The total expenditure for the year was $251,684,523, a net increase on the estimate of $50,845,440. The gross increase however was $76,142,939, which figure was partially offset by savings amounting to $25,297,499.
A word of explanation is required about the high figure given above for miscellaneous services. Excess expenditure under this head was $72,352,448. The principal item responsible for this excess was $49,887,457 spent on works projects previously charged to an advance account. $16,000,000 was paid to His Majesty's Government as the Colony's contribution towards the cost of reinforcing the garrison, not provided for in the estimates, and an increase in cost of living allowances for Government servants accounted for another $2,188,855. The sharp rise in the cost of paper and printing and an unusually large amount of printing and binding required during the year caused an excess of $1,241,292 under the sub-head concerned, while increased orders for, and quicker delivery of, ten and five cent coins accounted for $958,027.
Public Debt
The public debt of the Colony at the 31st December $62,703,000 comprising four issues:
4% Conversion Loan raised in 1933 and repayable not later than the 31st August
1953
The Sinking Fund of this loan is fully invested and amounted to £264,760. 7s. 4d. on the 30th September 1951.
31% Dollar Loan raised in 1934
1951 totalled
$ 4,838,000
$ 4,280,000
31% Dollar Loan raised in 1940
These two loans are redeemable by 25 annual drawings. During 1951 bonds to the nominal value of $1,032,000 were redeemed, and further bonds were purchased to the nominal value of $200,000.
31% Rehabilitation Loan 1973/78
$ 6,602,000
$ 46,983,000
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 £262,996. 16s. 1od. on the 30th September 1951. During the course of the year the loan schedule was revised from $150,000,000 to $100,000,000.
The $50,000,000 had been fully expended before the end of 1947/48 and additional expenditure totalling $27,609,094 had been
38