ENG-1950 — Page 39

Assessment Tax (Rates)

There is a general rate of 17% on assessed rateable value. Over $19 million accrued from this tax in 1949/50.

New Measures

There were no important new taxation measures introduced during the year, but the standard rate was increased from 10% to 121%.

Expenditure

The major items of expenditure during the year 1950/51 were, in round figures:-

(a) Miscellaneous Services (including high cost of living allowance $30,910,515; occupation period $925,302)

salaries

and ex-gratia awards

(b) Public Works Department Recurrent &

Extraordinary

(c) Medical Department

(d) Stores Department

(e) Police Force

(f) Education Department

(g) Pensions

-

-

$38,234,811

$30,599,730 $11,675,099 $ 9,826,120 $12,806,353 $ 4,476,141

$ 7,347.902

High prices continued generally during the year and considerable expenditure was incurred on cost of living and other related allow- ances for all civil servants more especially for those in the lower grades. Payment of occupation period salaries to Government servants, Volunteers and members of the Civil Defence Services who were not interned during the period 26th December 1941 to 31st August 1945 was continued.

Public Debt

The public debt of the Colony at the 31st December 1950 totalled $65,667,000 comprising four issues:

4% Conversion Loan raised in 1933 and repayable

not later than the 31st August 1953 - The Sinking Fund of this loan is fully invested and

amounted to £246,293 on the 30th September 1950.

$ 4,838,000

31% Dollar Loan raised in 1934 3% Dollar Loan raised in 1940

$ 5,040,000 $ 7,074,000

These two loans are redeemable by 25 annual drawings. During 1950 bonds to the value of $1,032,000 were redeemed.

31% Rehabilitation Loan 1973/78-

-

-

$48,715,000

The first $50 million of the authorized Rehabilitation Loan of $150 million was raised in January 1948, and the first contribution to the sinking fund in respect of this loan was made on the 15th July 1948. The sinking fund is fully invested and amounted to £331,249 on the 30th September 1950.

The $50,000,000 had been fully expended before the end of 1947/48 and additional expenditure totalling $66,087,071 had been incurred by the 30th September 1950 from the Colony's surplus balances pending the raising of a further portion of the full $150,000,000 authorized.

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