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even further.
A slight excess on the figure of ten
million dollars for surplus balances for the end of
1934 has therefore been aimed at. The figure as shown
in the printed estimates is $11,598,731 and if from
this is deducted the $1,154,000 ($1,254,000 credit less
$100,000 debit for anticipated expenditure in 1934) from
the Government House and City Development Scheme, the
surplus balances at 31st December, 1934, will be
$10,444,731.
4.
It will be seen that the estimated revenue
for 1934, exclusive of Land Sales, will exceed the
estimated expenditure, exclusive of Public Works Extraordinary, by nearly $800,000, making together with anticipated receipts from Land Sales, nearly
$2,000,000. It is necessary therefore to draw on
surplus balances to the extent of some $1,600,000
to meet the cost of Public Works Extraordinary which
consists mainly of approved commitments. Fortunately
this can be done without reducing the anticipated
surplus below the prescribed minimum.
5.
I have given the fullest consideration
to the suggestion in paragraph 7 of your despatch No.10 9269/32 of 10th January, 1933, that the cost of the new Gaol
should be transferred from loan to surplus balances and
I am satisfied that it cannot be done without running
risks too serious to be entertained. As stated in
paragraph 3 it is only by adopting a cautious policy
and by embarking on no new large works that it will
be possible to maintain at the end of 1934 the ten
million dollars balance plus a small surplus against
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