FINANCES OF THE DOMINION

Taranaki Daily News, Volume LII, Issue 143, 14 July 1909, Page 3

FINANCES OF THE DOMINION

EXPLAINED BY HON. MTI.r.AB By Telegraph.—Press Association. Wellington, July 13. The Hon. Millar, in Ithe course 6f ai interview by a Post reporter, replied ti Hie statement made by Mr. B. Kent chairman of the Auckland Chamber o Commerce. He 1 said that the revenui last year was over half a million shori of the expenditure. It appeared to bin 'that Mr. Kent had made an error bj taking the amount brought forwarc ( £767,840) at the beginning of the yen and subtracting from that the balanct at the end of the year ( £184,321) and then Baying it was an excess of expen diture Aver revenue. A caTeful study of the figures woulc have ■ shown that £BOO,OOO was transferred from the consolidated revenue tc the public works fund. This was not an expenditure from the consolidated fund but was a transfer to the public works fund in lieu of borrowing. For jears past the surplus from the consolidated fund had been transferred to the public works fund, but the surplus of this year could only be transferred in the following year. The result was that the ascertained surplus for the year ended March 31, 1908, was in due course transferred to the public works fund plus 14532,000 from the revenue account of the year. To put the position clearly, so that no one could make, a mistaKe, he 'gave the actual figures as follows: Revenue amount for the year.—Revenue, £0,001,185; other receipts, £800; total, £9,001,985. Expenditure account. —Appropriations, £B,V 85,513; excess ot receipts over expenditure, £210,472. •Balance brought forward from the previous year, £767,849; excess of receipts as above, £216,472; total, £0»4,b21. Transferred to the public works fund, £800,000; credit balance on March 31st, 1900, £184,321. - Mr. Millar maintained that this position was made dear by Sir Joseph Wart! in his Invercargill. speech. Since IWl' no less than £7,230,000 had been transferred from the public works fund to the consolidated fund.