CO129-511-11 Estimates- 1929 21-9-1928 - 14-11-1928 — Page 16

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$1,459,637, and instead of finishing the year 1927 with an over expenditure of $1,307,305 as

originally estimated, or of $1,302,257 as

estimated this time last year, we actually had

a surplus of $499,471 to add to our surplus

balances, and we were able to start the year

1928 with surplus assets of $3,985,761, of which

some $2,025,000 were liquid, instead of

$2,184,033, of which $500,000 would be liquid,

as we anticipated when we framed our Budget for

1926. To the se figures remain to be added the

sum of $1,963,358, repayable from loan funds.

In considering this favourable result

it must not be overlooked that our original

estimate of revenue was only exceeded by

$337,139 and the principal cause of our surplus

was the not altogether satisfactory one of

under-expenditure to the extent of nearly three

quarters of a million dollars on Public Works

Extraordinary. In this connection moreover we

must remember that the Public Works Department

expended $1,537,261, from loan funds in 1927

which but for the floatation of our Public

Works Loan must have been met, as in more

prosperous times, from Revenue and Surplus

Balances, while the Department can also point

to many activities on behalf of the Military

Authorities in connection with the arrival of

the Shaforce which were inevitably reflected

in some diminution of its own spending power.

Cur estimates for 1928 were framed to show a

and

revenue of $20,103,390, an expenditure of

$22,183,045, an over expenditure of $2,079,655,

and

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