"Provision for the balance of the capitalization of the Pension Pund is} normal charge on the capital budget until such time as the requisite peak level of the Fund has been reached. This provision does not cover the exchange adjustment computable on. pensions. The amount required for: 141 Is" shown at $750,000, Loan Redemption requirements total $4,- 787,100 and cover the redemption of Gxed deposit balances and the tem= orary Joan in local currency arising Out of the consolidation and conver slon of the remaining balance of the former: temporary loan in U.S. Cur rency, Education requirements shown as a deduction from "Income"
$156,020. The balance of $11,920 of required for Bmorgeney Measures, relates to minor construction work and. alterations to buildings.
sum of $1,000,000 has. been Ih= eluded to cover the sale of stich sure plus Municipal properties as may be Feleased during the course of the year, "The amount to be raised by bentures or other temporary measures tentatively set at_ $9,000,000 and a nominal sum of $50,000 Is provided for Miscellaneous items.
"mn "its "present form the traordinary Budget for 1041 discloses a deficit of some §283,180 to be ear-ried forward to 1942.
"The Chairman enquired why the amount shown to be raised by de-dentures, Lo. $9,000,000, is lower than that Included in the Buidget last year. The Treasurer replied that the defiely Tower and the restvteted programme of-capital outlay is also a factor. He fudded that It should be noted that $2,800,000 of the amount shown under toan redemption is available for conversion into Debentures. It was thereupon unanimously recommended that: the Budget of Extraordinary Income and Expenditure for 194i, 35 Submitted by the Treasurer,' be adopted. This recommendation was! approved by the Council at ils meeting on March 19.
Text read from the printed page and cleaned; old type leaves the occasional error.