DOMINION FINANCE

Wairarapa Times-Age, 26 October 1940, Page 9

DOMINION FINANCE

REVENUE AND EXPENDITURE STATEMENT BY MINISTER. (By Telegraph—Press Association.) WELLINGTON, This Day. Details of the ordinary revenue account of the Consolidated Fund for the first six months of the current financial year were announced last evening by the Minister of Finance, Mr. Nash. Revenue for the period totalled £14,589,000 compared with £14,803,000 for the first six months of last financial year, and total expenditure amounted to £15,207,000 as compared with £16,090,000 for last year. After making an analysis of the figures, the Minister said they revealed a healthy position in the State’s finances. “Though the Social Security Fund is a separate account, outside the Consolidated Fund, the Social Security Fund is financed to a considerable extent by transfers from the Ordinary Revenue Account of the Consolidated Fund, and to that extent the Budget surplus or deficit for the year is affected,” said the Minister. For the six months ended September 30 last, the revenue received into the Social Security Fund totalled £5,627,000 compared with £4,978,000 during the same period of last year. In addition to this revenue, £400,000 has been transferred from the Consolidated Fund to date, as compared with £750,000 last year. The Budget estimate for such transfers for the whole of the current year was £3,200,000, as compared with £1.000.000 actually transferred last year. “On the expenditure side, during the past six months and regarding moneys advanced by way of interest as expenditure, a total of £6,111,000 ha<j come to charge as against £4,949.000 during the first six months of last financial year. Generally speaking, it may be said that the expenditure is following the Budget estimate, while the revenue is somewhat more buoyant than was originally anticipated.