The Daily News. MONDAY, MARCH 11, 1918. THE DOMINION'S FINANCES.

Taranaki Daily News, 11 March 1918, Page 4

The Daily News. MONDAY, MARCH 11, 1918. THE DOMINION'S FINANCES.

The statement made on Thursday night by Sir Joseph Ward relative to the 'Dominion's finances was probably prompted by the impending issue of a second portion of the war loan authorised by Parliament during last session. The period covered in the statement is one month short of the full financial year, but the figures show the effect of the recent taxation, the net increase in revenue being slightly over two and a half millions. Naturally, the tfulk of'this of this has been derived from increased taxation on incomes and land. It will be noticed that the- Treasurer has given several sets of figures bearing on this increase- In comparing the revenue for the eleven months with the corresponding period of the previous year* the increase is stated as £2,008,405, but in the comparison of twelve months' revenue for the two years the increase appears as £5,379,503. Sr Joseph states that the total increase for the twelve -months period to February 28 is £7,533,650, an amount thai shows conclusively that the people of the Dominion are bearing their fair share of the war burden, even the slight addition to the cost of letter post- ■ ages and telegrams mounting up to an increased revenue of nearly £121,000. It was a i" vtainty there would be a. fall-ing-off in the receipts from the railways consequent on the short-sighted policy adopted, and the loss of over fifty-three thousand pounds is one that might have been avoided. In fact, considering the increased spending power of the people and their inherent love of change, the money that has been spent iu travelling expenses by other means than that of the railways would have, under an enlightened policy, placed the railway revenue in the liist of increases ins lead of decreases. The position is all the more unsatisfactory when it is seen that, besides a decreased railway revenue of £53,20 i), there has been an increased expenditure in this department of £208,538 —more than double the increased cost of education. The reßult is that the railways, compared with the previous year, are nearly £202,000 to the bad. With regard to the Dominion's expenditure, it was inevitable there should "he a large increase in respect of interest and sinking fund payments, the total amount paid in the eleven months being over five and a half millions. It is always a matter of difficulty to make figures suffi. ciently interesting to the general reader so that his or her attention may be aroused, but there is one result from the year's finances which will certainly appeal to all taxpayers, namely, the statement that the general position of the revenue is so satisfactory that no further taxation will be necessary during the coming financial year (1918-19). This is, indeed, a welcome announcement, and piobably a great surprise. It should be noted that our total expenditure in connection with the war at December 31, 1917, was £32,513,711. Apart from interest on loans and cost of war pensions, the average expenditure during the past nine months has not exceeded £1,500,000, whereas the amount anticipated by the Treasurer was £1,900,000 per month, the reduced cost being due to the saving as the result of training and equipping a smaller number of man than was anticipated. While there may be mud, gratification at the favorable position of the Dominion's v-venne there is a feeling that such balu figures' as those given by Sir Joseph Ward do not disclose as mU eh information as to the actual liabilities of the Dominion as the people desire. Still, we must be tiaaitfil the position is so satisfactory and live fc iopeß that a more enlightened Government policy will mi totter nuKeaw the wvenue wd ***. 69 Mt to enable

meet its future demands without undue pressure on the taxpayers. While the revenue derived from hind an>' income taxation is a record, the voluntary contributions to patriotic objects stand out as splendid memorial to the patriotism 'and generosity of New Zealanders.