1
likely to cause that decision to be modified.
In the Governor's opinion, the opposition to
the conversion of sterling salaries at the
current rate of exchange us from the 1st of
January, 1932, is dying down.
The Estimates were framed on the basis
of 1/ .When the despatch forwarding the
Appropriation Ordinance was sent off on the
23rd of October. it had risen 25 per cent.
At present it stands around 1/6d.
The effect of this rise will be a very
considerable drop in the dollar value of
the Tobacco and Spirit duties which have recently
been placed on a sterling basis. The yield
from these duties was estimated as follows:
$ at 1/ Tobacco.
at 1/2d. $1,800,000 Tobacco. $955,000
Spiritis. $150,000
Spirits. $124,000
On the other hand, the Colony has many
sterling commitments including sterling salaries
to meet and the general situation must have
been much improved on balance by the rise in
the dollar and there now seems to be every
prospect that the Governor will be able,
as
he hopes, to reconsider in the Spring, provisions
for certain urgent items which had to be
omitted from the Estimates in order to balance
the Budget.
Provision