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1927 Public Works Department Loan which is duc for repayment in 1932, and it is clear that in the course. of the coming year the floating of a fresh loan must be contemplated for the repayment of certain sums amounting to some two million dollars already owed to Surplus Balances for loan works and for a start to be made on the certain other important works which it is hoped to finance by these means. A new Gaol and a new Government Civil Hospital arc such works: the expenditure on Ferries is already included though more discussion of this matter will be necessary before Government can consider expenditure beyond the $1,300,000 required for the picrs. I may add that in regard to the Government Civil Hospital and Water schemes it is proposed to apply for some assistance from the Colonial Development Fund.
While the gravity of the financial situation as shown by these Estimates is cloar to sco I should
like to end in a more cheerful strain. The Colony is, as has so often been said, lightly taxed and will still be lightly taxed in 1931 if the proposals now being made are accepted. The dislocation occasioned
by the rapid drop of some 8d. in exchange was a disaster. But now that the first shock is over
trade,
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