REVENUE SOARS

Waikato Times, Volume 122, Issue 20500, 17 May 1938, Page 14

REVENUE SOARS

NATIONAL ACCOAA T' SURPLUS OF £BIO,OOO Hir.H YIELD FROM TAXATION (By I+let-npn. —press Assocls.iooi WELLINGT* »N, Monday Mil I f and it is - itisf3'*tory to An*n\ that the Government has been a:*!*' t" (five effect to ltb policy and at tiie - nn fi time produce a surplus in the national accounts for the sc -md complete year :n success ’ - 1 ■ i thl H \V. I in his speech at Lower Hutt this evening. There was a surplus of £» 10.000 and the Government had placed a further £*54,000 to reserves. Every penny of outside floating debt that was due had been repaid. Treasury bills to the trading banks due on April 10, amounting to £500.000. had also been met on the due date. The accounts were subject to audit and when completed would be published in full. The revenue and expenditure ffsiires for Mi* year wi e - en Mr Nish as follows. They ,re -i\**n 10-re with the comparative teures for the previous financial year:— Revenue Figures

Income Tax Responsible Mr Nash said ail examination of 'the figures just quoted indicated that income tax was very largely responsible for the surplus of £BIO,OOO. The budget estimate under this iieading was £7,500.000, whereas actual revenue totalled £9,079,000. In preparing the Estimates for the year the Government had allowed for a substantial increase in revenue from this form of taxation based on improved business conditions generally and on the higher earning of those in receipt of salary and wages, but it was clear from the results that the Improvement was even greater than had been anticipatedAs regards the other revenue headings these on the whole adhered •losely to the budget estimates. Estimate Exceeded In regard to expenditure the appropriations are exceeded by a total of £524,00". the permanent appropriations being responsible for £BOO,OOO, while a saving of £342,000 was effected ip respect of annual appropriations. The additional expenditure arising under the heading of other permanent annrowialion* wa- due to the transfer of £ grot. 89 7 In . reserve fund. While social «n c< - n.l oilier annual Totes were re-i-::-*-- • :«r tllP *•*'*"? , f f i Cl re»i»ettrelj under lh. ■ ■ ■ - ' uUs -

1937-38 1936-37 Excess £ £ 1,260,non 10,759,000 9.499.000 138,000 97 *.000 842,000 454.000 3,499.000 3,045.000 rilm Hire tU: 32.000 Gold export duty; 105.000 Blfb-Airs: 2.839,000 2,503,000 338,000 Stamp and 77.000 3,240,000 3,163.000 *10,000 1,03*,000 1,048,000 2.460,000 9,0*9,000 6,619,000 *177,000 43,000 222.000 4,723,000 31,604,000 28,941,000 Interest •246,000 2.141,000 2,387.000 Other 435.000 2.254.000 1.619,000 4,912,000 36,059.000 31.147,000 • Decrease. In regard to expenditure, the year s results, compared with those or the previous* financial ; vear, are as follows:

Permanent Appropriation 1937-38 1936-37 l t Debt •emce: 9,441,000 9.380,000 Exchange. 1,828,000 1,581.000 Highways : 2,835,000 2,509,000 Other services. 1,517,000 619,000 Excess C 61,000 247,000 326,000 899,000 Total perm. 16,621,000 14,088,000 1,533,OOo Annual Appropriationa Social services: 11,872,000 9.913,000 1,939,000 Other terrier*; 7,756,000 6,674,000 1,082,000 Total annual: 19,628,000 16,587,000 3,041,000 Grand totals: 85,249,000 30,675,000 T, 574,000