Enclosure No. 3.
In rising to carry out Your Excellency's instructions to introduce the Supply Bill for 1929, by the statement Your Excellency has just mado I find my task lightened to the point of dealing only with Expenditure. Further the expenditure I
have to consider does not cover matters connected
with the Public Works Loon, which is a matter apart,
and concerns the revenue of the Colony only to the
extent of its service and of the possibility of
financing the works concerned from the surplus
balances of the Colony pending such time as it may
be found desirable to offer a further sum for public
subscription.
2. The estimated revenue for 1929 reaches a
total of $22,278,600 and in addition to that there
will be available an estimated net liquid surplus
balance of $4,722,910 making in all a total of $27,001,510. Of the total of the surplus balancos plus the annual revenue given above, the Goverment has aimed to leave approximately $2,000,000 intact: provision has also to be made for Military Contrib- ution $3,978,388 and for the service of the Public Dobt $1,302,298, the details of which will be found on pages 101 and 105 of the draft estimates.
Subtracting from the total available those suns wo
are left with a total which covers the expendituro of the $19,478,964 estimated as required to moct the noods of the Colony for 1929. This sum with the Military Contribution and the Service of the Public Works Loan exceeds the ostinabod Revenue for
the year 1929 by 2,521,050, but it is considered
justifiablo
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