OUR FINANCES

Wairarapa Age, Volume XXXII, Issue 10234, 10 May 1911, Page 5

OUR FINANCES

THE PAST YEAR'S REVENUE.

SURPLUS OF £586,483.

(By Telegraph—Press Association.)

DUNEDIN, Last Night

The Hon. J. A. Millar, ActingMinister of Finance, addressed a large political meeting in the Gamson Hall to-night. Mr \V. Burnett, Mayor of Dunedin, presided. Dealing with tihe finances of the Dominion, Mr Miilar stated that the surplus lior the year was £586,483. The revenue for the year wa® £lO,297,023, which was a record, showing an increase of £1,058,762 over the previous year's figures of £9,238,261, the latter .being the largest amount previously received in one year.

The increase of revenue, as compared' with the previous year, in respect of the following items, was:— Customs, £356,708; railways, £225,492; stamps, £289,328; land and income tax, £76,853. The revenue for the year exceeded the estimate by £685,448. The transfer from the revenue in aid of public works for the year was £800,006, equalling the record. Treasury bills to the value of £IOO,OOO had been redeemed. Treasury bills to the value of £700,000, which were outstanding on March 31st, 1906, and which had practically become a permanent debt, had now ibeen all paid off. The amount spent in puiblic works during the year, exclusive of separate accounts, was £1,963,569. The balance to the credit of the Public Works Fund on Manch 31st was £1,140,045, and loan money to be received was £181,650, making a total of £1,321,695 available to carry to next year, which, with a transfer of £500.000 from the surplus, would give £1,821,695. The balance brought forward on April Ist, 1910. was £432,316, and *he receipts for the year were: — Revenue, £10,297,023; other receipts £250,; total, £10,297,273. . . The expenditure was a;S follows: Appropriations, £9,343,10Q; excess, of receipt® .£954,167. This, with the balance brought forward, nuad© £lO,386,483.

The transfer to the Public: Works Fund was £BOO,OOO. The balance on March 31st, 1911, was £586,483. The revenue from the various Departments was as follow®, the increases over last year being given in parenthesis:— Customs, £3,027,829 (£356,708); - stamps (Stamp Department) £189,839, Postal Department £16,306, (£289,328); Post and Telegraph, cash receipts £211,261 (£20,726); Land Tax £628,723 (£13,547, decrease); Income Tax £307,235 (£90,400); Beer duty , £llB,lOO (£2731); Railways £3,483,755 (£225,492); Registration and other fees. £100,026 (£11,721) ; Marine £45,933 (£3015); Miscellaneous £327,123 (£31,024 V; Territorial revenue £255,032 (£52,445); Endowment revenue £ss<Bf>l (£11.281, decrease). The expenditure was composed as follows: Permanent charges. 1910-11, £3,642,850; 1909-10 £3,514,409. Annual appropriations.—l9lo- - £5,700,256;' 1909-10, £5,476,513.

The gross public debt on March 31st, including loans raised by the New Zealand Stats Guaranteed Advances Office, was £81,078,122, of which £42,247,772 had been raised since 1891. Of this amount, £33,451,090, ■qr 77 per cent., was reproductive. /

The gross railway revenue for I 1910-11 was £3,494,182, and the working expenses £2,303,272, leaving a net revenue of £1,190,0i0. The per centage of working expenses to earnings was 65.92, ia decrease of 0.84 as compared with the previous year. The per oentage 3 of net revenue to -capita linvested in riie Fi es was £4 Is 3d, an increase of 5s 3d per cent., as compared with the pre ceding year; '< Of the public debt, P'Q./tt] ~';O9 was productive, and £30,376,122 nonproductive, and the annual interest charge was £2,850,000. The interest received on interest-earn>ng lca;is was £1,982,091, showing a. profit of £246,574 over the interest payable. '

The Hon. Mr Millar replied to some of Mr Iviiasseys strictures on the Government, and tho,V' j d Ihe productiveness of certain Govc-ni-ment in- r >;p>it-t;ts. He spoki- of the great saving that might be expected by the levelling of the railways and reducing of the curves. The speaker also went into. the question of the .settling of , Maori lands.

Be oomlbatted Mr Massey's statement that the recent loan of £5,000,000 had cost the Government 7 per cent., and said 'the Government did not intend to increase the pres ent-taxation. He further said tihat the interest paid oil the capital invested in the railways 1 was the highest ever earned, amd spoke of the new rolling stock intended .to be added. Replying to Mr Massey's statement that 90 per cent, of the public servants were appointed by political influence, irrespective of. ability, Mr Millar .said they Had the finest body of public servants of any place in the world. He concluded by enumerating the business done during last session.