Buoyant Revenue

Waikato Times, Volume 121, Issue 20264, 5 August 1937, Page 10

Buoyant Revenue

ALL-ROUND INCREASE. FIRST QUARTER’S RETURNS. MINISTER'S STATEMENT. (By Telegraph.—Press Association.) WELLINGTON, Wednesday. A substantial Increase In State revenue for the first quarter of the current financial year Is shown In audited public accounts. The revenue totalled £6,716,000, representing an increase of £1,193,000 compared with the corresponding period of last year. There was an expansion under all headings, but It was particularly marked In respect to Customs revenue. Batlsfaotory Position. “I am pleased to be able to say that the position Is entirely satisfactory,” said the acting-Minlster of Finance, the Hon. P. Fraser, who mentioned that the audit had Just been completed. The revenue under the principal headings for the quarter ended June 30, with the figures for the corresponding period of the previous year, were:— Taxation. 1936-7 1935-6 £ £ Customs .. 2.500,000 2,184,000 Beer duty .. 212,000 176,000 Sales tax «... 887,000 709,000 Highways .. 888,000 644,000 Stamps and death duties 811,000 785,000 Other taxation 399,000 271,000 Total .. £5,697,000 £4,769,000 Interest .. 431,000 496,00(1 Other receipts 589,000 259,00 G Total revenue £6,717,000 £5,524,000 An Increase of £1,193,000 on last year. A Good Augury. Mr Fraser said the increased revenue received under all headings of taxation, particularly Customs, augured xvell for the public finances during the ensuing year. With regard to the highways revenue, where a comparative Increase of £244,000 was indicated. It was explained that apart from the charge to cover expenses of collection, the whole amount is paid over periodically to the Main Highways Account, and to boroughs. However, allowing for this self-balancing item, it was clear that the revenue was substantially In excess of that received during the June quarter of the last financial year. The variation in regard to interest and other receipts called for Permanent Appropriations. 1936-7 1935-6 £ £ Debt services 1,554,000 2,010,000 Highways .. 436,000 645,000 Exchange . . 359,000 595,000 Other services 189,000 181,000 Total .. £2,538,000 £3,431,000 Annual Appropriations. Social services 2,132,000 1,591,000 Other votes .. 1,278,000 . 858,000 Total expenditure £5,948,000 £5,860,000 Not Strictly Comparable. The net result, as shov\-n by the above statistics, is an increase compared with last year of £BB,OOO. The quarter’s expenditure, however, is not strictly comparable, especially in respect of the debt services. This is due to an alteration in the date cf certain overseas interest payments, while In regard to highways, as already explained, this Item is practically self-balancing. ‘‘Even allowing for accounting fluctuations, however, it is clear,” the Minister added, ‘'that there has been a substantial comparative increase in the annual votes, particularly under the heading of social services. This was, of course, anticipated, as the full cost of increased pensions, salaries and wages, which has been operative since the latter part of last year, is now being reflected in the accounts.” The Minister concluded by expressing satisfaction at the present position as indicated by the quarter’s accounts, and drew attention to the practical manner in which the general improvement throughout the Dominion # was reflected in the savings of the public. Thus, the excess of deposits over withdrawals of the Post Office Savings Bank for last quarter amounted to £1,416,000, compared with £858,000 for the corresponding quarter last year, while at the end of June, 1937, the total amount at the credit of depositors was £59,471,000, compared with £63,774,000 at June 30, 1936.