THE DOMINION'S FINANCE.

Taranaki Daily News, 9 December 1915, Page 3

THE DOMINION'S FINANCE.

CONSIDERABLE IMPROVEMENT DECREASE IN EXPENDITURE. (From Our Own Correspondent.) Wellington, Dec. 6 The Minister for Finance (Right Hon. Sir Joseph Ward) made a statement to-night with regard to the public finance for the eight expired months of the financial year. He indicated that a substantial improvement had been effected, by the fdrther reduction of expenditure under various headings, but stated that there was need for additional effort in that direction in order that the excess of expenditure over revenue, mentioned in a previous statement, might be overcome.

The revenue for the month of November, said the Minister, showed an in- | trease over that of the corresponding month of 1914 of £385,055. The increase was accounted for partly by the early payment of land tax and partly by the increases were charges in connection with various public services. These increases were now beginning to be reflected in the revenue. The revenue for the first eight months of the current financial year, April to November inclusive, had shown an increase of £4G1,G21 over the corresponding period of the previous year, while a comparison of the revenue for the twelve months ended November 30, 1915, with the twelve months ended November 30, 1914, showed an improvement of £504,523. The figures generally were satisfactory. Turning to the expenditure Sir Joseph Ward said he was glad to say that for the month of November there was a gratifying decrease, amounting to £154,950 as compared with the corresponding month of the previous year. The total increase pf the expenditure for the first eight months of the financial year had been £119,387, but it had to be noted that the increased charges for interest and sinking fund had amounted to £153,953, while the increase of permanent charges under special Acts had amounted to £41,877. The decrease in ordinary expenditure, therefore was even larger than the figures indicated at first glance. The Department which had shown decreased expenditure for the eight months of the financial year were as follows: Finance £36,002; Railways, £13.727; Public Buildings, £4033; Mines, £2028; Internal Affairs, £15,995; Defence, £29,005; Lands and Survey, £9492; Agriculture, £15,367. The Departments that showed increases of expenditure for the period were, Post and Telegraph, £12,183; Justice, £11,005; Labour, £2807; Education, £23,836; Services Unprovided For, £4279.

The total decreases in the various Departments under that heading, added the Minister, had amounted to £131,224, while the increases of expenditure in other Departments had reached a total of £54,781. The net increase, after making provision for interest and sinking fund, was £119,387.

The revenue and expenditure for the month of November, as compared with the corresponding month of 1914, showed a very gratifying change for the better. The decreases in expenditure had been as follows: Finance £48.109; Post and Telegraph, £845; Railways, £69,307; Public Buildings, £5.141; Justice £lO,429; Lands and Survey, £7423; Education, £51,836. 'Die increases for the month were small, the largest being Agricultural ( £1582) and Services Not Provided For (£2399).

Commenting upon the figures, the Minister for Finance said that they were gratifying up to a certain point. They showed that there had been a tendency towards the reduction of expenditure as well as increase of revenue. "But we have to face the need for a further conisiderable decrease of expenditure from the Consolidated Fund,' he said," in order that we may at least get back to an equalisation of our expenditure and our revenue." In other words the deficit that is threatening the Dominion has not yet been avoided.