DOMINION'S FINANCES.

Shannon News, 18 August 1922, Page 3

DOMINION'S FINANCES.

4 —— POINTS FROM MINISTER’S MENT.YEAR’S WORKING SHOWS A DEFICIT. The Minister for Finance yesterday delivered his Financial Statement for the year ending March 31, 1922. The main points are as follow: — Revenue £28,127,007. Expenditure £28,466,838. Deficit £339,831. Revenue was six millions less than previous year, Customs showing fall-ing-off of £3,313,000, and Income Tax of £2,245,958.

The expenditure was £398,108 more than the previous year, but 1921 showed an increase of four millions over, 1920, which was five millions more than 1919, so that Mr Massey claims the increase has been checked.

Land tax collected, £1,637,816. Income tax collected, £6,002,987. Post and Telegraph receipts were £2,748,481, and expenditure £2,448,688 a decrease of £139,672 compared with the previous year. Salaries absorbed 57 per cent of revenue as against 55 per cent in 1914-15.

Post Office Savings Bank deposits totalled £29,125,907, and withdrawals

£30,236,231.- Amount to credit of depositors at end of year £42,241,797, compared with nineteen millions in 1914. The P. and T. staff has been reduced from 9094 in 1921 to 8679 in 1922. Gross receipts from railways amounted to- £6,643,591, a decline of £265,000. Working expenses amounted to £6,237,727. The net revenue was therefore £405,864, representing a r< turn of 1.07 per cent, on capital cost. Up lo March 20 last, 26,854 men had' been placed in employment, and at that, date only 259 were awaiting employment throughout the Dominion. On education £3,446,113, was expended, as compared with £1,420,000 in 1913-14. A sum of £350,000 is to be made available for land and buildings during the year. .