Financial report of the Palestine Zionist Executive · 1929-01-01 · 16 (1929) · p. Seite 57

September, 1028, the deficit was reduced to LP- 118,282.120 and the advances on next year's budget at the end of the year - amounted to LP. 41.819.597. The deficit is composed of shortages of income and overstepping of budgets in the previous years as well as provision for certain reserves as follows :— a) LP. 14059.9.92 composed of the deficit of the Education Department for salaries due as an old debt to teachers during the first years after the war to the extent ot LP.12.389.537 as well as certain reserves for doubtful collection of school fees. In accordance wrth an award of arbitration this old debt to the teachers will have to be repaid in yearly instalments to be voted by Congress and Actions Committee meetings and provided for in future budgets. b) LP. 25641.0.25 (equal to L.E. 25«000) for doubtful debts among debtors and guarantees. This amount of reserve at the beginning of 5688 was further increased by LP. 449.711 to L P. 26090.736 as at the end of 5688. The above two items together with some other small reserves constitute the total of L.P. 41500 which is the figure given as Reserve Fund in the Balance Sheet. This figure is based on close examination of the actual value of each debt or guarantee. 7. The improvement of the financial position of the Palestine Zionist Executive shown in the above figures, notwithstanding the shortage of income referred to in Para. 4, was carried through by exercising the most rigid economy and by strictly adhering to the budget, against the pressure of adverse circumstances beyond our control, such as unemployment in the first part and the drought in the second part of the year. 57