CO129-550-1 Estimates 1935 14-9-1934 - 15-9-1934 — Page 18

17

see minute

ING

the situation would have been considerably

worse had it not been for the fact that a sum

of almost 1,000,000 standing to the credit

of the Military Contributions Suspense Account

is to be credited to Revenue in 1935;

(3)

observing that the Governor, in his

speech to the Legislative Council, anticipated

the possibility that it may be necessary to

reduce surplus balances below the prescribed

minimum for a short period, and saying that

this course should be avoided if possible;

(4) noting that the Treasurer in

paragraph 34 of his memorandum states that in

the event of a further serious falling off in

Revenue or fall in the sterling-dollar exchange,

Government will immediately take in hand

suitable reductions in expenditure, and

suggesting the desirability of preparing in

outline a scheme of reduction in expenditure

in order that

it

kakaabase may be put into

A

operation without delay in the event of that

course proving to be unavoidable;

(5) referring to paragraph 3 of (4) on

13858/34 and saying that, although there is no

immediate prospect of being able to transfer

the cost of the new gaol from Loan Funds to

Surplus Balances, the desirability of effecting

that transfer should not be lost sight of;

(6) observing that the sum of $14,000,000,

raised under the authority of Ordinance 11/34,

will have been expended by the end of 1934, and

saying that the Governor will no doubt inform

us