CO129-534-6 Loans for public works 24-2-1931 - 11-8-1932 — Page 47

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was $9,361,679, of which over $5,500,000 was in liquid

form. I regret that the late Treasurer's estimate in

October, 1930, which is quoted in the second paragraph

of Your Lordship's despatch, was so far wide of the

mark. This was largely accounted for by an unexpected

increase in land sales and by the fall in the dollar

resulting in the appreciation of the dollar value of

sterling deposits realized during the year.

4. As regards the current year's working, the

revenue up to date is well ahead of the estimated

figures, the result of the additional taxation imposed

having exceeded expectations. The revenue actually collected up to the 30th of June was $15,700,000, and

there is no reason to suppose that the second half will

not produce at least an equal amount, more especially

as the full effect of certain forms of taxation will

not be felt until the second half. It may reasonably

be anticipated therefore that the revenue for the full

year will not be far short of $31,000,000.

5. The expenditure for the first half of this

year will probably amount to about $14,250,000 but for

the full year it is anticipated that the estimate of $30,986,800 will prove to be approximately correct. In the absence therefore of any unforeseen eventuality,

the Budget should be balanced.

6. As Your Lordship is aware, additional

taxation has been imposed, including an increase of 4%

in the rates. The effect of this additional taxation

is