8.—6

1925-26. J now submit an outline of the position as I estimate it for the current year. REVENUE. After going thoroughly into the year's prospects in trade and business I estimate the total revenue of the Ordinary Revenue Account at £29,600,000, details of which I give below. The Customs revenue should produce £7,800,000, assuming that the imports recorded for the first six months of the present calendar year are maintained, and provided no serious drop occurs in export prices. The estimates of revenue from direct taxation are based on the rates as reduced last year, and Ido not anticipate that they will be exceeded. The anticipated revenues of the principal business Departments, such as Railways and Post and Telegraph, are higher when compared with those received last year and indicate extending operations. Estimates of Revenue. £ Customs .. .. .. .. .. .. .. 7,800,000 Beer duty .. .. .. .. .. .. .. 630,000 Stamp and death duties .. .. .. ~ .. 3,340,800 Postal and Telegraph .. .. .. .. .. .. 3,046,000 Land-tax .. .. .. .. . . . . 1,250,000 Income-tax .. .. .. .. .. ; . 3,350,000 Railways .. .. .. .. .. .. .. 7,700,000 Registration and other fees .. .. .. .. .. 190,000 Marine .. .. .. .. .. .. .. 104,800 Interest on public moneys .. .. .. .. .. 1,190,000 Local Bodies' Loans Act, 1908, section 76 .. .. .. 22,000 Rents of buildings .. .. .. .. .. .. 24,000 Tourist and Health Resorts .. .. .. .. .. 53,000 Miscellaneous .. .. .. .. . . . . . . 56,000 Territorial .. .. .. .. .. .. .. 212,000 Departmental and other receipts.. .. .. .. .. 631,400 £29,600,000 EXPENDITURE. The estimated expenditure for the current year as submitted in the estimates presented with this Statement totals £29,024,616. This is £758,145 more than the amount appropriated last year, but of this, approximately, £580,000 is directly accounted for by anticipated and unavoidable new liabilities of a national character, such as £150,000, disabled soldiers treatment, war graves, &c., representing the remaining liabilities of the War Expenses Account now being closed ; £160,000, Naval Defence, second cruiser ; £180,000, interest; and £90,000, general election. The balance of the increase, £178,000, is not in excess of the amount due to normal annual expansion for education, scale increases in salaries, and other services; and the estimates must be regarded as still reflecting the Government's policy of economy and saving in public expenditure. Headings of the estimated expenditure Permanent charges,— £ £ Civil List .. .. .. .. 29,800 Interest, sinking funds, and debt-repayments 9,069,001 Pensions, — £ Old-age, widows', &c. .. 1,245,823 War .. .. . . 1,100,000 Special Acts .. .. 1,375,500 3,721,323 12,820,124 Annual appropriations .. .. .. 16,204,492 Total .. .. .. .. £29,024,616 *

1925-26.

Estimated revenue, 1925-26.

Estimated expenditure.

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