The Treasurer submitted for the consideration of the Finance Committee ft its meeting on March 18 statements summarizing. the provisional capital budget for 1940. These estimates. as amended subsequent to decisions in Committee follow: brought forward from. 1039 amounts to $2,970,590, subject to audit. "This result compares very favourably with the deficit for the previous year of some §7,7763800, Items relating to constructional projects. and purchase plant and equipment have received the approval of the various depart. mental committees and are estimated to cost $1,231,500. A. blanket appro~ priation of some $650,000 Is required Under the heading of emergency measures to cover approved expendi ture and (0 provide for contingencies.
Provision of $050,000 for the balance fof the capitalization of the pension fund isn normal annual charge on the capital budlet until such time as the requisite peak level of the fund has, been reached, This provision does not take into account exchange adjustment on pensions, Loan redemption requirements total $3,484,320 and cover the redemption of fixed deposit balances and partial liquidation of temporary borrowings in foreign our. vendes. by repayment of U.S:$100,000 in quarterly instalments of U.S.$25,000 us heretofore and by the conversion and consolidation into Local currency fof an amount of U.S$180,625. Educa tion requirements relate to. building, construction work and are shown A dedueation from "Income" at $69,600, ed to produce $080,000, "This sum re-resents mainly the cost of the Island recently sold to the Mahan Government and provides a margin for further sales" of a more minor character. The amount to be raised by debentures or other measures. is shown at $16,000,000. Of this amount $12,000,000 will be absorbed by the financial arrangements recently concluded with the Council's bankers. The balance is required to liquidate the capital deficit. brought forward from 1939 and fo purchase the necessary Investments wherewith to secure additions to the pension in the year. ils present form the extraordinary budget "for 1940 discloses a small estimated surplus of $20,770 carried forward to 1911, "The capital budget for 1940 was recommended for adoption by the Finance Committee ud the Council on March 20 endorsed the recommendation of the Finance Committee.
Text read from the printed page and cleaned; old type leaves the occasional error.