8.—6

There was a decrease of £395,480 in income-tax and £91,211 in land-tax compared with the previous year ; biit, as the remissions granted in the 1924 session were estimated at £718,000, the loss is much less than anticipated, the recoveries of outstanding tax being a substantial set-off. Other decreases were —stamp and death duties, £103,449; registration and other fees, £25,975 ; and territorial revenue, £10,629. The amounts of revenue received under the various headings are set out in full in Table No. 3 attached to this Statement. Expenditure. The year's expenditure was £27,399,200, being £867,271 less than the amount appropriated, but £1,251,195 over the actual expenditure of 1923-24. It was expected that owing to the regrading of the Public Service, railway employees, and teachers during 1924, the departmental charges would be higher, and of the increase of £1,063,000 under this heading £672,000 is attributable to these causes, while old-age pensions and widows' pensions increased by £69,000, and hospital subsidies by £149,000. The methods of check on expenditure which have been applied since 1921 are still operating, and the saving of £867,271 on the appropriations serves to indicate the continued exercise of economy by Departments. The principal increases in expenditure compared with 1923-24 were- — Under Special Acts (mainly on account of hospital £ subsidies under the new legislation of 1923) .. 206,309 Railways .. .. .. .. .. 483,442 Post and Telegraph .. .. .. .. 295,484 Edixcation .. .. .. .. .. 172,763 Health .. .. .. .. .. .. 36,966 Department of Agriculture .. .. . . 55,568 Industries and Commerce (due to Exhibition grants and expenses) .. .. . . .. .. 52,343 Customs (principally due to transfer of tire-tax to Main Highways Account) .. .. .. .. 50,619 There were decreases in— Internal Affairs .. .. .. .. .. 44,541 Maintenance of roads .. .. .. .. 26,821 Services not provided for .. .. .. 166,857 Table No. 6 attached to this Statement sets out the expenditure under the permanent charges and annual appropriations. Result of the Year's Operations. The outcome of the year's finance again discloses a substantial surplus of revenue over expenditure, viz.:— £ £ Balance brought forward, Ist April, 1924 .. .. .. 4,954,714 Revenue .. .. .. .. .. 28,643,000 Net expenditure .. .. .. .. 27,399,200 Add surplus of revenue over expenditure .. .. 1,243, 800 Add net miscellaneous receipts credited to Ordinary Revenue Account .. .. .. .. 4,422 6,202,936 Less transfers during the year — To Public Works Fund .. .. .. 1,000,000 To Loans Redemption Account .. .. 1,052,130 2,052,130 Balance at 31st March, 1925 .. .. £4,150,806

Expsnditure.

Results, year's operations.

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