Votes For Housing And Hydro-electric Development Rise

Taranaki Daily News, 4 June 1943, Page 4

Votes For Housing And Hydro-electric Development Rise

Consolidated and social security funds. Dealing with the question of borrowing for the current financial year for 'needs other than those of war, Mr. Nash ,in his Budget speech said the Government, in conformity with its wartime ! policy, will continue to restrict such loans to the absolute minimum. NeverI theless, there are certain types of naItional development works wnich, if the Ossentiai neeos of the community are to j be met, must be continued and even 1 increased within the limit of the men and materials available. i There are two main classes of work coming within this category— housing, for 'which an expenditure programme approaching £4,u00,000 is planned for tne current year, and the lurther development oi nydro-electricity, for which loan provision siightly in excess of £2,000,000 is being maae. Housing and hydro-elec-tric development are complementary and are important not only at present, but in tne post-war era. Details of votes affected appear in the estimates, where it will be seen that, apart from the headings mentioned, the other works votes are about the same as or even lower than last year. Allowing for funds in hand, it is anticipated that a national development programme of £6,500,000 will require to be authorised for this year. This is £1,500,000 more than last year's authorisation foi the same purpose." Tnis national development loan programme will be provided from departmental funds. It is estimated that the consolidated fund revenue will be £800,000 less than that received last year owing principally to a prospective reduction in Customs revenue. While income tax has been shown at the same total as for last year, it is anticipated that any possible falling off under this heading will be offset by the additional receipts consequent upon a proposed "drive" against defaulting taxpayers. i Tne following is a summary of the consolidated fund estimates (.in thousands of pounds) :—

The expenditure provided for in the estimates shows a nett increase of £3,014,000 compared with the actual expenditure last year. Increased debt charges alone account for £2,500,000 of this increase, practically all of which is in respect of war, and which is in fact a war cost which is being met from- the ordinary revenues of the State. Other increases are £113,000 for education, £300,000 in the amount to be transferred to the social security fund, and £1,108,000 for war pensions, these increases being offset to some extent by decreases in other items. Social security fund expenditure is estimated at a total of £17,403,080, being £1,453,000 in excess of last year's results. The contribution to revenue from the consolidated fund— £4,100,000— represents an increase of £300,000 compared with last .year, while the social security charge is estimated to return the same amount as last year; otherwise the increase in expenditure will be met from cash balances in the fund. A summary of the social security fund is:— Expenditure. Monetary benefits: Age £8,100,000, widows £965,000, orphans £22,000, family £920,000, invalids £1,030,000, miners £80,000, unemployment £60,000, sickness £420,000, universal superannuation £820,000, emergency £130,000, Maori War £80; total, £12,547,080. Hospital, etc., benefits: Hospital £2.067.000, medical £1,030,000, maternity £539,000, pharmaceutical £536,000, supplementary £160.000; total, £4,332,000. Administrative expenses: £524,000. Total: £17,403,080. Revenue. Social security charge £11,600,000, registration fee and miscellaneous £575,000, transfer from consolidated fund £4,100,000 Total: £16,275,000. Thus the resources of both the consolidated and the social security funds will be sufficient to meet requirements without increased taxation.

£ £ TaxationCustoms 6,600 Beer duty 1,800 Sales taxi 3,500 Highways 1,600 Stamp duties 1,700 Land tax 1,000 Income tax 19,100 Miscellaneous 200 35,000 Interest 4,100 Other receipts 2.000 6,100 £41,600

Revenue.

Permanent appropriations (including transfer of £1.500,000 to war expenses account) .. 19,666 Annual votes 21,554 41,220 Supplementary estimates . . 380 £41,600

Expenditure.