HEAVY SURPLUS

Wairarapa Times-Age, 29 May 1941, Page 4

HEAVY SURPLUS

SHOWN IN NATIONAL ACCOUNTS REVENUE REMARKABLY BUOYANT. TAX RECEIPTS MUCH EXCEED ESTIMATES. (By Telegraph—Press Association.) WELLINGTON. This Day. A surplus of £1.726.000 is shown in the public accounts for the financial year ended March 31 last, details of which were announced last evening by the Minister of Finance, Mr Nash. Revenue for the year amounted to. £40,438,000 and expenditure to £38,712,000. Last year’s Budget provided for an estimated surplus of £46,000, but Mr Nash explained that revenue had been more buoyant than was anticipated at the time the Budget was prepared and that taxation receipts had greatly exceeded expectations. Revenues had exceeded the Budget estimate by no less than £3,358,000. Mr Nash said it was particularly gratifying that in spite of war conditions New Zealand was able to close another year, not only with a balanced Budget but with a satisfactory surplus with which to commence the new year. Income tax receipts exceeded the Budget estimate by £2,170.000, Custom*; receipts by £1,278.000 and sales tax 1 - receipts by £503,000. V The expenditure for the year exceeds the Budget appropriation by £1,881,000, but includes the repayment of Treasury notes totalling £1,685,000 issued to the United Kingdom Government in connection with Government imports. On account of increased payments abroad during the financial year, expenditure on exchange totalled £2,403,000, as compared with an appropriation of £1,500,000.