A 7
Other Charges amounted to $4,575,527 showing a saving of $69,539.
A sum of $1,510,298 was expended on Public Works Extraordinary.
The expenditure is compared with the original estimate and with the previous year's expenditure in Financial Return No. 6. The allocation of expenditure under the various heads during the past five years is shown in Financial Return No. 7.
6. Loan Works.-Expenditure on loan works authorized by Ordinance No. 11 of 1934 during the year 1937 amounted to $1,057,215 which was met by an advance from surplus balances. The total expenditure up to December 31st, 1937, was $24,123,484, details of which are shown in Financial Return No. 8.
Expenditure amounting to $56,783 on account of certain additional works which it is proposed to charge to a new Loan was financed by an advance from surplus revenue. Particulars of the expenditure are given in Financial Return No. 9.
7. Trade Loan Account.-The loans outstanding after writing off all irrecoverable and bad debts amounted to $295,493. A sum of $500,000 was transferred during the year to Revenue from the Reserve Account which now stands at $338,689 and is more than sufficient to cover existing loans.
Financial Return No. 10 shows the position at the close of the year.
8. Public Debt.-The annual contribution of $166,911 to the 4% Conversion Loan Sinking Fund was as usual invested in sterling securities.
A sum of $560,000 was expended in redeeming 31/2% Dollar Loan Bonds at par in accordance with the terms of the Ordinance governing this issue.
It was found unnecessary to issue during 1937 any of the remaining $11,000,000 of Bonds authorized by the Ordinance. The works covered by this Loan were financed by an advance from the surplus revenues of the Colony without difficulty.
A statement of the Colony's Funded Public Debt outstanding on 31st December, 1937, is shown in Financial Return No. 11.
9. The following Financial Returns are intended to show the 1937 results in comparison with the estimates and with the results of previous years.
1. Chart of actual revenue and expenditure for the years 1928 to 1937.
2. Statement of Assets and Liabilities on 31st December, 1937.