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MESSAGE TO THE FINANCE COMMITTEE OF LEGISLATIVE COUNCIL.
W. PEEL,
Guvernor.
No. 5.
His Excellency the Governor has the honour to present for the consideration of the Finance Committee of the Legislative Council the items (Nos. 191 to 194 of 1931 and Nos. 23 to 27 of 1932) of supplementary expenditure set out below.
By His Excellency's Command,
Dated the 25th day of April, 1932.
W. T. SOUTHORN,
Colonial Secretary.
Brought forward.......
193.-34, Miscellaneous Services :-Loss on Exchange
* 151,694.00
$ 385,962.00
The loss on exchange for 1931 amounted to $385,961.21. Of this sum $200,722 was due to the reduced dollar value of sterling securities owing to the rise in exchange during the year. The balance of $185,240 is the loss incurred owing to the rise in the dollar on our short term investments in the Joint Colonial Fund and to other minor adjustments. In 1930 it will be recollected that owing to the heavy fall in the dollar the sum $1,480,590 was carried to Revenue.
(0.8.0. 27 in 173/31).
of
194.-34, Miscellaneous Services :-32, Newspapers and Periodicals..$
Provision made in Estimates (page 110 sub-head 33)..$ Provision made by Supplementary Vote (Message
No. 15, item No. 153)
1,228.00
8,500
$
1,900
Total
$ 10,400
Items the cost of which can be met wholly or in part by Savings from other sub-heads of the head are marked with an asterisk (*). The source and extent of the Savings will be found in the explanation of the individual items.
MEMORANDA EXPLAINING THE ITEMS.
Estimates, 1931.
191.-34, Miscellaneous Services :-Depreciation of Sterling Securities
The cost price of the Trustee Stock held on account of surplus funds was £104,096.13.10. The market value as at 31st December, 1931, was £94,091.4.1, the depreciation at that date being therefore £10,005.9.9 which at $1-1/4.9/16 amounts to $144,985.18 and has to be written off. A vote for this sum is necessary.
(C.S.O. 27 in 173/31).
192.--34, Miscellaneous Services :-Loss on Sale of Stock
Of the holding of £20,000 nominal value of Newcastle Corporation 1945/55, 4% stock for which £19,200 was paid for account of surplus balances the Crown Agents for the Colonies sold one half realising £0,187.2.0, a loss of £462.18.0 which at 1/4.9/16 $6,707.08. The £9,137.2.0 was reinvested in December, 1931, in London County Council 1945/55, 41% stock at a face value of £10,137.14.0. There has therefore been a slight increase in the nominal value and the yearly interest will also be slightly more.
A vote is requested to cover the difference between the original price and the sale price.
(C.S.O. 27 in 173/31).
144,986.00
6,708.00
Carried forward...................... $ 151,694.00
The supplementary vote approved under Message No. 15 of 29th December, 1931, proved to be insufficient. Final figures for the year show a deficit of $1,228.00 and a vote for this sum is requested.
Newspapers and periodicals purchased through the Crown Agents cost £416.10.6d. or $8.318.04 of which £70.5.2d. or $1,219.04 was spent in October and these figures were not to hand when the first supplementary vote was prepared.
(C.S.0. 27 in 173/31).
TOTAL..
$ 538,884.00
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