The Daily News. THURSDAY, DECEMBER 9. THE DOMINION'S FINANCES.

Taranaki Daily News, 9 December 1915, Page 4

The Daily News. THURSDAY, DECEMBER 9. THE DOMINION'S FINANCES.

Now that two-thirds of the current financial year has expired it is interesting to learn from the Colonial Treasurer the position of the country's finances. In a statement made by Sir Joseph Ward on Monday last he indicated that a substantial improvement had been effected by a further reduction of expenditure under the following heads:— £ Finance ..w...'iv...v...vi.... 36,902 Railways ...... 13,727 Public Buildings Mines .U, ..,■.,.„.,.. 2,028 Internal Affairs ~ .«.,.„!....... 15,995 Defence '.>..„.„... 29,005 Lands and Survey Agriculture _-„-J Jt3,307 Even these substantial prunings do not satisfy the Colonial Treasurer, who considers there is need for further effort in economy, in order that the excess of expenditure over revenue mentioned in a previous statement may be overcome. It was generally considered when the Budget statement was delivered that the • estimates of income were on the low side, and that partly accounted for the estimated deficiency on the year of .£787,000. It is very satisfactory to find that the revenue for the past eight months is £461,621 more than for the corresponding months last year, *.nd apart from the fact that the war increases have commenced to influence the receipts, there is reliable, evidence that there need he no fear as to revenue results for the year. With increased receipts and decreased expenditure the position may be-regarded as decidedly favorable, especially in view of the fact that further economies are possible. We have mentioned the departments in which reductions were effeeted, v but it is necessary, in order to understand the actual results of the eight months' transactions, to state that the following

departments showed au increased ex. penditure:—

Post and Telegraph ]2,383 Justice .. 4 lli0 g 5 Labor ; 2 807 Education _ ' #> 23830 Services unprovided for ... 4,279 It will be noticed that the largest increase has occurred in the Education I Department, but this was inevitable and I has been forecasted as well as justified. A pleasing feature of Sir Joseph Ward's statement is the fact that the twelva months to the end of November last, as compared with the corresponding period ending November, 1014, shows an increased revenue of £304,523, but this is partially due to early payments in November 1915 of land tax, also to the extra charges in connection with various public services. The expenditure for the month of November showed a decrease amounting to £154,956 compared with the corresponding month of the previous year. The total increase of expenditure' for the first eight months of the financial year has been /fl 19,387, but it has to be noted that the increased charges for interest and sinking fund amounted to ,€153,053, while the increase of permanent charges under special Acts was £41,877. The decrease in ordinary expenditure, therefore, is even larger than the figures indicate at first glance. It needed war conditions to check the ever-growing tendency in the various departments of the State towards careless expenditure, and it may ue assumed that a far more rigid and • effective supervision is now being exercised, the result of which is evidenced by the expenditure for last month being £154,000 less than in November, 1914. This is a good sign and should augur well for future economy in administration. There are still four months of the financial year to run—good revenue months—so that, allowing for receipts from higher taxation and increased charges for public services, the finances of the Dominion may be confidently regarded as healthy. It would be extremely gratifying to find that at the clOße of the current financial year, on March 31, 1916, there is a surplus available for development purposes. The prices for all produce maintain their high standard, and the people of the Dominion may well be eavied on account of the prosperity they are enjoying. At the same time, this gratifying position entails certain responsibilities which should be universally recognised. Economy in private life at this juncture is quite aa important as in the case of the public purse. The various patriotic and relief funds need all the moaey that can possibly be spared for some time to come, ar*! die need is one that calls for every citizen of the Dominion to bear his due share according to his means.