COUNTRY’S FINANCES

Wairarapa Times-Age, 17 January 1942, Page 4

COUNTRY’S FINANCES

«?> DESCRIBED AS SATISFACTORY REVIEW BY MR NASH. POSITION FOR NINE MONTH PERIOD. (By Telegraph—Press- Association.) "WELLINGTON, This Day. Details of the ordinary revenue account of the Consolidated Fund, the Social Security Fund and the War Expenses Account for the nine months ended December 31 are released by the Minister of Finance, Mr Nash. The revenue of the ordinary revenue account, Mr Nash stated, totalled £22,052,000, as compared with £21,930,000 m the same period last financial year while the expenditure was £25,234,000, against £23,661,000 for last year. Dealing with the Social Security Fund, Mr Nash said that for nine months this year the revenue totalled £8,554,000, as compared with £9,309,000 in the same period lajst year, the large decrease being accounted for by the fact that £558,000 only was transferred from the Consolidated Fund as compared with the transfer of £1,300,000 last year. Expenditure under annual appropriations in this fund increased from £1,653,000 to £1,818,000, following the introduction of medical and pharmaceutical benefits. Expenditure under monetary benefits was £6,073,000, as compared with £6,677,000 last year.

Mr Nash also stated that taxation for the nine months paid into the War Expenses Account amounted to £14,519,000, as compared with £8,710,000 last year but, he pointed out, the special war taxes were not imposed until well on in the last financial year. In conclusion, the Minister stated that as this probably was the last opportunity he would have of reviewing the public accounts before his departure for Washington, he was particularly pleased that the position was so good. Apart from unforseen factors that might arise, he thought it could safely be said that the financial results for the year should be very satisfactory. While the growing momentum of the war effort meant steadily increasing demands on our resources, revenue was buoyant and should enable all demands to be met and, he added, New Zealand had been able to repay all monies to the United Kingdom which had been borrowed up to December 30 last, under the memorandum of security agreement.