DOMINION FINANCES.

Taranaki Daily News, 9 March 1918, Page 7

DOMINION FINANCES.

STATEMENT BY TREASURER. Wellington, March 7. Sir Joseph Ward made a statement this evening concerning the finances of the country. REVENUE. The revenue for the eleven months ended February 28 shows an increase in seven departments of £3,03(1,1)5 over the corresponding period of last year, while six departments show decreases of £520,1)77, leaving ft 'let increase of £2.515.138 The increases are: Stamp and death duty, £45,563; postal and telegraph, £120,704; land tax, £(170,540; income tax, £1,937,505; beer duty, £418,01;; mispellameaus £205,120; national endowment Tevenue, £14,522. The decreases are: Customs, £438,093; railways, £53,209: registration fees £5722; marine £4020; territorial £867; minor receipts, £10,050. As compared with the 12 months ended February 28, 1917, the revenue in the corresponding period ended February 28, 1918, shows an increase of £5,797,829. The decreases totalled £483,931—p05t and telegraph £ll2 058, land tax £OOS,559, income tax £4,710,944, beer duty £41.198, miscellaneous £250,598, national endowment revenue £14,522. The decreases are: Customs .£390,407, stamp and deatli duties £40,549, railways £14.418, registration fees £5997, marine £4OBI, territorial £11.784, minor re> ceipts £10,037. That shows a net increase of £5,313,948.

THE EXPENDITURE. The expenditure for the eleven months ended February 28, compared with the corresponding period of 1917, shows a net increase of £771,398, One of tho chief items of the increase is interest and sinking fund £372,988. The total amount, paid for interest and sinking fund for the eleven months was over £5,599733. The increases in the expenditure of the several departments are: Railways £208,538, education £102,773. post and telegraph £40,858, internal affairs £45,108, 'agriculture £39,209, financial £24,812, justice £8317, defence £6492, legislature £0093, lands and surveys £3870, public buildings £3770. The total increase in the eleven departments was £496,530, added to tho £372,988 increase in the interest and sinking fund, gives total increase of expenditure of £BO9, 524. There were decreases in seven departments amounting to £98,120, which, deducted from that £809,524 gives a net increase in expenditure of £771,398. The decreases are: Under special Acts £52,700, services not provided for £31,713, Customs and marine £0462, Mines £2270, Civil list £2293, Labor £IOSO, Native £332.

PUBLIC WORKS FUND. The position of the public works fund from April 1, 1917, to February 28, 1918, shows expenditure under appropriations of £852.280, and there is a balance of ways and means as at February 28 of £287,962 to carry on public works expenditure until June 30 next. There have been decreases in expenditure on all branches of the public works department excepting three. The decrease amounts to £250,302 and the Increase to £25,288, leaving a net decrease of £225,014. The expenditure shows decreases as follows: Railways .-£117,022, roads and hridges £88,249, departmental £11,090, public buildings £10,324, contingent defence £4039, irrigation water supply £5344, plant material and stores £4919, development of mining £4319, light houses and harbor works '£1055, immigration £2342, miscellaneous £999. The increases are: Tourist and health resorts £437, telegraph extension £21,735. This, in reality, is not an increase on amounts for expenditure under the heads which were ' previously provided for under a separate account. The full amount of income, too, had not been brought to bear on February 28, consequently, at the end of the year a still further increase from this source of revenue may be expected.

OPERATIONS OF LAND AND INCOME TAX. A good idea of the operations of both land tax and income tax revenue can be gathered from a comparison made of the 2 months ended February 28, 1918, with the similar period of the year previous. The total increase for the period is £7,583,050. Comparisons for either periods show a larger amount than has previously been produced in the history of the Deminion from these two sources of revenue.

CAREFUL ADMINISTRATION. The increases which T have given in connection with the departments give an indication of what the finance of the country during the war period is, that is, in connection with ordinary revenue and expenditure and the expenditure of the Public Works Department. It shows clearly that there has been a most careful administration of public works expenditure, which has been essential and most valuable in helping the country to finance for war requirements, as, obviously, the less money that is drawn from the public by that Department tho greater the amount that will be available for assisting the war loans, which are imperative for tho purpose of enabling the country to do its part in helping to win the war.

NO INCREASE IN TAXATION. There is still another month of tho present financial year to elapse, but i am warranted in saying now that the general position of the revenue at the end of this year will bo so satisfactory that no further increased taxation will be necessary during the year 1918-1919. That, I feel sure, considering the enormous obligations that the war expenditure involves, will be very gratifying to the people who are contributing money for war purposes and for the general services of the country. As , Minister of Finance, I feel very happy that this is so.