STATE REVENUE.

Manawatu Standard, Volume LVII, Issue 209, 4 August 1937, Page 2

STATE REVENUE.

FIRST QUARTER’S FIGURES. SUBSTANTIAL INCREASE. Per Press Association. WELLINGTON, Aug. 4. A substantial increase in the State revenue for the first quarter of this financial year is shown m the audited Public Accounts. The revenue totalled £6,716,000, representing an increase ol £1,193,000, comnared with the same period of last'year. There was an expansion under all headings, but it was particularly- marked in respect to Customs revenue.

“I am pleased to be able to say that the position is entirely satisfactory,” said tiie acting-Mimster ot Finance (Hon. P. Fraser) who mentioned that tlie audit had just been completed and would he added as a supplement to last Thursday’s Gazette. The revenue under the principal headings for the quarter ended June 30, with the figures for the corresponding period of the previous year in parerttlicscs, are as follow: —

Total revenue ... 6,717,000 (5,524.000) This is an increase of £1,193,000 on last year. Mr Fraser said that the increased revenue received under all headings of taxation, particularly Customs, augured well for the public finances during the ensuing year. With regard to the highways revenue, when a comparative increase of £244,000, was indicated, it was explained that, apart from the charge t’o cover the expenses of collection, the whole amount is paid over periodically to the Main Highways Account and to the boroughs. However, allowing for this self-balancing item, it was clear that the revenue was substantially- in excess of that received during the same quarter of the last financial yar. The variation with regard to interest and other receipts called for no special comment. Referring to expenditure the Minister stated that the total for the quarter was £5,948,000, as compared with £5,860,000 for the June quarter of 1936. Following are the figures, the 1936 figures being also shown:PERMANENT APPROPRIATIONS. 1937 1936

Total expenditure 5,948,000 5,860,000 The net result, as shown by the above statistics, is an increase as compared with last year of £85,000. The quarter’s expenditure, however, is not strictly comparable, especially in respect of permanent appropriations. 'Thus the apparent decrease in respect of the debt services is due to the alteration in the date of certain overseas interest payments, while in regard to highways, as already explained, this item is* practically self-balancing. INCREASED VOTES. “Even allowing for accounting fluctuations, however, it is clear,” the Minister added, “that there has been a substantial comparative increase in the annual votes, particularly under the heading of social services. This was, of course, anticipated ns the full cost of the increased pensions, salaries and wages, which have been operative since the latter part of last year are now being reflected in the accounts.”

The Minister concluded by expressing satisfaction at the position as indicated by the quarter’s accounts, and drew attention to the practical manner in which the general improvement throughout the Dominion was reflected in the savings of the public. Thus, the excess of deposits over withdrawals of the Post Office Savings Bank for the last quarter amounted to £1,415.000, as compared with £858,000 for the same quarter last year, while at the end of June ; 1937,'. the total amount at the credit of depositors was £59 471.000, as compared with £53,774,000 at the previous June 30.

TAXATION. £ £ Customs 2,500,COO (2,lo4.000) Beer <lutv 212,000 (176,000) 88 V ,01,0 (709,000) Highways 888,000 V644,000) Stamp and deatli duties 811(100 (785,000) Other taxation BO VJ, 000 (271,000) Total 5,607,000 (4,769,000) Interest 461,000 (496.000) Otiier receipts ... 589,UUO (259,000)

Debt services Highways Exchange .... Other services ' £ ... 1,554,000 436,000 359,000 189,000 £ 2,010,000 645,000 595,000 181,000 Total 2,538,000 3,431,000 ANNUAL APPROPRIATIONS. Social services ... 2,132,000 1,591,000 Other votes . 1,278,000 838,000