CO129-524-1 Reports of Salaries Commission 31-12-1929 - 27-10-1930 — Page 137

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The estimates for 1929, as framed, foreshadowed a

deficit of $2,521,050. The final figures for the

year will not be available until the Crown Agents

accounts are received, but the result of the year's

working as estimated by the Treasurer shows, in

place of the deficit, a surplus of $1,485,405;- revenue showing a surplus of $940,350 and expenditure being $3,066, 105 below the estimate.

8. When the Budget for 1930 was introduced in September last, the position had so far improved that a deficit of only $379,368 was anticipated at the end of 1929; but even this estimate proved unduly pessimistic, and ( as stated above) the year

We, ended with a surplus of about $1,485,405. therefore, start the year 1930 with the sum of $1,864,773 more than we expected. As a result of this our assets on the 1st January, 1930, are raised from the estimated figure of $7,712,265 to $9,577,038 of which $8,041,363 are considered to be liquid. Speaking generally, therefore, the financial position of the Colony cannot be regarded as unsatisfactory.

Turning now to the estimates for 1930,

9.

I would first premise that the unexpected fall in the exchange value of the dollar has upset our calculations both as regards the salaries scheme and as regards sterling expenditure on salaries and material. As, however, 1 remarked above, I can hardly believe that the dollar will remain at its present almost

unprecedented depreciation and 1 look for some improvement in the course of the year.

There is,

moreover,