FINANCE.

Taranaki Daily News, 21 May 1921, Page 5

FINANCE.

PAST YEAR’S FIGURES. SIX MILLION SURPLUS. REVENUE INCREASES £8,117,000. EXPENDITURE ALSO Ul\ The public accounts for the financial year ended March 31, 1921, were published in the Gazette on Thursday evening. The totals of receipts and expenditure of the Consolidated Fund exceed all previous figures. £ Total revenue 34,192,986 Total expenditure .. 28,068,728 Excess of revenue 6,124,258 It will be noted from the details given below that the great increase in revenue came mainly from Customs duties and income tax, the returns from each of which totalled over £8,000,000. On the expenditure side there was an increase of some £600,000 for interest and sinking fund charges on our debt, while departmental expenditure increased by £3,300,000, due mainly to salary and wage increases and railway working expenses.

For the past quarter the receipts totalled £19,184,427, as against £24,490,162 for the corresponding quarter of 1920; but the ordinary revenue showed an increase of some 2| millions—from £11,621,640 to £14,170,721. The main increases were in Customs, Income tax, and railway revenue. For the quarter tho expenditure under the heading “annual expenditure” totalled £4,795,531, as against £3,967,710 for the March quarter of 1920. The increases were mainly in the Wellington Railway Department and the Education Department. Other departments show slight increases, and others again fairly considerable decreases.

For the past financial year the receipts totalled £54,249,838, as against £41,320,900 for the previous financial year, the ordinary revenue showing an increase of upwards of eight millions — £26,075,966 to £34,192,986. Customs show an increase of 3| millions; Stamp and Death Duties, an increase of over £400,000; Post and Telegraphs, an increase of £540,000; land tax, an increase of £130,000; income tax, an increase of over 2% millions; and railways, an increase of more than a million.

On the expenditure side, the permanent appropriations show an increase from £1'1,387,060 to £12,234,724, and the annual appropriations an increase from £12,392,463 to £15,834,004. The main increases are:—Post and Telegraph Department, £1,941,494 to £2,588,357; Working Railways Department!, £4,305,965 to £0,211,001; Justice Department, £571,491 to £725,971; Internal Affairs Department, £336,356 to £632,860; Education Department, £2,031,824 to £2,460,115. The Agricultural Department, on the other hand, shows a reduction of over half a million, and other departments also show reductions. THE YEAR’S RECEIPTS. The receipts for the year totalled £54,249,938, against £41,320,900 for the year 1919-20. The ordinary revenue was £34,192,986, as against £26,075,966 for 1919-20. Balances totalled £17,538,976 in 1920-21, against £15 r--239,560. The cash in the public account was £2,127,550 in 1920-21, against £2,549.459 in 1919-20. The details of the ordinary revenue for the past financial year compare as follows with those for the previous year:— 1920-21. 1919-20. £ £ Customs 8,408,725 4,830,324

YEAR’S EXPENDITURE. The expenditure for the year included permanent* appropriations £12,234,724, as against £11,389,060 for the previous year. Amongst the other main items of expenditure was amount transferred for discharged soldiers’ settlement account £1.2,330,000, while thse expenditure of the various departments was as under :

This total of £15,834,004, added to permanent appropriations of £l2/234,724, gives the expenditure total of £28,068,728. The cash in the public account at the end the year was £4,920,293, compared with £2,127,550 at the termination of the year 1919-20.

Stamp and Death Duties 3,745,902 3,344,933 Postal and Telegraph revenue . • 2,640,157 2,096,756 Land Tas 1,688,878 1,557,903 Incopie Tax ....... ... 8,248,944 6,369,764 Beer Duty 360,525 355,403 Railways G,918,492 5,766,015 Registration & other fees 220,084 175,755 Marine 56,539 42,646 Miscellaneous 1,584,994 1,204,866 Territorial revenue .... 219,192 218,757 National Endowment revenue 100,447 112,839 — - 34,192,986 26,075,966

1920-21. 1919-20. £ £ Legislative Departments 65,461 44,500 Departments of Finance Post and Telegraph De639,784 189,061 partment Working Railways Depart2,588,359 1,941,494 ment 6,211,001 4,305,965 Public Buildings, Domains, and Maintenance of Roads 225,165 164,141 Cook Islands 13,789 16,497 Native Department .... 35,912 28,456 Justice Department .... 725,971 571,491 Mines Department Department of Internal 39,633 36,637 Affairs ... Mental Hospitals, Public Health, Hospitals, & Charitable Aid Board 632,660 336,356 Departments 464,071 556,899 Tourist Department .... 93,619 68,858 Defence Department .... Customs, Marine, & Harbors, & Inspection of 531,042 502,465 Machinery Departments 292,040 227,474 Department of Labor .. Department of Lands & 44,539 40,016 Survey Valuation & Electoral 292,542 238,364 Departments Department of Agricul81,978 196,241 ture 290,800 818,566 Education Department .. 2,460,115 2,031,824 Services not provided for 105,514 77,149 ■ ’ —... ■ ■ —— 15,834,004 12,392,463