AXE OF ECONOMY.

Taranaki Daily News, 7 November 1922, Page 5

AXE OF ECONOMY.

STILL MAKING PROGRESS. INCREASE IN REVENUE. FIRST DEFINITE IMPROVEMENT. PREMIER, REVIEWS) POSITION. (By Wire—Special Correspondent.) Pukekohe, Last Night. “We are still making progress witn the absolute necessary reduction of public expenditure,” said Mr. Massey in his speech here to-night. The revenue for the seven months ended October 31 was £11,642,610, compared with £11,413,499 for the similar period last year, an increase o-f £229,111. This was the first occasion for some time that an increase in revenue had been shown. The result was largely due to the October revenue, which accounted for £443,425 more than the revenue received in October, 1921. The principal increases in October were Customs £199,454, and railways £151,703. Departmental expenditure for the seven months ended October 31 totalled £7,213,701 —after all owing for a credit of £43,362 on account of the wheat control transactions and printing office expenditure not shown in 1921—as compared with £9,103,918 for the seven months of 1921, the saving being thus £1,890,217, while the expenditure under special Acts, etc., shows a reduction of £401,549. Thus the total reduction in expenditure due to economies and savings was £2,291,766. The principal reductions in departmental appropriations are: Railways £923,431; Post and Telegraph £280,627; Industries and Commerce £237,012; Internal Affairs £81,837; Defence and Naval £142,830; Lands and Survey £56,773; Agriculture £43,887; Education £72,789. Against this the interest charges for the seven months are higher, compared as follows: Seven months, 1922, £5,027,851; seven months. 1921, £4,300,352, an increase of £727,499. This increase was due mainly to the inclusion in the October expenditure of an amount of £6j000,000, payable in London on November 1, but not included last vear in the New Zealand accounts until later. These differences are due to a change in the system, and do not represent an actual increased expenditure. “We can regard the results as very satisfactory,” added Mr. Massey.