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ساتھ
- 3-
strictest possible limits in existing circumstances, but it is hoped that it will be possible to finance certain essential water works construction, of which you will be advised in a separate despatch, from current
revenue in the Budget for 1938.
7.
It is not proposed to alter the special conversion rate of £1 = $16 for sterling salaries.
If such salaries were paid at the full current rate this would represent at the existing rate of exchange an additional expenditure of approximately $58,000
per annum.
8.
The Finance Committee of the Legislative
Council has been consulted informally on the matter
and has signified its approval.
I have the honour to be,
Sir,
Your most obedient, humble servant,
N.Z. Smith
Officer Administering the Government.