'
$514,829
%) under .intenance ed during
Jgee Year heries and
'ed in the itstanding
ting fund in State-
n balance
Fund for gilt edged Le Fund's
ement 11 e on 31st edeemed; → Sinking the Fund
vernment : Council elopment yds Bank
2 on 18th
Kai Tak
lent.
to the value of $12,425,782 were outstanding (including $3,015,000 of the pre-war issues which at that time were not backed by assets). Between 1st September, 1969 and 31st March, 1976 demonetized notes with a face value of $2,134,471 were surrendered thus reducing the value of such notes outstanding to $10,291,311.
15. The Coinage Security Fund exists for the current issues of nickel-brass 5, 10 and 20 cent coins, cupro- nickel 50 cent, $1 and $2 pieces and also for the obsolete nickel coinage still in circulation. The fund is not established by Ordinance, but coin issue expenses are charged to the general revenue of Hong Kong and interest received on the fund's investments is credited to general revenue; similarily, appreciation or depreciation on the fund's investments after revaluation at the end of each financial year and exchange losses or profits are credited or debited to Hong Kong's general revenue balance. The assets are in bank balances, fixed deposits and investments but in addition there is an amount due to or from Government for appreciation or depreciation arising from the end of the year revaluation of the investments. No annual surplus or deficit results from the operation of the fund as it receives no interest from its investments and bears no expenditure. The fund, therefore, only records the coins, other than gold coins, in circulation and the employment of the money received as a result of their issue. Statement 12 and 13 show the accounts of the fund.
SPECIAL COIN SUSPENSE ACCOUNT
16. A Legislative Council Resolution L.N. 73 of 1975 was passed on 19th March, 1975 approving the establishment of a suspense account, to be known as 'The Special Coin Suspense Account' to be employed to enable the Financial Secretary to issue and deal with special and commemorative coins. During the year a limited issue of 20,000 gold coins of $1,000 each was minted to commemorate the visit of Her Majesty Queen Elizabeth II and Prince Philip The Duke of Edinburgh to Hong Kong and a further limited issue of 30,000 gold coins of $1,000 each was minted to mark the Chinese Year of the Dragon which began on 31st January, 1976.
REVENUE REWARD FUND
17. A Legislative Council Resolution on 20th July, 1949 made certain provisions regarding the retention and operation of the Revenue Reward Fund. On 8th January, 1975 also by Resolution, the Council provided for the fund to continue in existence and prescribed the provisions under which it is operated. The major change brought about by the 1975 Resolution was that where at the end of any month the balance in the accounts of the Revenue Reward Fund exceeded $200,000, the amount in excess of the $200,000 would be paid to the Development Loan Fund. Statement 14 shows the Fund's Receipts and Payments Account.
DEVELOPMENT LOAN FUND
18. This fund was created from 1st November, 1958 by a resolution of the Legislative Council dated the 22nd October, 1958 (and an amending resolution dated 7th December, 1966) for the purpose of financing by loans or advances or by investments schemes of development in Hong Kong. It absorbed the assets and liabilities of the Development Fund and Local Loans Fund which were, by the same resolution, closed with effect from 1st November, 1958. The Development Loan Fund has since been supplemented by Government with funds from various sources totalling a further $354,192,250.
19. The Statements of Receipts and Payments, and Assets and Liabilities are those numbered 15 and 16 respectively. During the year 1975/76 the fund increased in total by $178,533,419 derived from the following:
Recurrent receipts
Less: Repayments waived
$178,546,394 12,975
enomina-
!
20 cents
of 1975).
ys which
ig Kong.
I revenue
Assets:
ues, were
Cash
Time Deposits
Investments
ble after
et the in-
Kwun Tong Reclamation-Outstanding premia Outstanding Loans and Capital Projects
cy Notes Currency id closed g Kong.
red notes
Hong Kong Government
Less: Due to Government Servants
20. This increase is reflected in the distribution of the assets of the fund as shown below:
$178,533,419
($ million) Difference
10.205 +166.000
0.547 + 23.373
0.092
+178.529 0.004
+178.533
($ million) 31.3.75
($ million) 31.3.76
14.621
4.416
44.000
210.000
6.557
6.557
1.702
1.155
www
768.279
791.652
0.092
835.251 0.006
835.245
1,013.780 0.002
1,013.778
21