DOMINION'S PRIVATE WEALTH

Taranaki Daily News, Volume LII, Issue 239, 15 November 1909, Page 1

DOMINION'S PRIVATE WEALTH

OYLTt FIVE IR'XDUKI) MILLIONS. 'Die Minister nf J'iimiKu. wln-n dclivcrI ing- his Financial Statement, gave the ' Joilowing interesting ligurcs' in regard to Mic private wealth of the l)omin"oii: ) In 11)011, the loud capital value of liiinl in Mow Zealand, pnvah-lv owicil Hii.s t:>05.545,()53. The total value of live -lock, machinery, implements, rolling stock, ~ti-., was L5!7,43!1,33t1. j The total ■-apii-.il invested in trailing mid manufacturing, estimated on a lot i" income retimed for taxation, capitalist! at ,i per com. (a low estimate), as average on capital invested, i: 197.735,020. Native land capital value, £1ii,271i,020. Lessees' interest in Crown lands, CJO,-34i;,28]. Church and other lands, not otherwise included, £2,025,202. lulnc-.ition lands, .15,038.(115. Fixed deposits, .€20,0X4,880. I Baraks' mortgages, not taxed, a..< 500,000. Public Trust Commission Fund mortgages,, £2,309,415. Building society mortgages, £2.000,000. ■ Post Office Savings Bank deposits, £12,159,293. Bank note issue, £1,587,051. Total, £511,050,384. The land values have been proved to lie fully 30 per cent. Mow actual sales', so -Hint no one can term them boom values.

In addition to wliat I have stated, there is the private wealth represented by incomes derived from salaries and professions, amfmmting to ,£9,731,144. ilhcse directly employ little or no capital, -but they indirectlv represent capital, and if capitalised at 3 per cent, would represent £74,022,880. Then there are wage-earners who make no returns of income. Their estimated total income is £3.3,001,350. The public and private wealth in 1009 was £018,518,825, an increase from 1891 of £300,000,000, and produced to a large extent by the expenditure of public money ami the corresponding development of the country. The public and private wealth per, bead of the mean population is £7OB, an increase of £370 from 1891 to 1009, with the increase in population 51 perl cent. These figures and facts prove tliai although the Public Debt lia.s increased, the assets in the rapid development of the country have increased in a VRStly greater ratio. For every £1,000,000 increase in Public Debt, the assets have increased fully £10,000,000. This in commercial circles would be considered very sound business. In thirteen years—from IS9O-7 to 1908-9 there is an annual increas'e of income returned for taxation alone of £9,325,970. The average increase rear bv vear is £717,459. ' * In t'be fifteen years from 1893-4 to 1908-9 there is a;i annual increase of £10..043,703 in incomes returned for taxation. The expenditure of public monevs in the development of the covmtrv and in public utilities produces vastly increased wealth and earnings' in return. A very small percentage of this returns-to the Treasury in the shape of taxes on capital. By far the greater proportion goes into the pockets of the people. This shows a solid basis of progress and prosperity of the country.