P. & T. FINANCE.

Taranaki Daily News, 16 August 1922, Page 5

P. & T. FINANCE.

REVENUE EXCEEDS EXPENDITURE. BIG SAVING BY ECONOMY. Wellington, Last Night. A feature of the Budget introduced in the House to-night was the statement concerning the working of the Post and Telegraph Department, which showed that the revenue for the year was greater than the expenditure. The amount of revenue collected by the department during the year was £2,748,481. The principal items were: Postages £1,410,251, telegrams £685,855, telephone exchange receipts £614,367. The net expenditure was £2,448,688, a decrease of £139,672 when compared with that of the previous year. The increased expenditure compared with 1914-15 is due entirely to the war or is a result of the war. As an indication of the increase in .prices of material and office equipment, it may be mentioned that telephones increased by 52 per cent, in price; poles, 88 per cent.; arms, 100 per cent.; other materials, wire, etc., ranging from 400 per cent, to 600 per cent.; stationery, 103 per cent. The salary expenditure in 1914-15 absorbed 55 per cent, of the total revenue and 57 per cent, in 1921-22. The deposits in the Post Office Savings Bank for the year ended March 31 totalled £29,125,907, and the withdrawals £30,236,231, leaving an excess of of £1,110,234. The amount standing to the credit of depositors on March 31. 1922, excluding interest for the year, was £42,241, 797, compared with £19,048,029 at the end of 1914.

The sale of war-loan certificates by the Post Office from August 11, 1916, until October 30, 1920, when they were withdrawn from sale, totalled £4,619,983. The earlier issues are now maturing, and from August last, to March 31 the value of certificates redeemed totalled £1,528,594. The sales of Post Office investment certificates, which were inaugurated from November 1, 1920, have now realised £229,673.

The bonus reduction under the Public Expenditure Adjustment Act, 1921-22, resulted, for the quarter of the year it was in operation, in a saving of £28,257;, and economies during the year reduced the amount appropriated by a further sum of £48,716. Apart from the amount saved by the reduction in the cost-of-living bonus, an estimated annual sum of £133,337 will be saved by changes in course of being effected. The arrival of comparatively large shipments of materials which had been under order for a considerable time caused the vote “Telegraph Extension" to be somewhat inflated, the total amount ex pended on the construction of telegraph and telephone lines being £579,899, whilst the sum of £170,395 was spent in maintaining the existing lines and cables. Commitments to the amount of £350,000 for outstanding orders are being carried forward, and will require to be met this year.