CO129-539-12 Loans for public works- military finances 26-2-1932 - 7-3-1933 — Page 99

LOAN FINANCE.

مجھ

95-

I attach a return shewing the amounts expended

from Surplus Balances on the various loan works as at 31st

December, 1931, together with estimated expenditure during

1932 and ensuing years. The total is $19,706,000, say

$20,000,000. The estimated figures for 1932 onwards

have been supplied by the Public Works Department and judging

by past experience it is doubtful whether so much as $2,340,000

will be spent this year. I put it at $2,000,000 but from

this should be deducted the sum of £38,000 expected to be

received from the Imperial Government in respect of the

Aerodrome and Hangar. At current rate of exchange this is

approximately $521,000. For 1932, therefore, it is only

necessary to finance $1,479,000, say $1,500,000 over and

above revenue services. I am of the opinion that we shall

be able to do this without borrowing. The following is an

estimate of the position assuming that exchange remains at

or about 1s/5d to 1s/6d.

1932.

Revenue.

Expenditure.

Estimated

$33,991,510

Estimated

$34,981,661

Loss on duty 2,200,000

Gain on Exch. $3,400,000

General

Savings

400,000

3,800,000

Surplus for 1932

$31,181,661

609,849

$31,791,510.

$31,791,510.

Surplus 1st January, 1931, $9,361,679

Estimated Surplus on working

of year 1931

1,900,000

$11,261,679 say $11,250,000

Add estimated surplus on working of 1932

Carried forward .

600,000 .$11,850,000