THAT £150,000 SURPLUS

Sun (Auckland), Volume IV, Issue 981, 26 May 1930, Page 1

THAT £150,000 SURPLUS

NATIONAL ACCOUNTS SHOW WHENCE IT CAME DOMINION’S BIG BUDGET How the now famous £150,000 surplus in the national accounts for the year ended March 31, 19.30, is made up. is revealed in an audited abstract of the Consolidated Fund and other accounts appearing in a supplement to the Gazette. In summary a total revenue of £25,349,861 was received and the total expenditure amounted to £25,200,882, leaving a surplus of £148,679 —or, roughly the £150,000 about which there had been so much comment. During the year revenue grew, partly on account of the extra primage duty, by £1,750,185, as compared with the income for the year 1928-29. At the end of that period there was a deficit of £577,252, about which a good deal was heard during the Parnell by-eleotion. The following analysis of the accounts for the two years enables a comparison to be made of the revenue, and shows the allocation of expenditure:—

MOTOR TAXATION The allocation of motor taxation was as follows, the corresponding figures for the previous year being given in parentheses:—Tyre-tax, fees and fines transferred to main highways account, £547,090 (£441,345); tax on motor spirits transferred to main highways account, £873,369 (£730,414); and to borough councils, £74,565 (£54,951). The balance of £14,385 (£8,303) represents expenses of administration.

Social services have cost the country an increased figure, the added burden being £158,697. The money has gone in pensions of all kinds and family allowances. Then, again, subsidies to hospital and charitable institutions have amounted to £732,456, as against £673,689 —an increase of £58,777, which is largely attributable to the prevailing distress. Interest on the national debt, departmental expenditure, unemployed relief, railways deficit and the dozen and one other holes in the bucket have absorbed revenue on all sides. An abstract of the railways working account is given, but this differs so completely from the form in which the department itself presents its operations that the result for the past year cannot be ascertained. It is, however, significant that this account has received an “advance” of £150,000 from the Consolidated Fund. At April 1, 1929, the balance in the account was £685,236; even with the aid of this loan, the balance at the end of the year was only £77,236.

Revenue— OrdinaryRailways, net Highways ,. 1928-29 £, 20,024,764 .1,834,757 1,243,577 1929-30 Increases. 21,706,748 1,681,984 2,102,395 267,638 3,510,790 267,213 23,103,098 25,319,933 2,216,835 Expenditure— Debt charges 10,110,741 10,697,243 Highways .. 1,235,016 1,509,410 Other Acts. . 4,402,262 4,991,024 588,762 Annual 7,932,331 7,973,277 40,946 23,680,350 25,170,954 1,490,504