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1919. NEW ZEALAND.

FINANCIAL STATEMENT. (In Committee of Supply, 23rd September, 1919.) BY THE HONOURABLE SIR JAMES ALLEN, K.C.B, MINISTER OF FINANCE.

Mr. Malcolm, — I have the honour to place before you the financial position of the Dominion, and to offer for consideration by honourable members proposals for meeting the normal requirements of government as well as the heavy financial responsibility which has devolved upon this Dominion owing to the war, now happily brought to a victorious conclusion. It is a matter of great satisfaction to be able to inform honourable members that the anticipations for the financial year 1918-19 were more than realized, and that the year's operations resulted in a considerable surplus of revenue over expenditure. Contrary to expectations, revenue from practically all sources substantially increased during the year, notwithstanding the interruption, to trade and the difficulties of overseas transport. Prom the statements submitted it will be observed that the total revenue for the year ending 31st March, 1919, amounted to £22,352,372, an increase of £2,146,150 over the previous year, or £2,167,172 in excess of the estimate. The expenditure for 1918-19 showed an increase of £3,553,311 over that of 1917-18, or £1,119,478 below the amount appropriated, a fact which indicates the prudence and economy exercised by those entrusted with the administration of State services during the most difficult period in our history. The main items of increased expenditure were on account of interest and sinking fund on war loans, war and other pensions, and charges arising out of the recent epidemic, and the expenses of the trading departments, which were largely increased owing to the advance in the cost of materials and in wages. TREASURY DEPARTMENT. Kevenue and Expenditure. The revenue and expenditure for the year 1918—19 as compared with the previous financial year are as follow : —■

Revenue for the Year ended 31st March, 1919, compared with the Year ended 31st March, 1918.

i—B. 6.

Year endod 31st March, 1919. "Year ondod 31st March, 1918. Increase. Decrease. £ 3,830,681 2,124,773 1,964,811 1,512,693 6,2.19,336 273,334 4, '..75,445 1.11,993 35,151 946,669 202,734 108,824 45,928 £ 3,364,308 1,892,014 1,836,256 1,385,708 5,619,561 237,075 4,668,223 101,249 38,053 718,437 205,643 100,493 39,202 £ 466,373 232,759 128,555 126,985 599,775 36,259 307,222 10,744 £ Customs Stamp and death duties Postal and telegraph Land-tax Income-tax Beer duty Railways Registration and other fees Marine Miscellaneous Territorial National-endowment revenue .. Other receipts 2,902 228,232 8,331 6,726 2,909 2,151,961 5,811 5,811 Totals 22,352,372 20,206,222 12,140,150