CO129-545-1 Estimates 1934 4-10-1933 - 17-4-1934 — Page 4

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that $7,500,000 will have been borrowed from

surplus balances for loan works. The Governor

stated in his final speech on the Estimates

that the raising of a loan might be necessary before

very long. It is intended that the money should be

raised locally when required. It is doubtful

whether during 1934 the Governor will be able to

submit a supplementary budget for additional public

works extraordinary, as was done during 1932 and 1933.

The Estimates have been worked out on a

basis of 1/3d. to the dollar (as against 1/2d. to

the

the dollar for/1933 and 1/- to the dollar for the

1932 Estimates). The dollar at present stands

around 1/5d. As the Colony's sterling commitments

(salaries, purchases, pensions, etc.) greatly

exceed the revenue received from such duties as

are now collected in sterling, the Government can

look for considerable savings on the Estimates if

the dollar remains substantially above 1/3d.

Figures of revenue and expenditure for

the past few years are as follows: but figures

for different years are not strictly comparable,

owing to the different rates of exchange for the

dollar which have been adopted:-

Revenue

$

Expenditure

1930

27,818,474

28,119,646

1931

33,146,716

31,160,774

1932

33,549,716

32,050,284

1933 Approved

Estimate

34,002,575

35,199,247

Revised

Estimate

33,027,000

32,564,261

1934 Estimate

31,731,625

33,442,695

+ Includes $1,250,000 received for part of City Hall site, which the

Governor has proposed elsewhere should be paid into a special fund, and $1,800,000 from Lord Inchcape's estate.

/Surplus