PUBLIC ACCOUNTS ISSUED

Taranaki Central Press, Volume IV, Issue 351, 4 February 1937, Page 6

PUBLIC ACCOUNTS ISSUED

NINE MONTHS PERIOD.

TO DECEMBER.

Satisfactory Position, Says Mr. Savage.

Press Association —Copyright. Wellington, Last Night

The public accounts for the nine months ended on December 31 have been completed and will be Gazetted as a supplement to this week's Gazette. Reviewing; the accounts the acting-Mlnister of Finance (the Rt. Hon. M. J. Savage) drew attention to the satisfactory position which they disclose.

Revenue for the nine months totalled £18,587,000, compared: with £16,079,d000 received during the same period in the previous financial year. The increase revenue arose principally in respect of Customs duties, land tax and sales tax, as shown by Ihe following statistics: Customs, to December 31, 1935, £5,961,000; to December 31,1936, £7.126,000; increase, £1,165,000.

Beer duty, £518,000, £607,000; £89,000. Sales tax, £1,838,000, £2,262,000; £424,000. —Highways, £1,459,000, £1,867,000; £408,000. Stamp and death duties. £2,090,000,£2,378,000; £288,000. Land tax, £433,000, £897,000;' £554,000. Other taxation, £1,147,000, £933,000, decrease £214,000. Totals. £13,46,000, £18,160,000, £2,714,000. Interest, £1,497,000, £1,410,000, decrease £87,000. Other receipts, £1,136,000, £1,017,000, decrease £119,000. Totals, £16,079,000, £18,587,000. £2,508,000. Bearing of Income Tax. Although figures in regard to in. come tax (included under the heading of “other taxation’’) will not be available until the end of the financial year it is clear from the results attained, in respect to other major headings of taxation that there is every prospect of the total revenue as estimated in the Budget, being attained. It will be noted moreover, from the statistics quoted that the proportion of receipts to date compared with that of the previous financial year is being well maintained. With regard to expenditure Mr. Savage stated that the total for the nine months of £21,082,000 was £2.215,000 less than the relative proportion of the estimates as follows: Permanent appropriations debt services, proportion of appropriations, £6,944,000, exenditure to December 31, 1936, £6,992,000, over expenditure £48,000. Highways, £l/884,000, £1,864,000, under expenditure £20,000. Exchange, £1,091,000, £1,289,000, over expenditure, £198,000. Other services, £465,000, £525,000. over expenditure, £60,000. Totals, £10,384,000, £10,670,000, over expenditure £286,000. Annual appropriations, social services, £7,863.000, £6,545,000, £l- - Other votes, £5,050,000, £3,867,000 £1,183,000. Totals, £12,913, £10,412,000, £2501,000. Total expenditure, ' £23,297,000, £21,082,000, £2,215,000.

This apparently substantial underexpenditure is the subject to the qualification that certain payments by imprestees have not yet been brought to charge and to the fact that grants and comparatively large items of that nature are in practice heavier towards the end of the financial year than at the beginning. Moreover, increased pensions and salary restorations which were effective during the latter half of the year naturally affect the comparisons on a proportional basis. Even after making due allowance for these faeors, however, i t Is evident that the total expenditure is being kept well within the appropriations.