Financial report of the Palestine Zionist Executive · 1929-01-01 · 16 (1929) · p. Seite 56

amounting to LP. 98.642.0.12 together with obligations for goods ordered amounting to LP. 17.726*6.99 was reduced in the course of the year 5688 to LP. 49 087.0.35 for bills payable, and to LP. 4101.6.37 for obligations for goods ordered. This makes a total reduction of obligations falling due on fixed dates from LP. 116-368.711 to LP. 53*188.672. i. e. a reduction of about.55%* III- Unpaid budgets for 5686, 5687, 5688. The unpaid budget for 5686 was totally paid off. The amounts to creditors at the end of 5688 include salaries due to teachers and officials for 4-1/2 months : to the officials for the months of July, August, September, half October, and November 1927; to the teachers, for the months of August, September, half October, November, and December 1927. It will be recognised that a situation in which such considerable arrears are so long overdue is highly undesirable. By necessity, all overstepping of budgets in the past went on account of the salaries to teachers and officials, ie., on the administrative machinery of the P. Z. E., causing suffering and inefficiency- It must further be realised that, by necessity, in meeting liabilities out of the budget for repayment of deficit, preference has to be given to bills, so that the payment of arrears of salaries overdue to officials and teachers comes last. It is estimated that such payment cannot be expected before the second half of the next budget year- IV. The items of liabilities due to sundry creditors and to creditors of different departments, as well as the amount of guarantees, show considerable reductions, as compared with the corresponding figures of September 30,1927, and September 30,1928. V. The total of all liabilities outstanding on the 30th September, 1927, amounting to LP.377,113,3,05, was reduced to LP.229,434,829, or by L-P.l 47,678.476, This considerable reduction of liabilities in the course of one year was effected partly by the collection of assets and partly by payment out of the deficit budget. VI. The Palestine Zionist Executive started the year in an extremely embarrassed financial position, with a deficit per September 30th, 1927, amounting to L.P. 179-711.5.53, and advances spentduring the previous year on account of the current budget of L.P. 90.493.097, On the 30th 56