-3-
pared for the transfer of the credit to a special account
and when that has been done and the Inchcape estate duty
deducted it will be seen that our ordinary revenue for
1933 cannot be set higher than about $30,000,000 as
against an original estimate of $34,000,000 and that the
maintenance of our surplus balances at the same level as
at the opening of the year is due to our revised estimate
of expenditure for 1933 being $32,564,261 as against an
original estimate of $35,199,247. The main factor in
This dif
this saving is the reduced cost of our sterling commit-
ments, including officers' salaries, arising from the dif-
ference between the current exchange rate and the rate ($1 - 19/29 adopted in framing the estimates.
ference in exchange has also of course a depressing effect
on certain items of revenue which have been placed on a
sterling basis, but this is a very limited reduction in
no way comparable to the reduction in expenditure arising
from the same cause. Another source of anticipated
saving lies in the sum of $500,000 set down in the Esti-
mates as the final payment by the Colony in respect of
the removal and reprovisioning of the Naval Arsenal and
Kellet Island. The reprovisioning is taking longer than
was anticipated and it is considered equitable that,
having financed the work to the extent of three quarters
without any return, the Colony should retain the final
quarter in its balances until it can be given possession.
of the old site.
A third item of saving which may be mentioned
13