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North Borneo (Financial Position)

Volume 438: debated on Wednesday 18 June 1947

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asked the Secretary of State for the Colonies what is the financial position of North Borneo; and, particularly, how the estimated revenue and expenditure for the current year compares with that for the last year in which the North Borneo Company were in effective control.

The Colony is at present in receipt of financial assistance from His Majesty's Government to enable it to meet its liabilities. I understand that in 1941, the territory's revenue was approximately £500,000 and expenditure £250,000. In 1947, the revenue of the Colony, which now includes the island of Labuan, is estimated at £590,000 and the expenditure at £1,070,000. The latter includes £500,000 extraordinary and special expenditure arising out of the war.