PUBLIC ACCOUNTS

Waikato Times, Volume 125, Issue 20956, 8 November 1939, Page 8

PUBLIC ACCOUNTS

HALF=YEARLY RETURN QUITE SATISFACTORY MINISTER’S STATEMENT (By Telegraph.—Press Association) WELLINGTON, Wednesday The Minister of Finance, the Hon. W. Nash, to-day released details of the public finances for the first half of the current financial year. The usual audited statement will appear as a supplement to this week’s gazette. The comparative statement of revenue from April 1 to September 30 is as follows, with figures for corresponding period last year in parentheses:— Taxation

“Shown by these results, Mr Nash explained, a total revenue of £14,803,000 has been received during the six months ended September 30, compared with £13,400,000 received in the same period in the previous financial year, an increase of £1,403,000. “With the exception of stamp and death duties all taxation headings indicate comparative increases. The percentage basis, * where results are compared with estimates in respect of the current financial year and with actual receipts as regards the previous year, it will be seen that 39 per cent of the revenue has now been received compared with last year’s total of 37. The relative position, however, Mr Nash explained, is even more favourable than the percentage results would indicate, as recent increases in taxation operate only for a portion of the financial year, whereas there was no variation in the rates of taxation last year. The Expenditure Side The comparative summary of the net expenditure for the same period (with figures for corresponding period of previous year in parentheses) is:

Expenditure for the half-year ended September 30 thus totals £16,090,000, compared with £15,126,000 for the first half of the previous financial year. On a percentage basis, where allowance is made for increased total appropriations in respect of the current year it is to be noted that in respect of both six-monthly periods total the expenditure is identical, the individual items constituting the total show a minor percentage in variatipns, but in no case is the variation subject to other than a satisfactory explaiation. In the case of highways, this item is of a self-balancing nature, being offset by an equivalent amount of revenue. Social Security Fund As regards other services, it may be explained that the comparative increase is due to the temporary inclusion under permanent appropriations of the payment to the social security fund during the period ended September 30 last of a sum of £750,000. This amount is a proportion of the £2,000,000 appropriated in aid of the social security fund for the current year, and, in accordance with the recent appropriation Act, will now be transferred from permanent appropriations to “annual votes for social services.” This adjustment, while in no way affecting the total expenditure, requires to be taken into account in comparing the permanent with the annual appropriations for

expenditure during the periods under review. It is, of course, said Mr Nash, too early to forecast the position for the remainder of the year, but to date it is evident that revenue is coming to hand somewhat in excess of the Budget estimates, while expenditure is being maintained within the relative appropriations—the position, in fact, is quite satisfactory.

„ £ £ Customs .... 5,459,000 (5,100,000) Percentages 50 (48) Beer duty .... 540,000 (477,000) Percentages 42 (44) Sales tax 1,800.000 (1,717,000) Percentages 51 (48) Highways .... 1,752,000 (1,615,000) Percentages 34 (53) Stamp and death duties 1,486,000 (1,515,000) Percentages 43 (44) Other 1,820,000 (1,462,000) Percentages 40 (37) Totals .... 12,857.000 (11,886,000) Percentages 40 (37) Interest totals . 960,000 (589,000) Percentages 35 (28) Other receipts .. 896,000 (925,000) Percentages 31 (43) Grand totals .. 14,803.000 (13,400,000) Percentages 39 (37)

Permanent Appropriations £ £ Debt services .. 3,550,000 (3,545,000) Percentages 35 (38) Highways .... 1,754,000 (1,51 1,000) Percentages 54 (49) Exchange .... 792,000 (774,000) Percentages 53 (54) Other services . 834,000 (90,000) Percentages 22 (17) Totals 69,300,000 t, 5,920,000) Percentages 46 (41) Annual Appropriations Social services . 4,208,000 (5,739,000) Percentages 40 (44) Other votes .... 4,952,000 (3,467,000) Percentages 4o (41) Totals 9,160,000 (9,206,000) Percentages 40 (43) Grand totals ... 16.090.000 ( 15,1.26,000) Percentages 42 (42)