CO129-576-10 Estimates 1940 6-10-1939 - 22-10-1940 — Page 3

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Bearing this in mind the 1940/41 estimates

provide for:-

Revenue

Expenditure

$49,861,470

Recurrent

$44,521,304

Non recurrent

5,666,874

$50,188,178

Deficit

$326,708.

The corresponding figures for the period

January, 1938, to March 1939, are:

Revenue

Expenditure

$47,854,823

$45,664,024

*This figure

includes extra- ordinary Revenue to the extent of $839,704 transferred from Government House and City Develop- ment Fund.

As regards Revenue it is perhaps easier

to put the 1940/41 Estimate in its right perspective

by comparing that portion of it which may be said to

to

correspond to the 1940 calendar year, viz:

$38,883,174, with Revenue for 1937 to 1939, as in

the following table

Actual Revenue for 1937 $33,196,367

Actual Revenue for 1938

$36,735,855

Original Estimate for 1939 $35,257,621

Revised Estimate la 1939 $40,475,248*

It is thus clear that the estimate of

Revenue for 1940 to 1941 has been based on the

assumption that the economic activity of the Colony

will be maintained at not far short of its present

level. In paragraph 8 of his memorandum Mr. Caine

writes "This may prove to be over optimistic, especially

but

since the outbreak of war, the whole outlook is at

present so uncertain that no other firm basis for

estimating the revenue presents itself."

As regards expenditure paragraph 13 of

the