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leaving the estimated deficit for the year
$1,912,800. We must contemplate the
possibility of the deficit being much larger
in view of the optimistic nature of their
original estimates and the aoubt as to the unspecified saving of $1,000,000 on "certain
works".
That is a sufficiently gloomy and
serious position and it is not to be relieved
by some of the surprising statements made in
this uespatch and enclosure. In the first
place on page 10 of the enclosure, it is
stated "The Colony's surplus on 1st Jamary
1931 was approximately $8,500,000, so that
unless there are exceptional and unexpected
calls, the year 1931 should finish with a
surplus over $6,000,000". A glance at the
estimates show that the estimated surplus
on 1st January, 1931 was $5,425,352 and not
$8,500,000 as now stated. It seems incredible
that the year 1930 should have ended with
a deficit of only $1,100,000 instead of the
$4,237,500 which was the revised estimate.
There is a still more surprising statement
in paragraph 3 of this despatch, that "since
other
there remains taxable resources which
should amply suffice for the balancing of
the annual Budget, it is propose to hold back
the imposition of an addition to the Assessment
until such time as a further Loan is approved
and further funds are required for its service."
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