NATIONAL ACCOUNTS

Wairarapa Times-Age, 30 May 1939, Page 6

NATIONAL ACCOUNTS

DETAILS OF LAST YEAR'S FINANCES SURPLUS OF £809,000 SHOWN. ESTIMATED AND ACTUAL RESULTS. (By Telegraph—Press Association.) WELLINGTON, This Day. Particulars of the public accounts for the financial year ended March 31 last were announced last evening by the Prime Minister and Acting-Minister of Finance, Mr. Savage. A preliminary statement of the position was made by the Minister of Finance, Mr. Nash, before his departure from New Zealand for London about four weeks ago, but the figures now available give the financial results of the year in detail. Revenue amounted to £36,582,000 and expenditure to £35,773,000, leaving a surplus of £809,000. The usual audited statement of accounts will appear as a supplement to this week’s Gazette. Compared with the Budget estimates of revenue, and with the appropriations to expenditure, the results for the year are as follows:— Revenue.

“It will be noted from these results,” said Mr. Savage, “that the surplus of £809,000 arises mainly in respect of additional revenue. The revenue actually received during the year totalled £36,582,000, compared with the Budget estimate of £35,845,000 —an excess of £737,000. The greater portion of this excess arose in respect of Customs duties which alone exceeded the estimate by £650,000.”

Mr. Savage said the expenditure in total was very close to the Budget estimate, there being a net saving of £27,000. Some variation, however, occurred ■ in individual items. Thus debt services and exchange were £233,000 and £378,000 respectively less than the estimates for these items. The saving in exchange arose very largely as a result of a curtailment of Government requirements overseas. In respect of annual votes “social services” adhered very closely to the appropriations, showing an excess expenditure of only £30,000, but “other votes” exceeded the estimates by £675 000. This included the transfer of £272,000 to the Dairy Industry Account to liquidate the deficit arising from the 1936-37 season's operations, together with £99,000 additional for defence and £112,00 for agriculture.

"As previously indicated the net result was a surplus of £809,000 which was a satisfactory ending to the year's operations.” said Mr. Savage.

Budget Actual Estimate. Results. Taxation. ’ £ £ Customs 10,000,000 10,650,000 Beer duty 1,000,000 1,077,000 Sales tax 3,400,000 3,556.000 Film hire tax .... 100,000 86,000 Gold export duty 10,9,000 100,000 Highways 3,200.000 3,060,000 Stamp and death duties 3.300.000 3,409,000 Land tax 1,075,000 1,059,000 Income tax 9,500,000 9,303,000 Miscellaneous .... 40,000 6,000 Total taxation 31,715,000 32,306,000 Interest receipts .1,955,000 2,127,000 Other receipts .... 2,175,000 2,149,000 £35,845,000 £30,582,000 Expenditure. Permanent Appropriations: Debt services .... 9,544,000 9,311,000 Exchange 1,800,000 1,422,000 Transfer of highways revenue .. 3.181,000 3,055,000 Other permanent appropriations 540,000 545,000 15,065,000 14,333,000 Annual Votes: Social, services .... 12,916,000 12,946,000 Other votes, etc. 7,819,000 8,494,000 20,735,000 21,440,000 £35,800,000 £35,773,000 Surplus £809,000