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$10,000,000 this figure having been settled by Sir
William Peel before he went on leave. The necessity
for presenting a balanced budget which was emphasised in
your circular despatch of 16th July last has been
carefully borne in mind. The budget on paper shows a deficit of $1,196,672, but out of this sum the charging to surplus balances of $500,000 for the Naval Arsenal
yard has already received your approval. After deducting this amount the deficit is reduced to $696,672. Even if
it should become necessary to charge this sum also to the
surplus balances of the Colony it would still leave an estimated surplus of $10,616,131, but as the Colonial
Secretary explained in his opening speech on 22nd
September our experience has shown that, in the absence of
special circumstances such as we have no reason to suspect in the coming year, there is inevitable under-expenditure
of the full amounts voted, and I feel fully confident that the results of the year's working, provided the year is not abnormal, will show a completely balanced budget at the end of 1933. I therefore trust that the budget as presented will not be held to have contravened the instructions contained in your circular of 16th July last.
4.
The estimated revenue for 1933 exclusive of land sales is $32,702,575. The estimated expenditure exclusive of Public Works Extraordinary and of the last instalment due for Naval Arsenal Yard and Kellet Island which is chargeable to Surplus Balances is $31,031,324 leaving a balance of $1,671,251. Adding to this the sum of $1,300,000 estimated revenue from land sales there is a sum of $2,971,251 available for Public Works Extraordinary. The expenditure estimated for under this head is $3,667,923.
Judging by past experience it is extremely
unlikely