THE BUDGET.

Taranaki Daily News, 16 August 1922, Page 4

THE BUDGET.

MAIN FEATURES IN BRIEF, EXPENDITURE EXCEEDS BIG DECREASE IN CUSTOMS. PROPOSALS FOR NEXT YEAR The principal features of the Financial Statement, introduced in the House last night by the Prime Minister, are:— Consolidated Fund receipts, £28,127,007; expenditure, £28,466,838. Transfers from surplus to Discharged Soldiers Settlement Account Loans Redemption Account, etc., £780,011. Excess Customs duty used for (balancing, £279,831. Income from Reserve Fund, London. £90.550. Surplus carried forward, £7,531,367. Excess Customs duty held to supple- 1 ment revenue, £2,000,000. Public Works expenditure, £0,4&1,407.< Unemployment provided for. < Extensive development of 'hydro* electric works. "Loans, redemptions, and renewals. £7,741,055. Customs revenue and excise, £5,554.334. ’ Tariff arrangement with Australia. Land-tax receipts, £1,837,816. Income-tax receipts, £6,002,987. Stamp revenue, £3,444,504. Totalisator-tax, £515.248. Banknote tax, £227,080. Amusements tax, £103,815. Post and telegraph revenue, £2,748/ Railway revenue, £6,600,000. Savings bank deposits, £29,125,907. Total War Loan Certificates sold. £4,619,983. Total Post Office Investment Certificates sold, £229,673. Machine printing telegraph installed." Rural mail delivery extended. Waste lands developed and subdivided. Soldiers’ privileges extended to South African War veterans. Kauri gum purchased, £38,600. Advances authorised to 20,392 discharged soldiers, £20,409,571. Modern dredge equipment for swamp drainage. Increased value of drained swamp lands, £3,000,000. Total value for year of exportfi, £43,794,883, including agricultural products, £39,236,528. Reduction in price of Nauru and Ocean Island phosphate. Financial assistance granted by the Repatriation Department to 58,622 men, amounting to £2.197,956. Block of sulphur-bearing land purchased in North Island. Publications Committee established. Expenditure on education services, £3,526,000. Defence Department reorganised. Saving of £50,000 per annum in contract for supply of small arms ammunition. Centralised control of motor transport. « War pensions paid since 1915, £7,335,044. Co-ordination of all pensions and annuities with Pension© Department. Total contributors National Provident Fund at December 31, 1921, 21,713: Funds, £632,653. Cost of living allowance to Public Service annuitants. £137,461. Native Department organised. Native lands purchased by Crown, totalling 1.089,084 acres. IState advances to settlers, workers, and local authorities during the year, £1,921.965. ■Subsidies to hospital (boards paid, 1921-22, £471,711. Native Trust Office inaugurated. Mediation in respect of dairy farmers* mortgages. Loan of £5,000,000 at 5 per cent floated at par. Transfer of New Zealand Consolidated Stock (London issue) from London to New Zealand registers provided for. 'Reduction of free-of-ineome-tax securities. Interest, £17.161, earned through investment of surplus cash balances of public account. Total dividend from Bank of New Zealand for year 1921-22, £112,500, or 12 6-7 per cent on amount ( £875,000) invested. Co-ordination of buying and control of stores. Savings and economies effected in departments and under special Acts, £2,352,863. ESTIMATES AND PROPOSALS Consolidated Fund— Estimated revenue, £26,250,000. Estimated expenditure, £27,938,215. Revenue to be supplemented by £2,000,000, excess Customs duty reserve. To be transferred to works and development capital accounts, £1,250,000. (Expenditure to be further reduced. Loan for public works. Continued provision for unemployment. Backblocks to be developed. Hydro-electric 'development to be Accelerated. Land settlement to be actively promoted. Primary and secondary industries to be stimulated. Further extension of telephone system. Additional wireless telegraph facilities to be provided. Estimated savings as result of improved control of stores and supplies, £200,000. Conversion of free-of-income-tax securities. Improvement in the system of sinking funds in connection with the public debt. Provision for additional post office accommodation. Cost of departmental printing and Government publications to be reduced. To be provided for school buildings, £350,000. Transfer of £3,000,000 to war loans redemption account. Increased contribution for naval defence. Investigation of pension systems in general. Stabilisation of superannuation funds. Redemption of death duty stock. Reduction of public debt by £5,000.000. Runding of Imperial advances durinp war, £27,532,164. Representation at British Empire Exhibition. Estimated cash balance at March 31 1923, £4.343,152. Savings and economies, £1,676,000. Establishment of rural credit associations. Development of irrigation schemes. Progressive work on important lines of railways now under construction. Further increase in values of national assets by swamp drainage operations