DROP IN REVENUE.
EXCESS OF EXPENDITURE. FINANCES OF THE DOMINION. STEPS TOWARDS ECONOMY. By Telegraph—Press Association. Wellington, Last Night. Dealing with finance in the course of a speech in the House of Representatives to-night the Hon. W. D. Stewart said the present position of the country was a reflection of the economic conditions prevailing throughout the world, and when people were smarting under a financial strain they were only too willing to listen to hostile criticism of the Government. Giving details of the revenue and expenditure of the past five months; he said the expenditure totalled £12,340,042, and the revenue £7,849,196, the revenue thus being some £4,500,000 less than the expenditure. In considering this position ! it was to be remembered that the expendi- ! ture included some large non-recurring items, while in the summer months the greater part of the revenue would come I in. Revenue was not always a matter the Government could control, and expenditure was a most difficult subject, because if the Government retrenched it became unpopular, and if it did not retrench it became unpopular. Often the only course open to the Government was to cut salaries or dismiss employees. The Government could not always cut wages, because so many of the Government salaries were paid on classifications under an Act. This was one of their difficulties, but in spite of this difficulty the Government was taking steps to keep the expenditure within the revenue. Figure showed that civil servants under the commissioners were greatly reduced, and every effort was being made by the departmental heads and by the commissioner to get rid of superfluous hands. In one department alone—the Post and Telegraph Department—over a thousand men had been paid off in the last twelve months, and this retrenchment commenced at the ! head and went down to the bottom, with- j out fear or favor.
Concluding, the Minister said that at this period of the year there was always an excess of expenditure over revenue, but the House and the country could rely on the Government doing its utmost to keep its finances sound. Our position on the London market in comparison with other countries was the best proof of how sound that position was.
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Taranaki Daily News, 29 September 1921, Page 5
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368DROP IN REVENUE. Taranaki Daily News, 29 September 1921, Page 5
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