418
in your despatch No.511 of the 3rd
Uctober. I approve, in particular,
the inclusion of the sum of $50,000
1
only, as a subsidy for Commercial
(6)
Aviation, as recommended in your
despatch No. 496 of the 26th September.
(5)
3. I desire to impress upon
you that the financial position
requires careful watching. The
estimated deficit on the two years
1930 and 1931 amounts to $6,536,596
and will no doubt be increased by
the further fall in the value of the
dollar. The revised estimate of
expenditure for 1930 is 86,320,240
in excess of the actual expenditure
for 1929 and $1,034,985 in excess of
the original estimate. The estimate
of revenue for 1931 exceeds the
approved estimate for 1930 by 84,775,839.
Some of that increase is due to new
taxation, but; unless there is a
marked