DOMINION FINANCE.

Taihape Daily Times, Volume 8, Issue 57, 7 March 1916, Page 8

DOMINION FINANCE.

TWELVE MONTHS’ RETURNS. REVENUE INCREASED. DECREASE IN EXPENDITURE. A statement, regarding the financial position of the Dominion was made by the Minister for Finance. The Minister’s figures showed that the revenue for the 11 expired months of the current financial year exceeded by £1,474,641 the revenue for the corresponding period of the preceding year, while the expenditure had decreased by £164,772. •*.

“The public revenue for the 12 months ended February 29, 1916, 'as compared with that for the 12 months ended February 28, 1915, shows an increase of £1,659,596,” said Sir Joseph Ward. “The increases in the various departments totalled £1,823,756, and three 'accounts —marine, miscellaneous, and territorial —had decreases totalling £64,160, leaving the net increase of £325,366 in the income tax, £100,247 in Customs, and £90,800 in railways. The expenditure for the 11 months shows a net decrease of £164,772. Eight Departments show an increase of expenditure. The growth of the expenditure of the EducaLon Department, due to payf ments to teachers, accounts for £133,830 cf that increase. There -is also an increase of £102,667 in the charge for interest and sinking fund/ Treasury bills, which stood at £1,000,000 on February 28, 1915, have been reduced by repayments until they stood, at the end of last month, at £484,951. PUBLIC WORKS FUND.

“The net increase of expenditure on the public works accounts for eleven month's,”’ continued Sir Joseph, ‘Ms £21,202. The position of the Public Works Fund, as on February 29, is exceedingly satisfactory. There is a balance of £1,668,206 available for future expenditure. The whole of that sum i s represented by cash, with the exception of the investment of £214,546 made in Imperial Government Treasury bills, falling due in March and May of the present year. The

Minister for Public Works anticipates no difficulty in keeping down expenditure, as the reduction has been gradually prepared for. Money will be required to pay off the balance of the Treasury bil’s prior to March 31, and there will b e a charge, which I cannot state definitely at the moment, for payment of interest due in London before the end of the month. FUTURE LIABILITIES.

“It is not possible for me to state with any certainty what the receipts and expenditure for the current month will be,” said the Minister, “but I have no doubt that, after making necessary provision for the payment of all current liabilities with Treasury bills and interest due in London, there will be a surplus at the end of the financial year. As against that surplus, there are large prospective liabilities for the year 1916-17 to be provided for. There will be a laige charge for soldiers’ pensions, and the amounts required for interest and sinking fund must show a large increase owing to borrowing in connection with the war. The position, on the whole, is very satisfactory.