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sets and Liabilities, which shews a credit balance on the 31st December last of $90,024, exclusive of loan monies, of which latter there was an available balance on that date of $123,334.
This sum will, as you point out, be insufficient to cover the proposed expenditure on Loan Works during the current year, which are estimated to cost $183,700, and the deficit amounting to $60,366 must be made up from ordinary funds, which will reduce the balance of assets over liabilities at the end of last year to $29,658.
4. The estimated revenue for the current year exceeds the estimated expenditure chargeable thereto by $11,866, but in accordance with the instruction contained in paragraph 18 of your despatch under acknowledgment, Public Works estimated to cost $130,000 and included in the programme of works for this year have been postponed. This sum added to the estimated surplus of revenue over expenditure of $11,866 and the balance of Assets over Liabilities of $29,658, shewn above, gives a total of $171,524 in reserve to meet the contingencies mentioned in paragraph 9 of your despatch.
5. I now propose to deal somewhat in detail with the additional expenditure, not provided for in the Estimates, which must be incurred in connection with the new territory during this year, and the funds which will probably be available to meet it.
The following is an estimate of such expenditure during 1899:-
(1) Buildings, which include 4 Police Stations