UNEMPLOYMENT FUND

Rotorua Morning Post, Volume 2, Issue 340, 29 September 1932, Page 5

UNEMPLOYMENT FUND

("Post" Special Commissioner.),

HEALTHY POSITION SURPLUS OF £100,000 IS PREDIOTED BY MINISTER NO FURTHER TAXATION

Wellington, Wednesday. In a statement in the Ilouse of Repa-esentatives this afternoon, Hon. A. Hamilton, acting-Minister for Employment, said: "When in May of this year, the tax ori wages, salaries and other incomes, was raised to one shilling in ! th© pound, it was estimated that the j Unemployment Board's revenuo from all sources whuld be in the vicinity of £3,600,000 for the year ending April 80, 1933. Sufficient time has now elapsed to enable the board to form a reasonably accurate estiniate from the revenue received. So far as it is considered safe to forecast, it will approximate £3,850,000 in this period. If all the committments entered into by the board, taking into account the work that has been finished but not yet paid for, and the forward work committed but which is still in the progress of completion, were met, there would be, excluding the revenue received in advance, a surplus of over £100,000. Healty Position "This healthy position of funds would give reasonable hope to anticipate that jio further taxation will be necessary this financial year. "Tliis will of necessity depend upon the calls made on the fund durinir the

remaining six months of this finan- | cial year, that is, from October 1 to. Mareh 1 next. Such calls may consist of an increased numher of registered unemployed but it is reasonable to hope that the present nuinber of approximately 78,000 should he very materially reduced during tlie summer months. Revenue Sufficient If this takes place, the present taxation should provide sufficient revenuo to meet requirements. It is questionable if in any other part of tlie world, the financial arrangemonts of the Government for liandling the unemployed problem are so sound as in New Zealand. The whole of this money amounting to between £3,500,000 and £4,000,000 is being raised by taxation and is not eapital expenditure, The payments given to relief workers continue t» be paid in return for woik done. Most of this work is useful and is building uj) valuable assets for New Zealand without adding to the national debt.