LOAN FINANCE.
مجھ
95-
I attach a return shewing the amounts expended
from Surplus Balances on the various loan works as at 31st
December, 1931, together with estimated expenditure during
1932 and ensuing years. The total is $19,706,000, say
$20,000,000. The estimated figures for 1932 onwards
have been supplied by the Public Works Department and judging
by past experience it is doubtful whether so much as $2,340,000
will be spent this year. I put it at $2,000,000 but from
this should be deducted the sum of £38,000 expected to be
received from the Imperial Government in respect of the
Aerodrome and Hangar. At current rate of exchange this is
approximately $521,000. For 1932, therefore, it is only
necessary to finance $1,479,000, say $1,500,000 over and
above revenue services. I am of the opinion that we shall
be able to do this without borrowing. The following is an
estimate of the position assuming that exchange remains at
or about 1s/5d to 1s/6d.
1932.
Revenue.
Expenditure.
Estimated
$33,991,510
Estimated
$34,981,661
Loss on duty 2,200,000
Gain on Exch. $3,400,000
General
Savings
400,000
3,800,000
Surplus for 1932
$31,181,661
609,849
$31,791,510.
$31,791,510.
Surplus 1st January, 1931, $9,361,679
Estimated Surplus on working
of year 1931
1,900,000
$11,261,679 say $11,250,000
Add estimated surplus on working of 1932
Carried forward .
600,000 .$11,850,000