NEW ZEALAND’S FINANCES.

Taihape Daily Times, 7 May 1919, Page 6

NEW ZEALAND’S FINANCES.

SURPLUS OVER 34 MILLIONS,

TOUR YEARS’ ACCUMULATIONS

OVER 15 MILLIONS

A VERY SATISFACTORY

POSITION,

WELINGTON, May 5.

Referring to the cabled statement of Sir Joseph Ward, regarding the Dominion’s finances, the Hon. A. M. Myers states that Sir Joseph Ward, in the Budget, anticipated a surplus of £178,965, but the surplus actually was £3,678,773. This, together -with the accumulated surpluses since 1914-15, amounting to £11,560,790, made an aggregate amount of £15,239.563 available, as difference of revenue over expenditure for the past four years, which represented some 25 per cent of our war expenditure to the 31st of March last. This amount is in. shortdated securities in London, and will be available 'for As m'ay ultimately be decided.

The revenue for the year ended 31st March, 1919, is £22,352.372, compared with £20,206,222 fer last year, an increase of £2,14.6,150, and an increase over the esti mate of £2,167,172. The principal increases are: Income tax, £559,775: Customs, £466,373; railways. £30,772; miscellaneous, £228,232; stamp and death duties, £232,758; post and telegraphs £128.556; land tax. £126,985. The expenditure for 1919 is £18,673,-

599 (for 1918, £15.120,289), an increase of £3,553,310. This is £1,332,636 less than the estimate. The principal increases are: Interest and sinking fund charges, £1,655^<)90; pensions, £803,000; railways, £374,937; post and telegraphs, £212.556: mental hospitals, public health, etc., £93.107; education. £91.739. Payment of war bonus to civil servants is included in the returns.

The Minister said the position was eminently satisfactory, and indicative of prudent finance, but he desired to draw attention to the fact that there was still a largo sum to be provided on account of the balance due to meet war obligations, including gratuities,• (rt-TC-patriation, settling returned men on the land, and pensions. A vital necessity existed for all classes to take part in the united effort to increase production to meet the annual liabilities, which for war purposes on 31st March were £1,701,000, while payments fer war and other pensions were over two millions.