for all Civil servants, but particularly for those in the lower grades. Negotiations with His Majesty's Government in regard to a number of outstanding questions arising out of the enemy occupation and subsequent limited period of British Military Administration resulted in financial decisions entailing the acceptance by the Colony of various charges for pay and pensions of the local Volunteer Forces, certain repatriation passages and relief payments etc., totalling in all a little under $21 million. On the other hand, His Majesty's Government made a round sum grant of $12 million which largely offset these abnormal expenses.
Public Debt.
The Public Debt of the Colony at the 31st December, 1948, totalled $69,016,000 comprising four issues:
4% Conversion Loan raised in 1933, and repayable not later than the 1st August, 1953
The Sinking Fund of this Loan is fully invested and amounted to £214,839 on the 30th September, 1948
31% Dollar Loan raised in 1934..... 31% Dollar Loan raised in 1940
These two loans are redeemable by 25 an- nual drawings. During 1948 bonds to the value of $1,030,000 were redeemed. 31% Rehabilitation Loan 1973/78
$4,838,000*
$6,160,000 8,018,000
$50,000,000
The first $50 million of the authorised Rehabilitation Loan of $150 million was raised in January, 1948, and the first contribu- tion to the Sinking Fund in respect of this Loan was made on the 15th July 1948. The Sinking Fund is fully invested and amounted to 15,625 on the 30th September, 1948.
The $50,000,000 had been fully expended before the end of 1947/48 and additional expenditure totalling $7,269,913 had been incurred by the 31st March, 1948, from the Colony's surplus balances pending the raising of a further portion of the full $150,000,000 authorized.
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