2. The revenue for the year 1934 amounted to $29,574,286 being $2,157,339 less than estimated and $2,524,992 less than the revenue obtained in 1933.
3. Duties on imported liquor and tobacco were less than estimated as they are on a sterling basis and were reckoned on an exchange rate of $1=1/3 whereas the average rate throughout the year was over 1/6/16 Assessed Taxes fell short of estimates by $96,771 due to vacant tenements and large shortfalls were shown by the Opium Monopoly of $644,932 and in Stamp Duties of $282,583. A shortfall amounting to $116,393 was shown under Water Excess and Meter Rents due to 10% rebate allowed from 1st April and 15% rebate allowed from 1st September. Land Sales were less than estimated to the extent of $641,507.
4. The expenditure for the year 1934 amounted to $31,149,156 being $2,293,539 less than estimated and $26,441 more than the expenditure in 1933.
5. Ordinary expenditure amounted to $27,364,990, Public Works Extraordinary to $3,784,166. Large Savings were made under Personal Emoluments when compared with the estimates, provision being made for $12,955,767 but only $11,213,115 was expended. By far the greater part of the saving is due to the rise in the sterling value of the dollar. Under Other Charges savings were also effected, the total provision being $4,871,357 against $4,294,188 expended. For the first time for many years Public Works Extraordinary exceeded the original estimates. By a resolution of Council dated the 26th July 1934 an extra sum of $752,000 was placed at the disposal of the Director of Public Works to be spent on a variety of Services.
6. Debt.-The Inscribed Stock Loans of 1893 and 1906 amounting to £1,485,733 were redeemed on the 15th October. The 4% conversion loan raised in 1933 amounted to $4,838,000 and the Sinking Fund established in 1934 amounted at 31st December 1934 to £12,311.2.1. In July 1934 an 8½% dollar loan was raised to finance certain public works and to redeem a portion of the Sterling inscribed stock. Bonds to the amount of $14,000,000 were issued at 99% producing $13,860,000. The loan bears 3½% interest and 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. Ordinance No 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December 1934 amounted to $18,838,000 equal to about 8 months revenue as things are at present.
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2. The revenue for the year 1934 amounted to $29,574,286 being $2,157,339 less than estimated and $2,524,992 less than the revenue obtained in 1933.
3. Duties on imported liquor and tobacco were less than estimated as they are on a sterling basis and were reckoned on an exchange rate of $1=1/3 whereas the average rate throughout the year was over 1/6/16 Assessed Taxes fell short of estimates by $96,771 due to vacant tenements and large shortfalls were shown by the Opium Monopoly of $644,932 and in Stamp Duties of $282,583. A shortfall amounting to $116,393 was shown under Water Excess and Meter Rents due to 10% rebate allowed from 1st April and 15% rebate allowed from 1st September. Land Sales were less than estimated to the extent of $641,507.
4. The
expenditure for the year 1934 amounted to $31,149,156 being $2,293,539 less than estimated and $26,441 more than the expenditure in 1933.
5. Ordinary expenditure amounted to $27,364,990, Public Works Extraordinary to $3,784,166. Large Savings were made under Personal Emoluments when compared with the estimates, provision being made for $12,955,767 but only $11,213,115 was expended. By far the greater part of the saving is due to the rise in the sterling value of the dollar. Under Other Charges savings were also effected, the total provision being $4,871,357 against $4,294,188 expended. For the first time for many years Public Works Extraordinary exceeded the original estimates. By a resolution of Council dated the 26th July 1934 an extra sum of $752,000 was placed at the disposal of the Director of Public Works to be spent on a variety of Services.
6. Debt.-The Inscribed Stock Loans of 1893 and 1906 amounting to £1,485,733 were redeemed on the 15th October. The 4% conversion loan raised in 1933 amounted to $4,838,000 and the Sinking Fund established in 1934 amounted at 31st December 1934 to £12,311.2.1. In July 1934 a 81% dollar loan was raised to finance certain public works and to redeem a portion of the Sterling inscribed stock. Bonds to the amount of $14,000,000 were issued at 99% producing $13,860,000. The loan bears 33% interest and 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. Ordinance No 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December 1934 amounted to $18,838,000 equal to about 8 months revenue as things are at present.
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