++
Gov. 504
4/10
Trs. draft Estimates and copies of a bill
"Appropriation Ordce. 1934".
2.
Gov.
515
13/10
2
of
Trs. Ordce. No. 19 1933.
"Appropriation Ordce"
together with obsons. on the "Estimates".
* See now on 13789/33 which is being Bentong
on separately
Though note of caution was sounded in the
official speeches in the Legislative Council during
the passage of the Estimates and is repeated in
para. 3 of the Governor's despatch (2), the financial
position of the Colony cannot, I think, be regarded
as unsatisfactory. Revenue has fallen owing to
trade depression, and the Governor sees no grounds
forexpecting an improvement next year, but there is
at present no reason to anticipate a fall in the
exchange and the Colony has adequate reserves. It
is proposed in 1934 to draw upon surplus balances to
the extent of just over $1,700,000 (including
$100,000 for the City Hall scheme), but it is
nevertheless estimated that by the end of 1934 the
surplus balances will still exceed 10 million
(excluding the one and a quarter million dollars
received during 1933 for the sale of part of the City
Hall site, the transfer of which amount to a special
fund is under consideration on 13862/33) at which
?
minimum figure we suggested last year that they
should be maintained. The Colon, continues to
finance loan works out of surplus balances.
During
the last two years the expected need for the raising
of further money has continued to recede into the
future, but the question of whether a further loan
is to be raised will no doubt come up for considera-
tion shortly.
By the end of 1933 it is anticipated
that