac- | tion from the fact that it was not as | large as feared. It would be of interest to note that for the most part the deficiency was caused by the extrdordinary expenditure on exchange, £374,000, and the subsidy to ihe unempioyment funds, £2,120,000.