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The position regarding these liabilities is as follows - Items (a), (b), (c) and (d) have been met but the total still remains in suspense and, in accordance with an undertaking given to this Council by Sir Mark Young, has not yet been charged to expenditure. The anticipated revenue surplus for 1947/48 of $30,000,000 will now be increased to $42,000,000 by the generous gesture of H. M. Government in, inter alia, waiving/payment of the advance of £750,000. The further gift of £1,000,000 will increase the available surplus to $58,000,000. This will enable all liabilities referred to above to be met from expenditure with the exceptio of the final item, which is an approximate estimate of a legal liability, which this Government must assume. So far as can be seen, liability only exists in the case of requisitioned vessels for damage or loss occurring during the period of requisitioning, and the question of whether U.K. service departments can properly accept charges arising out of such claims can only be shown after examination of the facts in each case and of the existing practice of respective departments. This examination is now taking place in consultation with this Government. In brief, apart from the final item, the Colony can discharge its outstanding liabilities and show a balance of approximately $10,000,000.
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