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payment of the Military Contribution also had the effect of weighting the 1938 expenditure in a manner which had not been foreseen when the estimates were prepared, though future liabilities were thereby reduced.
The Public Debt of the Colony at the 31st of December, 1938, was $16,598,000, consisting of two issues: the 4% Conversion Loan of $4,838,000, raised in 1933, the sinking fund of which amounted, on the 31st of December, 1938, to £66,937. 7. 4; and the 3¼% Dollar Loan raised in July, 1934. This latter loan is redeemable by drawings at par in each of the twenty-five years commencing in 1935 at the annual rate of one twenty-fifth of such issue. The amount outstanding at the 31st of December, 1938, was thus reduced to $11,760,000.
The Assets and Liabilities of the Colony on the 31st of December, 1938, are shewn in the following statement :—
LIABILITIES. ASSETS. C. O. Deposits:- Contractors and Officers Deposits $ 519,585.00 Insurance Companies... 1,678,641.62 Advances: Miscellaneous 53,443.81 Pending Re-imbursements from 3¼% dollar loan 10,926,056.46 Pending Re-imbursements from proposed new loan 1,077,333.06 Imprest Account 10,420.17 Subsidiary Coin 90,625.00 Suspense Account 26,438.25 Miscellaneous Deposits 1,486,256.87 3,684,483.49 Current Account Government House and City Development Fund $1,480,119.62 Note Issue Account: Fixed Deposit. 4,000,000.00 839,704.12 5,480,119.62 5,480,119.62 King George V Memorial Fund. 158,368.56 Nickel Coinage Account:- Current Account... $206,860.45 Exchange Adjustment 26,092.39 Praya East Reclamation 74,089.89 Sterling Investment Account 1,286,208.61 1,493,069.06 Note Security Fund 5,480,119.62 Cash:- Accountant-General 422,048.64 Nickel Coinage Security Fund.. 1,493,069.06 Crown Agents 18,827.76 *Joint Colonial Fund 2,871,932.78 Fixed Deposits:- Total Liabilities 11,755,926.63 General .$1,050,000.00 General Revenue Balance 13,562,234.97 Total $ 25,818,161.60 Total .$ 25,818,161.60 Insurance Companies... 1,678,641.62 Miscellaneous.. 119,205.37 2,847,846.99 *Joint Colonial Fund £178,000. Os. Od.The main heads of taxation enforced in the Colony, with the yield of each for 1938, are as follows:-
(a) Duties on Liquor, Tobacco, Motor Spirit and Perfumed Spirit
(b) Port and Harbour Dues
(c) Rates (Assessed Taxes)
(d) Estate Duty
($9,105,121.72)
($532,539.63)
($5,997,110.00)
($1,220,854.17)