189
-6-
$1,075,210 lower than the revised estimate.
Royalties
from the Bus Companies and from the Tramway Company yielded more than was anticipated, as a result of the improved services operating and the greater number of passengers carried. Loans made to the Fisheries Cooperative amounting to $316,690 will be repaid during the coming year.
Colonial Development and Welfare Grants.
Revenue under this Head offsets the expenditure provided for under Head 44 in respect of schemes for which grants from the Colonial Development and Welfare Fund have been approved. The revenue estimate, however, slightly exceeds the expenditure as it makes allowance for certain small outstanding balances relating to 1948-49 expenditure which will not be reimbursed until after the 31st March.
Grant from United Kingdom Government.
The revenue under this Head represents a grant of $16,000,000 generously made by His Majesty's Government as part of the war expenditure settlement, to assist the Colony in solving problems arising out of
expenditure connected with the war.
Land Salos.
The estimate of $2,560,000 is $460,000 lower than the original estimate for 1948-49, and $2,190,000 lower than the revised estimato. It is anticipated that fower sales of land will take place during 1949-50 than during the present year.
EXPENDITURE.
When
Expenditure is estimated at $179,586,970. the budget for the present year was introduced, the hope was expressed that expenditure would fall. Instead it has risen $19,500,000 over the revised estimate for 1948-49, which was itself in excess of the approved estimates. Even so, as originally submitted, and excluding additional demands for constructional work, departmental estimates were $15,000,000 higher than the final figure.
The rise in expenditure is due to two causes, heavy defence and security commitments, and the nood to provide under Public orks Extraordinary for a good deal of rehabilitation work which would have been met from Loan funds, but for the fact that allocations are becoming exhausted. In these circumstances, a special appeal for economy was made to heads of departments and on the whole they cooperated woll. Departmental estimates have accordingly been very carefully scrutinisod, and reductions have been effected wherover possible.
The keynote of the budget is security. In viow of the deteriorating situation in South East Asia generally, our chicf concern must be the preservation