Coll 17/17 'FO Annual Reports, 1932-1938, 1947. Annual review of events 1939-1942. Political Review 1943-1944' [‎162v] (324/483)

30
that all works would be financed direct from the Government’s own resources and
that there was no intention of having recourse to foreign capital. The discussions
wmch had been initiated with Messrs. Barings regarding the conditions under
wiiich loan funds could be raised in London were accordingly terminated. The
Lroyernment then turned its attention to the overdue revision of the five-year olan
which was hastily prepared in 1931 and had been found to be in many wavs
impracticable, and which, with only two years to run, had lagged far behind the
schedule. Ihe new programme, as finally approved by the Legislature, provided
for expenditure from oil revenues of £3,237,000, spread out over a period of five
years, to be devoted to the undermentioned objects :—
. . Iraqi dinars.
I.—Irrigation works ... ... 1,891,500
II-—Building and equipment ... 943,700
III.—Hoads and bridges ... ... 293 800
Advances and grants ... ... 108,000
3,237,000
!66. Considerable hostility was evinced to the proposals of the Government
on the grounds that the heavy expenditure proposed on large schemes of agricul
tural development, for which the country was not yet ready, would absorb^funds
required for more essential and less ambitious schemes. During the passage of
the necessary legislation, the Government were forced, in order to placate their
of V £7 a 50 nnn n lh l v ? m t J e P ro g ram me proposed expenditure to the extent
£7o0,000, the allotment for the Habbaniyah Escape being reduced by £600 000
eliminated 81011 Th° r fT ° f the ‘T pr0p ° Sed Ba g dad Midges befZg enS
eliminated. The figures given above are those of the programme as it was
ultimately passed into law on the 14th May. The policy havinl now been defined
active measures are being taken to give effect to it. ' uehned
during the'preceding'year. °^It was^dtoributed as ° f 332 ’ #04
(a) New buildings
(b) Roads
(c) Bridges ...
(d) Telegraphs and telephones . . .
(e) Irrigation schemes
(/) Grants-in-aid to the Bagdad' Municipality and
the Auqaf Department ...
Iraqi dinars.
164,888
99.894
36,559
20,400
72,242
34,522
f inancinyof Capital Expenditure.
Petroleum Company up to^L^TstTtoch* 1 !^ 11 ^/ “I r , 0ya ! ties , from the Ira 9
payable to the Turkish Gov rnment unde; he Treaf dedu A Ctln S the 10 P er
dinars. The net amount received from !. f y An g° ra . wa « 1,393,648
536,051 dinars. At Z o^^^
special capital works account was as follows ’ 34 ^ P 0Sltl0n °I the
Net receipts—
1931-33
1933-34
Amounts recovered from loans
made from the capital works
account
Expenditure on capital account—
1931-33
1933-34
Iraqi dinars. Iraqi dinars.
1,393,648
536,051
4,375
514,179
428.506
1,934,074
942,685
Unexpended balance
991,389