BRITAIN’S FINANCES

Manawatu Standard, Volume LIII, Issue 27, 29 December 1932, Page 7

BRITAIN’S FINANCES

A SUBSTANTIAL RECOVER^.

NINE MONTHS’ FIGUJRE&

DEFICIT WELL REDUCED. (United Press Association—By El'ectric Telegraph.—Copyright.) (British OiKcial Wireless). Received December 29, 11.32 aim. RUGBY, Dec. 28. | Revenue returns show, with one week still to run to complete the first nine months of the financial year, that the expenditure, eneltiding seif-balancing items, is 119,928,971 less and the revenue £13,94(1,000 more than for the corresponding period last year.

Newspapers regard the return as indicating a good outlook lor the Hudget. . Tho total expenditure so far incurred in the current year is £554,905,085, and tho revenue received is £395,388,517. The deficit, £159,516,508 is lower than that on the corresponding date last year hy £23,874,907. The income tax lias so far produced £64,541,000, but the hulk of the tax will he collected during the next three months and nearly- 200 millions iah duo for payment in January. Tho higher revenue is largely due to an increase of £27,000,000 in Customs receipts, while the receipts from estate duties show an increase el £8,000,000. There lias been a fall in income tax receipts of £7,562,000 and in surtax receipts of £6,180,000. The principal cause of the decline in expenditure was a saving of £19,120,767 in interest and management of tho National Debt, which results from the Government’s successful conversion operations. The payment to America of the December 15 debt instalment was not provided for in tho Budget. It is offset by decreases in the sinking fund and will not be added to the expenditure account.