CO129-545-2 Government House and city development scheme 13-10-1933 - 12-1-1934 — Page 14

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pared for the transfer of the credit to a special account

and when that has been done and the Inchcape estate duty

deducted it will be seen that our ordinary revenue for

1933 cannot be set higher than about $30,000,000 as

against an original estimate of $34,000,000 and that the

maintenance of our surplus balances at the same level as

at the opening of the year is due to our revised estimate

of expenditure for 1933 being $32,564,261 as against an

original estimate of $35,199,247. The main factor in

This dif

this saving is the reduced cost of our sterling commit-

ments, including officers' salaries, arising from the dif-

ference between the current exchange rate and the rate ($1 - 19/29 adopted in framing the estimates.

ference in exchange has also of course a depressing effect

on certain items of revenue which have been placed on a

sterling basis, but this is a very limited reduction in

no way comparable to the reduction in expenditure arising

from the same cause. Another source of anticipated

saving lies in the sum of $500,000 set down in the Esti-

mates as the final payment by the Colony in respect of

the removal and reprovisioning of the Naval Arsenal and

Kellet Island. The reprovisioning is taking longer than

was anticipated and it is considered equitable that,

having financed the work to the extent of three quarters

without any return, the Colony should retain the final

quarter in its balances until it can be given possession.

of the old site.

A third item of saving which may be mentioned

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