THE DOMINIONS FINANCE.

Stratford Evening Post, Volume XXVII, Issue 2, 3 May 1915, Page 7

THE DOMINIONS FINANCE.

figures for the year Pku i’li kss iAnsociai rn. 1) vcdm A 1 -• Figures showing the state of tl'e finances ol‘ the Dominion at the end of the financial year (March 31) were (riven to a reporter by the Hon. J. Allen last night. The Minister said the total revenue for the year was £13.133.000 approximately. There might be some slight variations, as the figures had not yet been audited. Ihe total expenditure was £12,980. leaving a balance of £U7u39 at Hie leaving a balance of £147,139 at the result after paying all Treasury bills in existence on March 31, and aftei transferring £350 to the Public Works Fmid. The full amount which the Government stated it would transfer to revenue included the balance of £426,905 brought forward from last year and £12,443,525 of ordinary revenue, 'the revenue showed an increase of £219,136 over that for the previous year. The ordinary expenditure, that was permanent and actual appropiiations, was" £12,381,71.1. The total expenditure included sinking funds set free to redeem debentures and recoveries on account of previous years. Sinking funds set free were used to pay off loans which became due on July 15. 1914, and January 2, 1915, to an amount equal to the sinking funds set free.

Customs revenue was £259,400 less than last year, and though railway revenue exceeded that for last vein u\ £78,000, it was short of the estimate l,v £143,325. These shortages, he thought, were mainly due to the effects of the war. Receipts from stamps and death * duties exceeded those of last year by about £195,000. Post and telegraph revenue exceeded that for last year by something like £96,000. On the expenditure side, on account of permanent appropriations, the increase for the year was approximately # £271,000; the increase in interest' ‘and sinking funds was about £185,000, and included in this was interest for as much of the war loan as carried interest up to the end of the financial year. Old age pensions increased hy £42,207 during the year; widows’ pensions hy £3537; and military pensions' by £IB,OOO. In the Post and Telegraph Department the increase in expenditure was some £74,000. The Justice Department showed an increase expenditure of about £22.700. largely due to the increased pay for police and others. r l nc Department of Internal Afiairs showed an increase of £33,000 in expenditure, mostly due to the general election. In the Education Department the increase in expenditure was £76,000. due to the alteration in the law and natural increased expenses. * “a

Apart from the balance, brought forward, receipts exceeded expenditure by £70,234. Fortunately, New Zealand was in a strong position as far as borrowed moneys was concerned. The Post Office Savings Bank showed a very satisfactory excess of deposits over withdrawals, and if this continued it would give material assistance in the way of provision for necessary public works and advances. Provision had been made to carry on public works at something like what they had been carried on ior at least the next six months, and should favorable opportunities occur on the London market to strengthen finances land enable the Government to look further ahead, they would not be neglected. The State Advances Departments were in a strong position at present. The Government was advancing £I.OOO to settlers, £2OOO to local • authorities, and £4OO to workers for

building homes. He felt justified in informing the board that finance would be available to bring tho amount available for workers’ homes up to the maximum allowed, £450. The amount available for 1 homes for settlers could now also be raised from £4OO to £450. He thought it would be safe for the board administering the Mortgages Extension Act to provide money for mortgages coming due up to £450. Since the beginning of the year £162.900 had been pa id in advances to settlers, £61,683 in advances to workers, and £97,990 in advances to local bodies. Tf opportunity arose the amount available for local bodies would be increased.