2-
47
was $9,361,679, of which over $5,500,000 was in liquid
form. I regret that the late Treasurer's estimate in
October, 1930, which is quoted in the second paragraph
of Your Lordship's despatch, was so far wide of the
mark. This was largely accounted for by an unexpected
increase in land sales and by the fall in the dollar
resulting in the appreciation of the dollar value of
sterling deposits realized during the year.
4. As regards the current year's working, the
revenue up to date is well ahead of the estimated
figures, the result of the additional taxation imposed
having exceeded expectations. The revenue actually collected up to the 30th of June was $15,700,000, and
there is no reason to suppose that the second half will
not produce at least an equal amount, more especially
as the full effect of certain forms of taxation will
not be felt until the second half. It may reasonably
be anticipated therefore that the revenue for the full
year will not be far short of $31,000,000.
5. The expenditure for the first half of this
year will probably amount to about $14,250,000 but for
the full year it is anticipated that the estimate of $30,986,800 will prove to be approximately correct. In the absence therefore of any unforeseen eventuality,
the Budget should be balanced.
6. As Your Lordship is aware, additional
taxation has been imposed, including an increase of 4%
in the rates. The effect of this additional taxation
is