Owing to high prices generally, considerable expenditure was incurred on cost of living and other related allowances for all civil servants, but particularly for those in the lower grades. Payment of occupation period salaries to Govern- ment servants, Volunteers and members of the Civil Defence Services who were not interned during the period 26th December, 1941 to 31st August, 1945 was continued, and in addition the implementation of the recommendations of 1947 Salaries Commission entailed considerable expenditure in salary adjustments.
Public Debt
The public debt of the Colony at the 31st December 1949, totalled $67,984,000 comprising four issues:
4% Conversion Loan raised in 1933, and repayable not later than the 31st August, 1953
$4,838,000
The Sinking Fund of this loan is fully invested and amounted to £234,475 on
the 30th September, 1949
32% Dollar Loan raised in 1934
$5,600,000
32% Dollar Loan raised in 1940
$7,546,000
These two loans are
are redeemable by 25 annual drawings. During 1949 bonds to the value of $1,032,000 redeemed
32% Rehabilitation Loan 1973/78
were
$50,000,000
The first $50 million of the authorized Rehabilitation Loan of $150 million was raised in January, 1948, and the first contribution 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 £48,146 on the 30th September, 1949.
The $50,000,000 had been fully expended before the end of 1947/48 and additional expenditure totally $45,619,315 had been incurred by the 30th September, 1949 from the Colony's surplus balances pending the raising of a further portion of the full $150,000,000 authorized.
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