96
for 1902 by $950,624.80. A reference to the Abstract referred
to above shows clearly how this large excess of Estimated
Expenditure is made up.
It has been swelled by the item for Ex-
change Compensation which is itself enhanced by the grant of
Exchange Compensation on the whole instead of half the salaries
of the Officers entitled to it, by the fall in Exchange, and
by the fact that the Exchange Compensation due to each Officer
is provided in these Estimates whereas in previous Estimates
only so much as was considered sufficient to cover the Ex-
change Compensation actually draw was estimated for, the loss
in Exchange on salaries paid to Officers on leave in Gold-using
Countries being charged to Loss in Exchange when the accounts
for each year were closed.
You will also observe that the Estimated
Ordinary Expenditure for 1903 exceeds the Estimated Ordinary
Expenditure by $131,206.00 and that the Estimated Expenditure
on Public Works Extraordinary exceeds the Estimated Receipts
from Land Sales by $581,100 making a total Estimated Deficit
of $712,306.00.
I am addressing you in a separate Despatch
on the subject of how this Deficit is to be met.
3.
Finally, I would invite your attention to
the fact that the Estimated Balance (shewn in the printed
Enclosure No. 7 ) of $149,319.54 is likely to be exceeded by
between $50,000 to $100,000 due partly to the fact that some
of the measures taken to increase taxation will come inte
operation before the end of the year.
4.
I enclose plans for items Nos. 7, 8, 10,
closure 8.
Haus Nos. 1
to Lop
Sent by
Post)
and
IN