CO129-256 - Governor Sir Robinson - 1892 [8-12] — Page 129

:

6.

equivalent of £200,000 at the

current rate of exchange. But

as

I have already stated some of the works

may require more

than the amounts estimated for

their completion and in view

of

this contingency it is well

margin available

to have

a

over the estimated total. There

is a

further reason for the

gested margin viz:

126 %

the debit balance will ancouet

to, but it will probably not fall short of $100,000. As it will have been caused

by sapenditure

on some of the Public Works Extraordinary for which the

Loan is to be raised, and as it

is

very

desirable that the Colony

should should start with a

clear sheet and be saved the

interest, 5/1⁄2%, which it has to

overdrafts

sug

pay

that at the end of the ceverent

year there will be

a

deficit

beginning of

the

year,

and leave

which will exhaust the excess.

of assets over liabilities at the

a debit balance. I am not in a

position to state precisely what

the

6.

to the Bank on

Isubmit that the debit balance

should be adjusted from the

proceeds of the Loan.

In view of the financial.

prospects of the Colony I con- cur in the 4th paragraph of

your