Financial report of the Palestine Zionist Executive · 1929-01-01 · 16 (1929) · p. Seite 12

_ Brought forward L. E. 346,456.685 Against which appear the following assets: Cash and debtors LE. 83.007.189 Advances on a/c of next year's budget 88.230.732 17^237.921 Leaving a deficit of LE. 175.218.764 10. The increase in the amount of debts of the Executive during the year 1926 1927 brought about a very serious financial situation. The excess of expenditure over income financed by short term loans, advances on next years, and by arrears of salaries to teachers and officials had led to a crisis which could only be overcome by restoring the balance between income and expenditure and by devoting the main part of the income to pay off debts. The arrears of salaries by the end of the year had reached 4 months. In consequence of this situation constructive work was seriously hampered. 11. The balance sheet further shows the total investments made out of previous budgets which amount to LE. 1.171.963.292 composed as follows : Loans to agricultural settlements and other investments of the Colonisation Department LE. 849.983.991 Loans to industrialists, public works and immigrants 269.904.329 Shares and debentures 28.235.000 Immovable property and inventories 23.839.972 LE. 1,171.963292 From these investments L. E. 400,000 were put to reserve for amorti sation and the balance of LE. 771,963.292 appears as Capital Fund. These assets do not include such budget items as were written off every year like administration expenses, but constitute chiefly advances made in the form of loans to agricultural settlements or individuals for the purpose of agriculture, trade and industry, and other items which under favourable circumstances might be collected in the course of time* There are,however, a number of items among these assets, the collection of which is extremely doubtful and it was considered advisable to provide an 12