HALF A MILLION SURPLUS.

Taranaki Daily News, Volume LIII, Issue 297, 10 May 1911, Page 5

HALF A MILLION SURPLUS.

REVENUE INCREASES BY OVER A MILLION. SPEECH BY HON. J. A. MILLAR. '• V INEST STATE SERVANTS IN THE WORLD." By Telegraph.—Press Association. Duncdin, List Night. Tlie Hon. J. A. Millar addressed a large political meeting in the Garrison i Hall to-night. Mr. W. Burnett, Mayor of Dunedin, presided. Dealing with finance, Mr. Millar stated that the surplus'for the year was £586,483. The revenue for the year was ,€10,21)7,023, which was a record, showing an increase of £1,058,702 over the previous year's figures of €9,238,261, the latter being the largest amount previously received in one year. The increases of revenue as compared with the previous year in respect of the following was: Customs £358,708, railways £225,■492, stamps £280,328, land and income tax £70,853. The revenue for the year exceeded the estimate by £085,448. The transfer from revenue in aid of public works for the year was £BOO,OOO, equalling the record. Treasur}' bills to the value of £IOO,OOO had been redeemed. Treasury bills to the value of £700,000' outstanding on March 31, 1906, which had practically become a permanent debt, had now been all paid off. The amount spent in public works during the year, exclusive of separate accounts, was £1,903,509. The balance to the credit of the Public Works Fund on March 31 was £1,140,045, and the loan money to be received was £181,050, making a total of £1,321,095 available to carry to next year, which, with the transfer of, say, £500,000 from the surplus, would give £10,821,095. The balance brought forward on April 1, 1910, was £432,310, and the receipts for the year were: Revenue, £10,297,023; other receipts, £250; total, £10,297,273.

Expenditure was as follows:—Appropriations, £9,343,100; excess of receipts, £954,107; this with the balance brought forward made £1,386,483; transfer to Public Works Fund, £800,000; balance at March 31, 1911. £586,483.

The revenue from the various departments was as follows, increases over last year being given in parentheses:—Customs, £3,027;829 (£356,708), stamps (Stamp Department), £810,859; Postal Department, £16,306 ( £289,328); Post and Telegraph, cash receipts, £211,261 ( £20,726); Land Tax, £628,723 ( £13,547 decrease); Income Tax. £307,235 (£90,400); Beer Dutv, £llB,lOO (£2731); Railways, £3,488,755 (£225,492); registration and other fees, £100,026 (£11,721); Marine. £45,933 (£3015); miscellaneous, £327,123 (£31,024); territorial revenue, £256,032 (£52,445); endowment revenue, £55,861 ( £11,281 decrease).

The expenditure was composed as follows:—Permanent charges, 1910-1911, £3,642,850; 1909-1910, £3,514,409; annual appropriations, 1910-1911, £5,700,256; 1909-1910. £5,476,513. The gross public debt on March 31, including loans raised by the New Zealand State Guaranteed* Advances Office, was £81,078,122, of which £42,247,772 had been raised since 1891. Of this amount, .£33,481,090, or 77 per cent., was reproductive. The gross railway revenue for 19101911 was £3.494,182. and working expenses £2,303,272, leaving a net revenue of £1,190,010. The percentage of working expenses to the earnings was 65.92, a decrease of 0.84 as compared with the previous year. The percentage of not revenue to capital invested in lines was £4 Is 3d, nn increase of 5s 3d per cent, as compared with the preceding year.

Of Hip public debt, £50.701,090 was reproductive, and £30.370,122 not productive, and the annual interest charge was £2,850,000. Interest received on inter-est-earning loans was .€1,982,091, showing a profit of £246,574 over the interest payable. Hon. Millar replied to some of Mr. Massev's strictures on the Government, and showed the reproductiveness of certain Government investments. He spoke of the irreat saving that might be expected by the levelling of railways and reducing the curves. The speaker also went into the question of settling the Maori lands. He combatted Mr/Massev's statement that the recent loan of €5,000,000 bad cost the Government 7 per cent. He said the Government did not intend to increase present taxation. The interest paid on the canitnl invested in the railways was the highest ever earned, and he spoke nf the new rolling stock intended to be milled.

Replying to Mr. Massev'i statement that (10 per cent, of the public servants were appointed bv political influence irrespective of ability, he said thty had the finest body of public servants of any place in the world. He concluded by enumerating the business done during last session.