THE DOMINION'S FINANCES.

Taranaki Daily News, 7 February 1918, Page 8

THE DOMINION'S FINANCES.

INCREASED RECEIPTS AND EXPENDITURE. By Telegraph—Press Association. Wellington, Lust Night. Sir Joaoph Ward, Minister of Finance, stated to-day that tlie revenue for the month of January has come up very well indeed, and shows an increase of £555,541 over the revenue for January, 1917. Practically every branch of the revenue shows an increase. The receipts for the ten months ending January 31, 1918 show a total of £11,811,524, and is in excess of the corresponding ten months of the previous year by £719,505. Thin increase of revenue is very satisfactory in view of the fact that customs shows a falling-off of £444,751, and railways £100,042 for that period. The total expenditure for the ten months ending January 31, 11)18, exceeded that for the ten months ending January 31, 1017, by £403,003. The chief increases in expenditure are to be found under the headings of post and telegraphs, railways, agricultural anil education. The increases of revenue of the various departments for the ten months are: Stamp and death duties, land tax, £060,377; income tax, £325,905; beer duty, £35,204; miscellaneous, £20,841; post and telegraphs, £88,802; £197,810; national endowment revenue, £14,522; other receipts, £18,441; total, £1,354,908. The decreases are: Customs, £444,751; railways, £160,042; registration and other fees, £8987; marine, £4403; territorial, £11,220; total, £035,403. Deducted from the increases, this leaves a net increase of £719,505 The increases of expenditure are: Civil list, £2708; interest and sinking fund, £52,8(55; legislative, £3780; Finance Department, £8623; Post and Telegraphs, £79,282; Railways, £108,393; public buildings, £0133; Justice, £000; Internal Affairs, £3936; Agriculture, £96,374; Education, £85,088; total, £507,824. The decreases are: Under special Acts, £54,157; Native Department, £201; Mines, £2015; Defence,. £10,314; Customs and Marine, £6900; Labor, £222:: Lands and Survey, £2278; services not provided for, £25,463; total, £104,221. This deducted from the increases leaves a net increase of expenditure of £403,803.

There are no Treasury bills outstanding. At the same period last year there was €300,000. A comparison of the full twelve months dating from January 31, 1017, up to January 31, 1018, shows that the increases of revenue in all amounted to £4,494,01(1, and the decreases of revenue to £057,350. 'Die net increase of revenue for the 12 months ended January 31, 1018, as I against the previous twelve months was , £3,830,000. The main Item* that are responsible for those large increase* are income tax £3,485,450, and land tax £(147,531that is, an increase of over four millions of revenue under these two heads. I may state tliai the total amount of the and tax received for the year ended January 31, 1018, is £1,373,490, and income tax, £4,588,031—a total of £0,1)01,527 from these two branches of revenue. In reference to the Public Works expenditure from April 1, 1017, to January 31, 1918, the expenditure under appropriations amounts to £802,012, and under special Acts to £440; total, £803,351; and the balance available for expenditure on January 31, 1018 is £336,- : 393. There has been a deemiNO of expenditure out of the Publite Works fund in all branches of the service excepting three. Departmental decrease, £053(1; railways, £85,753; public buildings, £8277; lighthouses and harbor works, £1242; immigration, £023; roads and bridges, etc., £84,042; development of ir'-lng, £3981; contingent defonvA,' £4518; irrigation and water supply, £4106; plant, material and stores, £3072; unauthorised, £1044; total, £200,884. Increases: Tourist and health resortfi, £SO; lands improvement £2820; telegraph oxtension, £25,204; total, £28,182. Thin amount of telegraph extension is in reality not an Inereasa as far as the Public Works fund is concerned, as it was previously provided for under a separate Act, and that extension is necessary to sl.ow that while the item appeai'H an an increase in the Public Works fund It I* really a transfer under the Act to that department, A GENERAL REVIEW. Speaking upon the financial position generally, Sir Joseph Ward said that (is practically the whole of the income taxthat is, in addition to that already paid—is payable this month, there would be a substantial surplus at the 31st of March next. It had to be remembered in connexion with the expenditure side, which had gone up considerably, that it was due very largely to the conditions brought about by the war. , The total amount of interest and sinking fund paid for the ten months ended January 31 amounted to £3,307,730, which was an increase of £52,835 over the previous year, and a considerable increase under this head had to be looked for The expenses of running practically all the departments of the State, owing to the war, had materially 4 increased, and in that respect, so far as the war affected them, necessarily they were abnormal, but, looking at the whole matter impartially, it Was clear that the financial position of the country was uncommonly strong, and it was very gratifying and re-assuring to the country as a whole that it was so.