5
form.
ait for the Estimates in their final
A.N. Galsworthy
3rd November, 1939.
In 1938 Revere exceeded the estimate
by $61⁄2 million, Expenditure by $3.8
million
1
o the deficit
In 1939
was $440,043.
Revenue is expected to exceed
The estimate by $4.4 million and the actual revere for 1938 by $3.7 million; Expire. is expected to be $2.65 million over the estimate. The result would be
a surplus of $65,291 only, since a was brogeted for.
The expenditure budgeted for here
record, even
deficit
would be the highest on record, allowing for the longer period it has to On the other hand the Fin. Sec.
his Memo, says that includes
Caves.
in p.8 of
much that will probably not be incurred
Ewropean
if the) was continues. It also excludes much that will, but there is to be add-
itional revenue to
ardinam
cover that.
The) Revenue estimate assumed the
continuation
of
The ''boom' conditions pre- vaiting as a result of the influx of
refugees in 1939, and cannot by any
stretch of the imagination be called
conservative.
Even so
These Estimates
would produce
a
deficit of
about
$327,000. The only counter-argument to the theory that they are unsound is
that we have had our
doubts in
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