8.—6 a

It will be seen that the total revenue for the eleven months amounted to £18,193,436, which is a decrease of £1,877,796 as compared with the amount received for the corresponding period of last year. In the tables comparison is made with the Budget estimate for the year, and, while the figures for the month of March, in the case of most items, will include slightly more than a month's revenue, owing to the fact that all amounts in transit will be brought in before the books are closed for the year, the figures given approximately indicate the position. In regard to the principal items concerned I have to comment as follows :• — Customs. —Approximately £1,615,000 is reqiiired to bring the Customs revenue up to the Budget estimate for the year. To reach that estimate receipts averaging approximately £710,000 per month were necessary, but the revenue received during each of the last few months was considerably below that figure, the amount for February being only £493,000. On a proportionate basis the receipts for the nine months ended on 31st December last were about £350,000 short, but for the eleven months the shortage was more than double that amount. That is to say, during January and February the falling-off in Customs revenue was greater in amount than for the previous nine months. A certain amount of revenue was in transit at the end of February, but, even so, the prospect is that the shortage will be little short of a million on the 31st March. Excluding specie, the imports for the eleven months show a comparative decrease of over £9,000,000, and the Customs revenue has been affected to a relatively greater extent owing to the fact that the decline in imports has been heaviest in items of the luxury type, where the rates of duty are highest. The cause of the trouble is, of course, the shrinkage in the income derived by the Dominion from exports, accentuated by the high rates of exchange operating. Beer Duty. —This item also reflects the hard times that have come upon us, and the revenue for the year will probably be a little short of the estimate. Film-hire Tax. —l may say that following the strong representations made when the relative legislation was under consideration last session, that the yield from this tax would be about £100,000 or more, the Budget estimate of £30,000 was increased to £50,000 and concessions were made in amusement-tax. It is now evident, however, that the receipts will not greatly exceed the first Budget estimate. Motor-vehicles : Duties and Licenses, &c. —The revenue from this item, which for the year should not be far short of expectations, at present passes automatically to the Highways Account and the local authorities, and thus does not affect the result for the year in the Consolidated Fund. Stamp and Death Duties. —The receipts from stamp duties, which include totalizator-tax and amusement-tax, have been affected by the economic conditions prevailing ; but if some large amounts at present outstanding on account of death duties can be collected before the financial year closes the final position will be better than the eleven months' figures indicate, but it is not likely that the estimate for the year will be reached. Land and Income Tax. —Land-tax is payable in November, and the figures given indicate a shortage for the year in this item. The greater part of the incometax, however, is received during March, and it is hoped that the receipts will exceed the estimate by sufficient to offset the shortage in land-tax. Interest on Railway Capital Liability. —lt will be observed that the amount received (£550,000) is £830,000 short of the Budget estimate. Considerable savings have been made in Railway expenditure, but as a result of the depression the Railway revenue has shown a heavy falling-off, particularly during the last two or three months. In consequence, with only one more month's figures to be taken into account, it is evident that the amount of Railway interest that can be paid to the Consolidated Fund this financial year will not amount to more than about half of the Budget estimate for the year. Other Revenue Items. —The position of the interest items generally cannot be judged on a proportionate basis, but the indications are that in no case will the estimate be exceeded. On the contrary, there may be a shortage under the heading of " Interest on the Public Debt Redemption Fund," arising out of the fact that the revenue receipts of the Discharged Soldiers Settlement Account are being adversely affected by the economic depression.

3