original estimate and some six lacs more than the revised estimate. The reasons for this increase were fully put before you when the Supplementary Appropriation Ordinan
was submitted to Council. A further deficit arises in
the Exchange Fluctuation Account of about $340,000 with the result that we opened this year with a Credit balance of just over 13 million dollars.
The year 1925 started well and the revenue up to the end of May was $9,261,105, shewing an increase over the proportionate part (12ths) of the estimate for the year of nearly $200,000 and there was good ground to hope that the heavy deficit for which we had budgettod would
be far less than we had estimated. Unfortunately at this
stage we were, by the machinations of enemies from outside,
involved in troubles which were in themselves no concern
of ours and the result has been that our financial outlook:
has been very seriously affected.
From the latter part of June onwards there has
been a considerable falling off under most heads of
revenue, though the position in this respect now shows
signs of improvement.
Owing however to the payment of death duties
on several very large estates there has been an increase in stamp duties of over two million dollars which goes
far to counterbalance the deficits in other sources of
revenue and it is hoped that we shall finally exceed our
original conservative estimate for the year by some four
hundred thousand dollars.
We are making every possible effort to effect economies and it is hoped that the expenditure for this year will be less than the Estimate in practically every department. It is however difficult to stop works in the
middle and usually impossible to cancel contracts or
countermand stores without heavy loss so that we cannot
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