FINANCIAL STATEMENT.

Wairarapa Age, Volume XXXII, Issue 3217, 15 June 1909, Page 5

FINANCIAL STATEMENT.

POSITION OF PUBLIC ACCOUNTS. SURPLUS OF £184,321. (Per Government Memo.) The Minister of Finance (Sir J. G. Ward) submitted to the House of Representatives a statement showing the position of the Public Accounts on March 31st, 1909, and the requirements to October 14th, 1909. Sir Joseph Wai'd stated inter alia: —As Parliament will shortly prorogue, and the usual Financial Statement will not be delivered until it reassembles. The revenue for tne financial year was estimated at£9,985,000, and the expenditure £8,878,346, the anticipated surplus after bringing forward the balance of £767,849 from the previous year, and transferring £BOO,OOO to Public Works being £74,503. An analysis of the figures show the actual surplus for the year to be £184,321. The revenue for the past year amounted to £9,001,185. The revenue for the year exceeded the expenditure by £215,672. The railways contributed £2.918,507. The returns from land and income tax reached nearly £926,000, the -exact figures beingland tax, £604,901; income tax, £321,044. The Customs revenue did not come up to the estimate by £148,752, the total amount collected for the year being £2,801,218. We have had one of the best seasons known in the history of New Zealand. The result of this is demonstrated by reference tcf exports, which for the five months ended May 31st, 1908, amounted to only £8,713,591, as compared with £10,530,163 for the corresponding period of 1909. There is also aflother indication of decided improvement in the financial outlook, the excess of deposits in the Post Office Savings Bank over the withdrawals for the month of May being £64,115. There was a slight falling off in beer duty, and there was also a drop under territorial revenue of £13,143. The revenue for the year iust closed is £6oo,ooo|better than the year 1906-7. The total-increase during the last three years is £1,410,826. EXPENDITURE.

The actual expenditure was £8,785,513, or a saving on votes of £176,340. The Post and Telegraph services have absorbed nearly £IOO,OOO more than the previous year, the working of the railways £157,000, Lands • and Survey £60,000, Education required £26,000, the cost of General election, including the printing and preparation ot rolls, was £44,000, licensing polls £I2BOO, defence £19,000, public buildings £20,000, agriculture £20,000, police services £12,000, and industries and commerce £IO,OOO. The floating debt of the Dominion was reduced during the year by the redemption of Treasury bills to the extent of £150,000, the amount left outstanding at 31st March being £250,000, and no less than £450,000 having been paid off during the last three years. The general results of the year's finance may be summarised as follows: Balanot brought forward on Ist April, 1903, £767,849; receipts during' year, revenue £9,001,185, other receipts £800; total, £9,001,985 Expenditure during the year, appropriations £8,785,513, excess of receipts over expenditure £216,472; total excess, £984,321. Transfer to Public Works Fund, £800,000; balance 31st March, 1909, £184,321. PUBLIC WORKS. During the year the sum of £2,169,278 has been expended on public works against £1,881,564 spent the previous year. The piineipal items of expenditure were:—Railway conduction, £713,000; addition to open lines, £390,000 ; r0ad5,£469,000. loans. In addition to authorised loans already in force Parliament last year authorised the raising of £1,250,000 for public works, and £1,00,000 for the acquisition of the WellingtonManawatu Railway. Nearly the whole of this money was raised in London on favourable terms. LAND FOR SETTLEMENT. During the year £372,245 has been spent in the acquiiement of estates. There was outstanding on March 31st last, available borrowing, power of £416,650, which with £500,000 authorised for this year gives power to raise £916,650 for the acquirement of land for settlement, if necessary. ADVANCES TO SETTLERS AND WORKERS. The sum v of £1,493,835 12s has been ■ expended in advances to settlers, and £298,184 6s in advances to workers. PROVISION FOR RECESS. The Public Revenues Act provides for the carrying on to June 30th. After that date no payments can be made for any service until further provision is made. 98 It is therefore necessary to provide for the carrying on of the public services till Parliament meets, and I propose to ask the House to extend the provisions of the Public Revenues Act to October 14th next. The Act contains a safeguard that no payment shall be made for any service than those for which provision is made. Authority to increase the amount to be spent under the head of unauthorised expenditure wil 1 be asked for, as it has been found that with the restricted provisions of the Act the amount allowed is insufficient. I estimate the cash issues out of the ordinary revenue account for the period April Ist to October 14th at £4,600,000. To meet this, I anticipate the revenue receipts to amount to £3,900,000. In so estimating, I feel it desirable to keep on the side which with a caeh balance at credit on April Ist, 1909, of £387,163 will give a total available ways and means of £4,284,000 or £312,837 less than I estimate the expenditure for that period. This will be met by the temporary issue of treasury bills, which I hope to pay off before the end of the financial year. The balance x of the Public Works Fund at 31st March, 1909, including advances in the hands of the Government officers, and loan money to be received, was £43,3,709 —an amount insufficient to carry on public works beyond the present month. I, therefore, intend to ask Parliament for authority to raise £1,250,000 for works. This will enable the Government tn provide employment during the winter for men at present idle, and who are willing to accept

! the same. To enable the equipment of I railways to be more efficient £250,000 will be included in the proposed loan, as increasing cails on rolling stock and equipment requires this amount. lam also including in the amount of the loan to be asked for a sum of £IOO,OOO to be expended -in the purchase of Native lands, as it is desirable in the interests of the people to secure these lands. Funds for the duplication of lines are practically exhausted, and as it is desirable to push on necessary works already authorised, additional borrowing power to t|ie amount of £75,000 will be asked. So far as the other separate accounts are concerned there are sufficient ways and means to carry on with."'