BRITISH BUDGET

Manawatu Standard, Volume LIII, Issue 263, 4 October 1933, Page 7

BRITISH BUDGET

UNUSUALLY SMALL DEFICIT. PROSPECTS FOR SURPLUS. DECREASE IN EXPENDITURE. (United Press Association—By Electric • Telegraph.—Copyright.) (British Official Wireless.) RUGBY, Oct. 2. The revenue returns for the first half of the financial year, which ended on Saturday, are regarded as most encouraging. Until the final quarter of the year it is customary for the returns to show a substantial deficit, but the shortage of £48,590,155 disclosed in the return is the smallest deficit in the first half of the year for years, and compares with £90,928,882 at the corresponding period of last year. Ordinary revenue during the six months amounted to £275,736,842, an increase on the corresponding period of last year. For the whole year the Chancellor of the Exchequer estimated a revenue decrease of £46,014,000. Ordinary expenditure, on the other hand, shows a reduction of £35,130,193, and amounts to £324,326,969. Allowing for supplementaary giants, a doorcase in expenditure of £32,330,000 was expected in tlio complete financial year. Expenditure always exceeds revenue in the first half of the year 7 , as the bulk of the revenue, especially from income tax and surtax, is not collected until the last quarter, January-March. Hie comparative smallness of the current deficit is a hopeful sign, and in tlie absence of any serious setback in the general revenue situation in the next six months the prospects of a good Budget surplus in April are considered good.