ENG-1954 — Page 55

Chapter 4

Public Finance and Taxation

Revenue and Expenditure

The revenue and expenditure figures since 1st April, 1951 are as follows:

1951/52

Revenue Expenditure

Surplus

$

$

$

308,564,248 275,855,951 32,708,297

484,590,446 411,749,658 72,840,788

1952/53

1953/54

396,881,967 355,407,771 41,474,196

1954/55 (Estimate)... 389,480,000 388,262,050 1,217,950

It should be noted however that the figures for both revenue and expenditure for 1952/53 include a sum of $100,000,000 which was transferred from the General Revenue Balance to establish a Revenue Equaliza- tion Fund. A further contribution to this fund of $26,000,000 was charged to expenditure in 1953/54 and the fund now stands at $137,414,761. The General Revenue Balance at the 31st March, 1954 was $242,436,594 and a statement showing the Assets and Liabilities of the Colony at that date is at Appendix III.

Revenue for 1953/54 exceeded the estimate by $48,239,267. The largest single excess was Earnings and Profits Tax with $14,470,451 over the estimate, which may be largely attributed to the Inland Revenue Department's progress in dealing with arrears of assessments. Another large excess was on the

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