The assets are at present mainly,
hypothetical, a consist of an intention to raise
Loone
NISA.
ther Caine in his para. & seems to refer only to The was with Germany: that be- tween Ching & Japan has been
wift- out-ofac-
NYSA
count.
блог
much
mare
-$15,510,395 (of which $4,370,395 will be against the future Loan Dunless The remainder of the 1934 Loon is raised. # He has now done so, pp. have been sent
on.
NISA.
x
1?
4
the memorandum states that, even after allowing for
the extra three months covered by the Estimates, this
figure of $50,188,178 is higher than any on record;
but that if the Estimates are realised the surplus of
assets will remain on the 31st March, 1941, substan-
tially above the figure of $10,000,000 which has been
regarded as a proper reserve.
"Increases in expen-
diture, where they are not either automatic or forced
upon the Government by the current exceptional cir-
cumstances, are no more than an attempt to meet needs
which have long been recognised as urgent. Recurrent
expenditure for the 15 months period amounts to
$44,521,304, and is within the ordinary recurrent
revenue estimate for the same period: on this
estimate recurrent expenditure amounts in fact to
87.6% of revenue. In the present uncertain circum-
stances this figure is, I think, high enough. More-
t over, if as a result of the war' in the East there
should prove to be any serious permanent decline in
the Colony's trade, it may be that the figure of
$10,000,000 quoted above will need some revision; but
I doubt whether there is any case for immediate con-
cern on this score.
It is anticipated that by 31.3.1941 surplus
818
balances will amount to $13,300,000, of which
$
$11,140,000 will have been advanced against Loan
Account capiasă. In his telegram No. 373 of
October 28th the Governor has announced his intention
#
of telegraphing shortly on the subject of the issue
of the balance of the 1934 local loan, which would
have the effect of making surplus balances fully
liquid.