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Session 11. 1923. NEW ZEALAND.

FINANCIAL STATEMENT (In Committee of Ways and Means, 3rd, July, 1923.)

Mr. Chairman, — I have the honour to submit the annual statement of the finances of the Dominion as at the 31st March, 1923, and in doing so desire to congratulate the Committee upon the satisfactory position of the Consolidated Fund, Ordinary Revenue Account, which at the end of the year disclosed a surplus of revenue over expenditure amounting to £1,315,683. This gratifying result is attributable to the general improvement in the condition and prospects of the Dominion, brought about principally by the revival of the overseas demand for our produce and by economical administration. Full particulars of the revenue and expenditure will be found in the; tables attached to this statement, and in the published accounts which accompany it. CONSOLIDATED FUND: ORDINARY REVENUE. Revenue. The estimated revenue for the year 1922-23 amounted to £26,250,000, whilst the actual amount received was £27,579,443 or £1,329,443 above the estimate, arid £547,564 less titan that collected during 1921-22. The principal increases were as follow : — £ Customs .. .. .. .. ..936,856 Beer duty .. .. .. .. .. 153,230 Stamp and death duties .. .. .. .. 136,787 The main increase in Customs duty took place during the last five months of the year, and is due to the change made in the tariff in November, 1921 ; to large importations of soft-goods during the March quarter; and to the duty collected on alcoholic liquors and other luxuries. The following increases are attributed to increased rates of duty : Tobacco, cigarettes, &c, £277,738 ; tires for motor-vehicles, £61,135. Increased importations of apparel, drapery, textiles, boots, and silks account for increased revenue totalling £657,724. Another source of increased revenue has been the extra preferential duty levied ott foreign goods ; for example, cotton piece-goods, increase £19,892 ; tools, £9,800 ; sewing-machines and typewriters, £3,580.

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