3
3
or surplus balances, has been charged to Loan Funds to an amount already exceeding the full amount of our recent $5,000,000 loan.
As was foreshadowed when the Budget was introduced last year, the remaining $2,000,000. of the Public Works (1927) Loan was raised in November last and the money was obtained on slightly more favourable terms than on the previous occasion. But as Hon. Members will have cbserved from the resolutions already put before them today the existing loan funds are more than fully allocated and the urgent necossity for increasing our water supply will compel the Government to raise a further
near
loan in the/future. We are now again in the
position of advancing money from Surplus Dalances on Loan Works the cost of which is to be recovered from a future loan and we have framed our Budget on the supposition that a further loan will, subject to the approval of the Secretary of Stato, be raised at a suitable opportunity next year, that our surplus balances will be relievod during next year of all liability for loan works, and that the full amount of our liquid balances will be available for other local needs of an urgent
I do not think if less spectacular charactor.
it necessary for me to make detailed reference
to the loan works,
They are not out in the
Appendices to the draft Estimates of Emporditure
and
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