CO129-541-2 Estimates 1931 14-10-1932 - 19-7-1934 — Page 116

ENCLOSURE No.2

Speech of the Colonial Treasurer.

142

Honourable Members will recollect that the Hon.

Colonial Secretary when presenting the 1933 Budget emphasised the importance of keeping a sum of $10,000,000 in Surplus Balances and explained that the Public Works programme was definitely restricted so that this figure be maintained, The proposals he submitted would in- volve a reduction of the Surplus from $11,812,803, which he estimated would be the opening figure of the year, to $10,616,131 at its close. It turned out, however, that 1933 opened with $12,847,062 or $1,034,259 better than was anticipated, and as the financial position during the current year has remained reasonably favourable there is available for further expenditure during the year this sum of $1,034,259. The Supplementary Estimates now submitted amount to $631,658 which allows a substantial margin for eventualities.

The object of this resolution is to place further funds at the disposal of the Public Works Department during the current year for the purpose of undertaking the additional urgent works recommended by the Hon. Director of Public Works and enumerated in the list

before Hon. Members. The proposals were laid unofficially before the Finance Committee of this Council in April last approved by them and have now been sanctioned by the Secretary of State.