CO129-605-4 Government loans 12-7-1946 - 6-1-1948 — Page 237

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Relief Services.

Other charges.

1,800,000 of this is in respect of relief of refugees for which provision to total of 430,000 was formerly made under Charitable Services,

40 Provision is also being made in the Estimates for cost of Supplies Trade and Industry Departmente Personal emoluments 1,134,601, other charges 148,700 and for Custodian of Property Department personal emoluments 700,000, other charges 101,700. There is every reason to believe that the first of these Departments will be at least self-supporting and it is hoped that it will make some profit; in the case of the latter Department, large sum should accrue to revenue as a result of sale of property other than enemy property which is never claimed. 2,000,000 is being inserted on the revenue side in respect of Custodian and in the case of Supplies Trade and Industry expenditure is being offset by corresponding revenue item,

5. Expenditure figures, therefore, are personal emoluments 22,154,706 (not including cost of living allowances), other charges 68,108,524, special expenditure 76,888,247. Revenue estimated at 52,403,301. This seems reasonably safe figure in view of improving position and includes grants by His Majesty's Government to University and balancing items offsetting coat of Supply Trade and Industry.

6. Figures given above are still subject to minox adjustment as, now that regular staff is returning, inaccui in Departmental Estimates as originally submitted are comi to light.

7. Including expenditure which it was originally intended to meet from the loan, deficit will amount to 114,557,856 a detailed despatch on the financial positio will be forwarded in the course of the next enclosures, in which I am suggesting that no loan should be floated until early 1947 when the whole position will be clearer, and that the deficit up to 31st March, 1947 should be met in the first instance by His Majesty's Government and be treated as first charge against the new loan. If this change in plan is approved, it may necessitate supplementary provision in Colonial Office Estimates in view the fact that estimated deficit contained in my No. 29 account of expenditure which it was then int charge to loan.

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